Oval Engagement Rings | Made in Australia (2024)

FAQs

How much does the average Australian engagement ring cost? ›

We've established that there are no rules about how much you should spend on an engagement ring or your wedding, but people still like to know how they compare. According to a 2023 Australian wedding industry report, the average couple in Australia is spending $6,000 on their engagement ring.

An oval diamond symbolizes everlasting love, family, and new beginnings, all of the things that come to mind when we think of a new marriage. The diamond's oval shape is endless as the diamond's facets circulate for eternity. This type of cut has many other meanings, demonstrating its versatility.

Production (3-6 Weeks)

Once the design is finalised, it's time to move on to the production phase. This is where the ring is brought to life and will typically take 3-6 weeks depending on the intricacy level of the ring, material availability and the type of make chosen.

The average diamond size for engagement rings in Australia is around 1.0 carat, with the most frequently purchased sizes being 0.5, 1.0, 1.25, and 1.5 carats. A one-carat diamond ring is often viewed as a classic and desirable choice in Australia.

More average folk spend about $6000 on an engagement ring, according to a 2023 survey by wedding planning platform Easy Weddings. Australian Bureau of Statistics figures show the average full-time worker made $1600 a week in August 2023, or about $6900 a month.

Cut, setting and overall design can make a difference in how large the diamond appears. A large diamond of poor quality will show flaws very obviously. Because of this, it is recommended that you prioritize quality over size. The average engagement ring diamond size in the United States is between 1.08 - 1.2 carats.

Is 2 carats really that big? While it is definitely above average, it's not all that uncommon, or difficult to make that size work on your finger. If you have thinner fingers, try an elongated shape such as a pear or oval, and maybe some pave diamonds to the band. Too much bling and your finger will get too crowded.

Oval-cut diamonds are still very sparkly – they're just not as sparkly as the round-cut. It's important to note that oval-cut diamonds do not receive a cut grade from most grading laboratories, including the GIA. Only round-cut diamonds will receive a cut grade.

Oval Diamond Engagement Rings Make Fingers Look More Slender

Because an oval is an elongated shape, oval diamond engagement rings give the illusion of longer, more slender fingers. So, if you're seeking elegance, you've found it! Those with long, thin fingers will also love how an oval compliments their finger.

Traditionally (in Australia at least) your wedding and engagement ring is worn on the left hand. On your wedding day, as you are getting ready, simply put your engagement ring on your right hand. During the ceremony, your almost-husband or wife will slip your new wedding band on your now-naked left hand ring finger.

Who gets to keep the engagement ring Australia? ›

Married Couples and De facto Couples

When married couples or de facto couples separate, the Family Law Act applies. This means that the engagement ring is classed as property and is added into the property pool available for distribution between the parties.

You may have heard of the "two-month rule," which suggests you should spend two months' worth of your income on an engagement ring. While this may be what you have heard, the reality is that there is no set rule on how much money you should spend on an engagement ring!

What's Considered a "Big" Engagement Ring? A "big" diamond is anything three carats or larger for most consumers. But before you start shooting down anything smaller (or panicking if you can't afford something on that level), remember that size shouldn't be the only barometer you use when selecting a diamond.

If you're looking for an engagement ring under $10,000 then I would recommend that you go with something around 0.90-1-carat and 1.5-carat stones depending on your budget and what quality of diamond suits it best! A 2-carat diamond or slightly bigger diamond may be possible if the grade isn't too high.

A sweet spot in the compromise between size and price, diamonds around the 0.70-ct mark make great engagement ring stones. A diamond budget of about $2,000 can get you a fine diamond at this weight.

For a plain wedding band, the price ranges from around $600 to $3,500 depending on the finger size, metal and width of the ring. You also have the option of adding diamonds or coloured gemstones to the ring, which will affect the price.

Whether $5000 is considered a lot for an engagement ring depends on individual perspectives and financial circ*mstances. In general, it's a reasonable budget that provides a variety of attractive options.

Perhaps one that offers a bit more than just a diamond? If so, then $10,000 is an excellent budget to work with. You may have heard by now that $10,000 engagement rings are becoming more and more popular. The average of spending $5,000 on your engagement ring may soon be a thing of the past.

Is $5,000 too much for an engagement ring? their 2021 study that the average amount spent on an engagement ring in the U.S. was $6,000. If $5,000 for an engagement ring feels like too much for you, look into our financing options like 12-month interest-free financing.