How much is the right amount to spend on an engagement ring? Photo: Marco Del GrandeAlong with sorting through countless combinations of size, quality and cut, men must answer the age old question - how much to spend?
When in the vulnerable position, on bended knee, no man wants to seem cheap. But nor do they want to be forking out loan repayments long after the romance of the wedding day has passed.
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So how much is the right amount?Nick Ireland, owner of Diamond Jewellery Studio, which operates in three Australian capital cities, says his company's average client will spend around $10,000 on an engagement ring.
Our clients buy rings from as low as $4,000 but we have also sold a ring for over $1 million. The range is large but most people will spend around $10,000," he told AAP.
The Diamond Jewellery Studios' target market is professionals and Ireland says it is not unusual to sell rings between $40,000 and $50,000.
But not every potential groom has that amount of disposable income, particularly when you take into consideration the looming wedding and honeymoon.
In Australia there seems to be no hard and fast rule for how much should be spent on the ring.
The idea that the expenditure should equal a proportion of the man's salary actually stems from a marketing campaign that began in the United States by diamond conglomerate De Beers, which controls just fewer than 50 per cent of the world's diamond market.
The campaign encouraged loved-up men in the US and other international markets to outlay three months salary on the ring.
But do Australian women really want a quarter of their hubby-to-be's annual salary on their finger?
Honours student Catherine McKenzie, 25, says the cost of her engagement ring is irrelevant.
"I don't care about the price tag of my ring but it is special to me because it represents our love and our future," she said.
"At the end of the day all that is important is that your choices reflect your shared values and the uniqueness of your relationship. As long as it's right for you, it doesn't matter if the ring is a Cheezel."
Event planner Mel Moffatt, who recently married stock broker husband Tim, says she still doesn't know the cost of her princess cut diamond and platinum ring, but thinks there doesn't need to be specific guidelines.
"I don't think there should be a rule on the price. I think it should be more a combination of your financial situation and how long you've been dating," she said.
"But definitely don't break the bank. You can always upgrade later."
Ireland says he and his staff will not guide customers in terms of price, but also says guidance is rarely needed as most clients have done a large amount of research on the internet prior to booking an appointment.
"We don't recommend any price. But we find people have a very set idea of what they want to spend before they come in," he said.
According to the Australian Bureau of Statistics, just over 120,000 people tied the knot in 2009 with the trend showing a relatively steady increase since 2001.
Provided the trend continues, just over that number will be married in 2012 and that means approximately half that amount of men will be looking for a ring.
But should men be left up to the task alone?
McKenzie, who will marry fiance Mark Shaffery in February next year, says no.
"I am very particular about what I like and I don't necessarily have conventional or obvious tastes so it would have been a near impossible task for Mark to find a ring that I would want to wear for the rest of my life," she said.
The internet is also helping modern couples find that special ring, at whatever price they wish to pay.
"I found a vintage estate ring on eBay that features a rose, two leaves and a small one-point diamond in the centre for $150," said McKenzie.
"It is exactly what I wanted and even if we were millionaires I'd still want this one."
Ireland says about half his engagement ring clients shop as couples.
But for those men who want to preserve the romance of the proposal by presenting something in the ring box, they can always buy just the diamond, he says.
Tim Moffatt did just that when he proposed to future bride Mel.
"Tim proposed with the diamond and then we decided on the look for the ring together," Mel Moffatt said.
Whether it's a joint decision between the couple or just the male's purchase, Ireland advises the cut is more important than price when looking for that perfect diamond.
"You're way better off buying a smaller diamond with a perfect cut than a big diamond that looks like a block of ice."
AAP
Read more: http://www.theage.com.au/executive-style/diamonds-not-a-mans-best-friend-20110726-1hy1o.html#ixzz1U86bzOxV
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