So, we are back to the million-dollar question! Is the amount of money you are willing to spend enough? Or are you going overboard? Is $5,000 the right price for buying an engagement ring in Melbourne? Is it a good idea to spend a few months’ salary on an engagement ring? Or is it not that big of a deal?
For many people doing daily jobs in Australia, $5,000 seems like the ideal budget to buy a ring, but the answer to the above questions is not all that straightforward. Yes, you don’t really have to spend a fortune on a ring, but you want something that will stay with you for a lifetime.
In this blog, we have discussed many factors that would help you decide whether $5,000 is the right budget to spend on an engagement ring. Let us look at these factors to conclude.
Personal Preferences
The most important thing – to begin with – is how much of a priority is the engagement ring in your life. And when we say ‘your life’, it means both you and your partner. An engagement ring is indeed the most beautiful possession and a bonding factor between two partners, but to what extent are you willing to spend on it?
The other thing to consider is the tastes and expectations of the person whom you are buying the ring for. Do they have some set pattern in mind, or just want a ring that looks good and stands the test of time? Think carefully and fill in the blanks to these answers before proceeding further.
Longevity
Everyone wants a ring that is highly durable and long-lasting. But the question is – can I get a ring for a lifetime for $5,000? The answer to this question is – yes! Congratulations! You can actually get hold of a high-quality ring for this budget. But obviously, you can get better engagement rings if you are willing to spend more.
With an engagement ring, most people are open to the idea of spending more than the budget that comes first to their mind. However, spending double the amount – that is $10,000 – might dent your savings. So, if your budget is $5,000 or thereabouts, look for the best engagement ring in Melbourne that you can get at that price.
Quality
How did we forget this? Perhaps the most important determining factor when buying a ring is its quality. Specific factors that influence the quality of an engagement ring include the stone, band metal, cut, clarity and customisation. You can even get a diamond engagement ring of one carat or more for $5,000.
While many jewellers will offer you cheaper products at more expensive rates, you need to do the research to buy authentic stuff at cost-effective rates. Explore different online stores, physical stores, antique stores and other online marketplaces to find the best engagement ring under $5,000.
The Budget Ring
So – is a ring priced at $5,000 actually a budget ring? The answer to this question also depends on the perspective or point of view. The average price of a good-quality engagement ring in Australia is anything between $5,000 and $15,000. So according to that formula, $5,000 is a starting point.
But many people in Australia still earn less than $3,000 per month and have other expenses to deal with. In that case, $5,000 might sound like an expensive deal. But remember that buying an engagement ring is at least half important as buying a house – which takes years of your salary.
If you are getting an authentic diamond ring with a platinum or gold band along with customisation and an aesthetic design – $5,000 is really a heist. A $5,000 ring is – by most standards – a budget buy. If you are in a position to stretch just a bit more – you can get a wider variety of options.
The Competition Out There
As mentioned above – the more you are willing to spend, the better your options. Comparisons will always make your life difficult. If you have closed your engagement ring budget to $5,000 – just do this. Shut out the noise! There is no end to the amount of money you can spend on a ring. Those who can afford even buy rings for $100,000.
The best way to approach this process is to follow your instincts. Start exploring rings that are available for less than $5,000 and you will surely end up finding something you love at an affordable price.
Future Goals
Your short-term and long-term goals matter while shopping for an engagement ring in Melbourne. Are you planning to have a lavish wedding, or buy a car or home in the next few years? Are you earning enough, or have you saved enough to spend a large sum of money on a ring? If the answer to the last question is yes, then you can definitely go for something above $5,000.
Conclusion
As we have already mentioned, you can certainly get high-quality engagement rings in Melbourne for less than $5,000. But don’t set everything around, just the price of the ring. Follow your instincts and think about the budget when it really starts bothering you.
A ring is symbolic of your love and the commitment that binds the two of you. Just do your research and don’t mind spending the extra dime on something that really melts your heart!
