How Much Does an Engagement Ring Cost in Australia in 2026?
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The three months' salary rule is outdated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. 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 the Australian market looks like in 2026
Across the market as a whole, here's roughly what each band buys:
Under AUD $3,000: entry-level rings with smaller centre stones, around 0.5 to 0.8ct, or simpler settings.
AUD $3,000 to $6,000: a 1ct to 1.5ct lab-grown diamond in a good setting, typically in 18K gold.
AUD $6,000 to $10,000: larger stones, 1.5ct to 2.5ct, or more elaborate settings: hidden halos, vintage-inspired metalwork, multi-stone designs.
AUD $10,000 and above: 2.5ct and up, platinum settings, highly custom work. Still considerably less than the mined equivalent.
These are market-wide indications. Cut quality, colour, clarity and setting all shift the final figure.
What Una Diamond costs
Our rings start at AUD $6,100 for a 1ct stone in solid 18K gold, and run up from there by carat and metal. A 2ct in 18K gold sits around $7,550, and platinum carries a premium over gold. Every price in the ready to shop range is the finished ring, handcrafted to order, with complimentary engraving. Centre stones of one carat and up are IGI certified.
We don't sell below 1ct, and we don't use anything other than solid 18K gold or platinum, which is why our entry point sits above the market's.
Why lab-grown diamonds change the equation
A decade ago a 1.5ct oval engagement ring in 18K gold with a mined stone would have cost many multiples of what the lab-grown equivalent costs today. Both are carbon, and in both the carbon sits in the crystal structure that makes a diamond hard and bright. What differs is where it grew. You're paying for the stone, not the mine.
What affects the price most?
The biggest factors are carat weight of the centre stone, quality of the cut, metal choice and setting complexity. For most buyers we'd prioritise cut above the other three Cs, because a well-cut stone looks dramatically better than a poorly cut one at the same carat weight. To stretch a budget, hold cut quality high and ease off slightly on colour or clarity, where the difference is close to invisible to the eye.
Don't forget the ongoing costs
The ring price isn't the whole picture. Budget a little for insurance, typically 1 to 2% of the ring's value per year in Australia, occasional professional cleaning, and resizing if needed. Small next to the ring itself, but worth planning for.
Have questions about pricing? Get in touch or book a free styling consult.
Every Una ring is made to order in solid 18K gold or platinum, from $6,100. See the ready to shop range.