Key Takeaways at a Glance
- Global market: Forecast to reach $126 billion by 2027, with the U.S. leading demand.
- Australia: The average spend sits around $5,300, with couples in Melbourne and Sydney typically investing more.
- Styles: Solitaire engagement rings remain the most popular, while trilogy, halo, and Toi et Moi designs gain momentum.
- Stones such as diamonds dominate, but sapphires, emeralds, and rubies appeal to couples seeking individuality.
- Lab-grown diamond engagement rings in Australia are gaining popularity due to their affordability and purported sustainability.
- Metals, including White gold, lead, yellow gold, and platinum, appeal to luxury buyers.
- Trends such as customisation, ethical sourcing, and technology-driven shopping are shaping the year.
Engagement rings are more than sparkling symbols of commitment. They reflect culture, lifestyle, and personal priorities. The numbers behind them tell a story about how couples choose to express love, balancing tradition, individuality, and budget.
Examining engagement ring statistics reveals both global patterns and local nuances, where buyers are becoming increasingly thoughtful about their spending and its purpose.
The Global Engagement Ring Market
The engagement ring market continues to grow at a pace. In 2018, the global wedding ring market was valued at $66 billion; by 2027, it is projected to reach $126 billion. The United States is the powerhouse, representing more than half of global diamond jewellery demand. Americans spend, on average, around $6,000 for an engagement ring, and their buying journey often begins online.
Social media has also reshaped the search process. Nearly a third of buyers engage with jewellers through platforms like Instagram, where design inspiration and brand trust play decisive roles. Beyond the U.S., Asia and the Gulf states account for another quarter of global demand, with countries such as China, India, and Japan emerging as influential players. Australia, though a smaller market, reflects these shifts while retaining its own distinct preferences.
Australia’s Place in the Market
When it comes to engagement ring trends in Australia, local buyers are guided by a combination of practicality and romance. The average spend is around $5,300, though the figure is higher in Melbourne and Sydney, where luxury retail and fashion influences are stronger.
Spending tiers are clear:
- Budget-friendly: $3,000 – $6,000
- Mid-range: $6,000 – $10,000
- High-end: $10,000 and above
These numbers illustrate how Australians take a balanced approach. Many couples consciously move away from rigid rules, such as the “three months’ salary” guideline, preferring to set a budget that suits their financial priorities and lifestyle goals.
Average Engagement Ring Cost Australia
The average engagement ring cost in Australia highlights the way Australians think about value. For most, the sweet spot is between $5,000 and $7,000, reflecting a desire for quality without overextending. In Melbourne, higher spending is common, reflecting both a larger choice of luxury jewellers and a trend toward bespoke and custom-made designs.
The Modern Buying Journey
The way couples purchase their rings is evolving. Nearly half now choose their engagement ring together, reflecting more collaborative relationships. Surprise proposals still happen, but the days of the partner buying blindly are waning.
When it comes to shopping behaviour, some couples buy after visiting just one jeweller, while others compare two to four before making a final decision. Independent jewellers are increasingly sought out for their craftsmanship, customisation, and personal service.
The Myth of the Three-Month Salary Rule
The “three-month salary” rule is increasingly irrelevant. In the 2022 Ringspo Engagement Ring survey, only 0.9% of buyers follow it strictly. The majority, more than two-thirds, set their budget based on lifestyle, personal financial circumstances, and future goals. This shift reflects a cultural change: the emotional value of the ring is no longer tied to the amount of debt it creates, but to how well it represents the couple’s relationship.
Most Popular Engagement Ring Styles
In terms of style, some classics never fade. Solitaire rings continue to dominate, accounting for nearly half of all purchases. Their clean, timeless design makes them a perennial favourite.
Other favourites include trilogy rings, diamond bands, and halo designs, each offering a slightly different take on sparkle and symbolism. For younger generations, the most popular engagement ring styles also include Toi et Moi designs and minimalist bands, showing that individuality and self-expression are playing a larger role.
Centre Stones and Gemstones
Diamonds remain the first choice for over 80% of couples. However, alternative gemstones are slowly carving out a space. Sapphires and emeralds are among the most chosen alternatives, while ruby engagement rings — though making up only a small percentage — hold strong appeal for couples wanting a gemstone associated with passion and rarity.
Lab-Grown Diamonds in Australia
There’s a significant shift towards lab-grown diamond engagement rings in Australia. These diamonds, which are chemically identical to natural diamonds, are gaining ground thanks to their affordability and purported sustainable production methods. They appeal strongly to Millennials and Gen Z, who prioritise ethical choices as much as aesthetics. In Melbourne especially, lab-grown diamonds are part of the mainstream conversation around engagement rings.
The Metals that Frame the Ring
The choice of metal continues to define both the look and budget. White gold is the most popular choice, selected by nearly two-thirds of buyers. Yellow gold is experiencing renewed appreciation, while platinum appeals to couples seeking a durable and prestigious option. Rose gold remains a softer, romantic alternative, and mixed-metal designs are emerging as a modern, versatile trend.
What Defines Engagement Ring Trends
The defining trends centre on individuality and personal responsibility. Couples want rings that tell their story, whether through customisation, rare and unusual gemstones, or bespoke designs. Sustainability is another priority, with recycled metals and ethically sourced diamonds rising in demand.
Technology also plays its part, from AR try-ons to 3D design consultations. And, as ever, pop culture and celebrity engagements influence demand for bold styles. The overarching theme is choice — couples today can combine tradition with innovation in ways previous generations could not.
Data Meets Meaning
The engagement ring statistics for this year make one thing clear: while solitaires and diamonds continue to dominate, individuality, sustainability, and careful budgeting are shaping the way couples choose to purchase engagement rings. Australians, especially in Melbourne, lead with practicality yet invest in romance, opting for rings that strike a balance between lifestyle and lasting meaning.
We bring four generations of craftsmanship to help couples find or design rings that reflect their unique story.
Contact us today or visit one of our stores. We’ll ensure you leave with the ring that symbolises the beginning of your love story.
FAQs
1. What is the average engagement ring cost in Australia?
Around $5,300, with most couples spending between $5,000 and $7,000. Spending tends to be higher in cities like Melbourne and Sydney, where luxury jewellers and bespoke designs are more common.
2. What are the most popular engagement ring styles?
Solitaire rings lead, followed by trilogy, halo, and diamond band designs. Younger couples are also embracing Toi et Moi and minimalist bands, reflecting a shift toward individuality.
3. Are lab-grown diamond engagement rings in Australia a good choice?
It depends. They are affordable and identical in brilliance to mined diamonds. Their ethical status is strongly promoted but has several question marks surrounding energy sources, starting material and the heavy equipment required. Lab-grown diamonds do appeal to eco-conscious buyers seeking cheaper alternatives that do not compromise on quality.
4. How long does it take to design a custom ring?
Allow 4–6 weeks, especially if sourcing unique gemstones or creating a bespoke setting.,Complex designs or rare stones may extend this timeline, so planning is recommended.
5. Do most couples buy their engagement rings together?
Yes. Almost half now make the choice jointly, reflecting modern values in relationships.This shared process ensures the ring reflects both partners’ style and financial priorities.
6. What is the most popular metal for engagement rings?
White gold leads the market, chosen by nearly two-thirds of buyers for its timeless appeal. Platinum, yellow gold, and rose gold are also popular, offering durability and unique aesthetics.
7. Are sapphires, emeralds, or rubies good alternatives to diamonds?
Yes. These gemstones are prized for their rarity, symbolism, and striking colours. Couples often choose them to reflect individuality and create a distinctive, meaningful ring.
