One of the first questions anyone has when thinking about proposing: how much should I spend? Here's a clear picture of what to expect at each price point in Australia in 2026.
The three months' salary rule is outdated
The old rule that you should spend three months of your salary on an engagement ring originated as a De Beers marketing campaign in the 1980s. It has no basis in what couples actually spend. The right amount is whatever feels right for your circumstances — not a formula invented to sell more diamonds.
What does an engagement ring actually cost in Australia in 2026?
Under AUD $3,000: Entry-level rings with smaller centre stones (0.5–0.8ct) or simpler settings.
AUD $3,000–$5,000: The sweet spot for most Australian couples. At this price you can get a 1–1.5ct lab-grown diamond in a quality setting in solid 18K gold. This is where the majority of Una Diamond's most popular rings sit.
AUD $5,000–$8,000: Larger stones (1.5–2ct) or more elaborate settings — hidden halos, vintage-inspired metalwork, multi-stone designs.
AUD $8,000+: 2ct+ centre stones, platinum settings, highly custom designs — still dramatically less expensive than the mined equivalent.
A closer look: price by carat weight
Because the centre stone drives most of the cost, here's a rough guide to what a quality lab-grown round or oval diamond adds to a ring in solid 18K gold in 2026:
- 0.5–0.7ct: from around AUD $3,500
- 1.0ct: around AUD $4,000–$5,000
- 1.5ct: around AUD $5,000–$6,500
- 2.0ct: around AUD $7,000–$9,000
- 2.5ct and above: AUD $10,000+
These are indicative — cut quality, colour, clarity, and setting all shift the final figure — but they show how far a budget stretches with lab-grown stones.
A worked example: a $5,000 budget
Say you have AUD $5,000. In 2026 that comfortably buys a 1.2–1.5ct IGI-certified lab-grown diamond, set in a solid 18K gold solitaire or hidden-halo setting, made to order, with certification and engraving included. The same ring with a mined diamond would sit closer to $18,000–$22,000 — so the budget that once bought a modest half-carat now buys a genuinely show-stopping stone.
Why lab-grown diamonds change the equation
A decade ago, a 1.5ct oval engagement ring in 18K gold would have cost AUD $18,000–$25,000. With a lab-grown diamond, the same visual impact costs AUD $4,000–$6,000. Lab-grown and mined diamonds are chemically and optically identical — the same carbon crystal, the same sparkle, the same IGI grading — so you're paying for the diamond, not the mine.
At Una Diamond, rings start from approximately AUD $3,500, are all handcrafted to order in solid 18K gold or platinum, and come with IGI-certified lab-grown diamonds and complimentary engraving.
What affects the price most?
The biggest factors: carat weight of the centre stone, quality of the cut, metal choice, and setting complexity. For most buyers, we recommend prioritising cut above other 4C factors — a well-cut stone looks dramatically better than a poorly cut one at the same carat weight. If you want to stretch a budget, hold cut quality high and ease off slightly on colour or clarity, where the difference is nearly invisible to the eye.
Don't forget the ongoing costs
The ring price isn't quite the whole picture. Budget a little for insurance (typically 1–2% of the ring's value per year in Australia), occasional professional cleaning, and resizing if needed. These are small next to the ring itself, but worth planning for.
Have questions about pricing? Get in touch or book a free styling consult.