Is RM 3000 Enough for An Engagement Ring?

When shopping around for an engagement ring, it’s important to first set some expectations (and a budget!) for the actual act of shopping. 

Engagement rings have long been a tradition for couples looking to marry, and the path to matrimony is well-travelled. However, traditional and modern expectations for engagement ring budgeting have differed for some time. 

In some ways, purchasing engagement rings have remained the same–for example, following the 4Cs rule of checking for carat, cut, clarity, and colour–and has changed in others. Below are some of the ways the purchasing process has changed over the years:

Engagement Rings: Then vs. Now

Budgeting

Historically, you might be expected to set aside two to three months’ worth of salary on an engagement ring, which sets a high standard for what your budget–and subsequently your engagement ring–should look like. 

Nowadays, engagement ring budgets have moved away from the cut-and-dried three-month rule, with much greater flexibility and variety available in engagement ring options that can suit a range of different budgets. 

A large portion of the budget is typically allocated for the diamond–and with the rising popularity of lab-grown diamonds, it’s important to notice the price difference between natural diamonds and lab-grown diamonds. For example–at Michael Trio, RM2,000 would be enough for a 0.5-carat lab-grown diamond. For the same amount, you would only have a 0.3-carat natural diamond.

Materials

Engagement rings would also typically have a diamond inset, as diamonds were the single most popular choice of precious stone for jewellery due to their shine and purity. 

Nowadays, lab-grown diamonds are a cost-effective way to enjoy the splendid shine and lustrous brilliance of diamonds–to the naked eye, they are virtually indistinguishable from natural diamonds. At identical carat weights and grades, a lab-grown diamond can cost 60-85% less than a natural diamond. Lab-grown diamonds also have a smaller ecological footprint than diamonds, which are mined from the earth at great depths.While you are still free to pick up a diamond to set into your engagement ring, other non-diamond precious stones are rising in popularity–from sapphires and emeralds to aquamarines and rubies. These can often be lower cost and unique, as a coloured gem easily stands out. In addition to gold, customers now have the option of platinum, rose gold, and even silver.

Purchasing Process

In the past, the process of purchasing an engagement ring would involve going into a physical jewellery store, where you could inspect the rings in person and have expert jewellers on-hand to advise you on your choices.

In addition to in-store purchasing, the rise of online retailing and e commerce means that prospective buyers now have access to a wider range of customization options where they can personally design their wedding bands, pick out the materials, compare prices, and read reviews, which means buyers have a lot more data to inform their decision making process, ensuring that they are able to purchase a ring that perfectly fits their needs.

Modern Day Budgeting

In Malaysia, the average cost of an engagement ring typically falls between RM 5,000 and RM 6,000. However, the price range for these rings is quite broad, starting as low as RM 1,000 and extending to RM 10,000 or more for premium options. 

While the three-month salary rule and diamond-centric rings dictated engagement ring purchases for many years, it’s perfectly acceptable and popular today to prioritise personalised and financially practical options that are consistent with your individual values and circumstances. 

How Do I Decide On a Budget?

Before setting aside money for an engagement ring, it’s important to assess your financial circumstances in order to determine your flexibility in budgeting for a ring.

It’s important that the purchase doesn’t put any stress on your finances. Discuss with your partner to reach a consensus on meeting both your expectations on what the ring will look like–at the end of the day, the significance of the ring is in its sentimental value, not its monetary value!

At Michael Trio, our collection caters to a variety of budgets without compromising on style or quality. Our website allows you to customize your ring by selecting your preferred diamond and setting, instantly displaying the total price. For example, you can create a beautiful engagement ring with a 0.31-carat Round Brilliant natural diamond in a solitaire setting for just RM 2,960.70. 

If you prefer a different diamond shape and setting, we have other options available. You can choose a 0.30-carat Emerald-cut natural diamond in a solitaire setting for just RM 2,935.85, which comfortably fits within a RM 3,000 budget.

Less Is More: You can opt to purchase a gem of slightly smaller carat weight to save on costs without compromising appearance, as the visual difference will be minuscule between similar carat weights.

The 4Cs: To ensure you purchase a gem you’re happy with, apply the concept of the 4Cs to your purchasing process: inspect your desired gem for their cut, clarity, colour, and carat weight so you can make an informed decision based on quality.


Non-Diamonds and Beyond: While diamonds are a classic and non-traditional choice, there is much variety to be had in exploring non-diamond options–these can also potentially be cost-effective! Additionally, a different metal can also contribute to creating a truly unique and personalised engagement ring.

Engaging With Love

When purchasing an engagement ring, it’s important to keep in mind that there is no universally accepted one-size-fits-all budget. Every relationship is its own unique journey with its own story to tell, and reflecting that in the engagement ring means the ring can take different forms and styles.

The engagement is but the beginning of a wonderful lifelong relationship together with your partner–this means it’s also crucial to make financial decisions that carefully consider the future and your long-term goals together, all without compromising your partner’s and your own expectations of the ring.

No matter the monetary cost of the engagement ring, its true value lies in its emotional significance, not in its price tag.