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How much should you be spending on an engagement ring in 2024? We look at the options

How much are Singaporeans spending on engagement rings? What options are there in the market and are there alternatives? CNA Lifestyle asked the experts.

How much should you be spending on an engagement ring in 2024? We look at the options

(Photo: Tiffany & Co)

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You can’t put a price on true love, so they say, but the ring that you’ll require to secure it does have a number. Getting married is a major milestone in life, and along with it comes quite a number of big-ticket purchases – the engagement ring being the first of them.

What one chooses to spend on hinges on individual preferences and budgets, but as a guide, how much should you set aside for the bling your partner will wear for a lifetime?

It used to be said, way back when, that three months' salary is a good estimate. But is that still an accurate gauge these days? With the price of goods changing so significantly, the answer to this question is no longer as easily defined.

PUTTING A PRICE ON THE RING

First of all, one’s idea of a reasonable sum may be very different from another’s, regardless of salary.

Destinee engagement rings by Lee Hwa Jewellery. (Photo: Lee Hwa Jewellery)

Prices of diamond jewellery also vary vastly, as they are impacted by inherent qualities including quality, carat size, as well as the brand they come from. If you’ve done the research and some shopping, you’d know that the same amount of money will likely get you very different diamonds at different jewellers.

What may be helpful, then, would be to know what most couples in Singapore have been purchasing.

Destinee diamond rings by Lee Hwa Jewellery. (Photo: Lee Hwa Jewellery)

According to the business director of Goldheart and Lee Hwa Jewellery, Patsy Loo, couples spend an average of S$3,000 on the ring and they tend to favour engagement rings with a diamond size between 0.5 carat and 1 carat.

“This size range is popular as customers prefer a diamond that is not too small and is still visually magnificent, at a price that fits their budgets,” she said.

As a guide, prices for diamonds of 0.5 carat start from S$3,000 at Goldheart and Lee Hwa Jewellery. Loo emphasised that a customer would be getting a quality diamond with eye-clean clarity – from SI (Slightly Included) to VVS (Very, Very Slightly Included) clarity, and a D to G range of colour (near colourless to colourless) at both brands.

Celestial engagement rings by Goldheart. (Photo: Goldheart)

“Every individual has their unique preference when it comes to diamond cut, clarity and colour. For those who value the diamond’s cut – the most important characteristic that determines a diamond’s brilliance – we have Destinee and Celestial diamonds, from Lee Hwa Jewellery and Goldheart, respectively,” shared Loo.

Such diamonds have patented cuts and typically come at a premium, because they have a specially designed cut that maximises their brilliance. This is yet another point to consider while shopping for a diamond ring.

DON’T RULE OUT PRICIER OPTIONS

For some, a well-known brand name is important when it comes to the ring.

A big part of the appeal of shopping with international jewellers like Tiffany & Co or Cartier or Bulgari is their recognisability. The high standards of quality and service are also persuasive factors. Of course, the refined shopping experience comes with a luxury-sized price tag.

Looking for something unique or have a specific ring design in mind that you can’t find in stores? Custom-made is the answer. Expect to pay prices that are a little higher than 'off-the-shelf' rings for the service.

August Bespoke is a Singapore-based private jeweller that specialises in customisation and has a clientele that values the idea of a meaningful, bespoke creation. Founder Amanda Ang said that the pricing for custom engagement rings is primarily influenced by the complexity of the design, as well as the size, quality and rarity of the diamonds and gemstones used.

A custom Joan oval pink sapphire tiara ring in rose gold. (Photo: August Bespoke)

"Our custom engagement rings typically start from S$5,000 and prices can increase based on the intricacy of the design and the choice of materials," she explained.

"For instance, a 1-carat diamond ring may start from S$13,000, with the final price depending on factors such as the diamond's cut, clarity and colour. We take a personalised approach, working closely with each client to understand their budget and preferences, and then strive to maximise the value within that range."

NOT YOUR TRADITIONAL ENGAGEMENT RING

Engagement rings are impacted by jewellery trends. A good example is the rise of lab-grown diamonds. Lab-grown diamonds are grown from a “diamond seed” in a laboratory and have the same chemical composition as natural mined diamonds, which means they are authentic diamonds, even if they are man-made. Their biggest draw? They come at a much more affordable price as compared to the mined variety.

According to The Better Diamond, a local jeweller that specialises in man-made diamonds, a lab-grown diamond can be up to 70 per cent cheaper than a natural diamond with the same specs. Those who go for lab-grown diamonds find themselves able to purchase a larger gem because of their affordability.

Founders of the brand, Adeline Lin and Marcus Wong, said that diamonds of a carat weight between 1.5 and 2 are the most popular with their customers.

“Our 0.5-carat rings start from S$2,000 and 1-carat rings start from S$3,300. Factors like colour, clarity, and cut will also affect the price. Recently, we are also getting more requests for coloured diamonds, and this also impacts the price as coloured diamonds are more expensive. The shade and intensity of the colour also play a part in the overall price of your diamond ring,” they revealed.

Coloured gemstones have recently also become a popular pick for engagement rings. Diamonds may be classic but coloured gems can be much more visually interesting – this is why they appeal to those who want a unique ring.

“Not only are they available in a wide spectrum of colours, but also a variety of cuts and shapes. Unlike diamonds, coloured gemstones can be cut into shapes such as cushion, geometric, octagonal or step cuts. Each gem is unique, no two are identical,” said Clarence Yee, the co-founder of Gioia Fine Jewellery, which is known for its wide selection of coloured-gem jewellery.

A tourmaline and diamond ring by Gioia. (Photo: Gioia)

On top of that, they are typically more affordable than diamonds. “For the price of a 1-carat diamond, you might consider a heated royal-blue sapphire of 2 or even up to 3 carats (also dependent on the overall quality of the stone), which is also a timeless option but yet is a rarer gemstone,” Yee said.

OTHER CONSIDERATIONS TO FACTOR IN

When setting a budget for the ring, you’d want to keep in mind that some jewellers offer instalment payment plans via certain credit cards or even financing platforms like Atome. Of course, the best way to go is to only buy what you can afford, although it’s worth noting that these payment modes may help you better manage your personal cash flow.

Some jewellers also have a diamond trade-in programme that may be subject to terms and conditions unique to their stores. This may influence your decision on where to purchase your ring, should you have the intention of upgrading the diamond in future.

Source: CNA/yy

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