The ultimate engagement ring buying guide

Oct 17, 2023

The Perth Mint diamond engagement ring

Buying an engagement ring is not an easy task. It's a life-long investment that requires careful consideration and the right choice. With a plethora of options available in the jewellery market, it can be overwhelming for anyone to choose the perfect engagement ring.

Our guide will help you navigate everything you need to know before purchasing. From understanding the 4Cs of diamonds to choosing the best ring style and setting, we have compiled all the information that you need to make an informed decision.

1. Understand the 4Cs of diamonds

The 4Cs of diamonds – cut, colour, clarity, and carat weight – are the most crucial factors that determine a diamond's value. It's essential to understand these 4Cs before choosing a diamond for your engagement ring. The reason? Well, you could end up with a poor quality diamond having spent your entire budget.

Cut: The cut refers to how well the diamond is cut and proportioned. A well-cut diamond reflects more light and has better dispersion – or fire, as it’s known in the industry!

Colour: Diamond colour is graded on a scale from D (colourless) to Z (light yellow to brown). The closer the diamond is to colourless, the more valuable it is.

Clarity: Clarity refers to the number of inclusions or blemishes in a diamond. The fewer inclusions or blemishes, the more valuable the diamond will be.

Carat weight: Carat weight refers to the size of the diamond. The larger the diamond, the heavier and generally more expensive it is.

It’s important to note that when looking at the 4Cs, they should be considered holistically. You could have a large carat diamond with many inclusions and low colour grading. In this instance, bigger is not necessarily better!

2. Choose the best ring style and setting

The style and setting of the ring are just as important as the diamond itself. There are several styles to choose from, including solitaire, halo, three-stone, and vintage. Yours or your partner's personal style and preferences should guide the choice. It’s also worth thinking about how the wedding band will fit next to the engagement ring.

Engagement ring and wedding band

The setting of the diamond also plays a significant role in the ring's appearance and security. The most common diamond settings include prong, bezel, and channel.

3. Set a budget

An engagement ring is a significant investment, and it's important to set a budget before committing to a purchase.

The average cost of a diamond engagement ring in Australia is around AUD 5,500. However, the cost of the ring can vary drastically depending on the 4Cs of the diamond, the ring style, and setting. Choosing a coloured diamond, such as an Argyle Pink Diamond™, could also considerably push the price up.

4. Look for a reputable jeweller

When buying an engagement ring, it's important to look for a reputable jeweller who specialises in diamonds. You can check online reviews, ask for recommendations from friends and family, and visit different jewellers in person.

A reputable jeweller will guide you through the buying process and help you make an informed decision that meets your budget and preferences. They will also provide certificates of authenticity for diamonds to ensure what you are buying is conflict free.

5. Get the ring insured

Once you have bought the engagement ring, it's recommended to get it insured. Make sure to revalue your ring every five years and provide this information to your chosen insurance company. By doing so, this will avoid you from being over or under insured on your investment. Accidents happen, and losing your ring can be devastating. Getting the ring insured will give you peace of mind and protect your investment. You may need to provide your insurer with an independent valuation.

Buying an engagement ring can be a daunting task, but with the right information and guidance, it can be an exciting and educational experience.

The Perth Mint jewellery boutique

You can find The Perth Mint’s jewellery store inside our landmark heritage listed building, established by Britain’s Royal Mint in 1899 at our iconic East Perth site in Hay Street.

Our hand-selected diamond jewellery pieces are accompanied by a certificate of authenticity, as well as the peace of mind that comes with choosing to make a purchase from a Government of Western Australia-owned enterprise with a long-standing reputation for quality and integrity.

Our experts will happily assist you to try on beautiful engagement rings so you can see how different styles and cuts look, ensuring your diamond masterpiece reflects your true individuality for years to come. We even offer a bespoke design service where you can select your perfect diamond and our dedicated team will design a unique engagement ring just for you.

If you’re looking for a truly special shopping experience, book our VIP out of hours shopping event. With champagne and nibbles, take your time to choose your engagement ring or have your imagined design created by our expert staff.

Come and explore today or book an appointment now.