Hey, if you’re here, you’re probably wondering the same thing many people do: “How much should I spend on an engagement ring?”
It’s a big question, because it’s part emotion, part budget, part style.
Let’s walk through it together, talking about what’s realistic, what others are spending, and how you pick a ring that feels perfect for you without stressing your finances. If you’re shopping around, visiting different diamond stores in Vancouver can give you a clear idea of pricing, quality, and styles, helping you find that sweet spot between budget and beauty.
Why That Old “Salary Rule” Doesn’t Always Make Sense
You’ve probably heard the “two or three months’ salary” idea. It’s that old guideline that says you should spend a chunk of your income on an engagement ring.
But here’s the thing: for most couples in Canada, that rule is more pressure than help. It’s a relic of marketing, not something built for personal financial situations.
What matters more is what feels right for your life. What you can afford now, what you want to spend later, what kind of ring your partner actually loves (not what ads tell you to buy).
What Do Couples in Canada Usually Spend?
Here are some up-to-date numbers so you have a ballpark. These are averages some spend more, many spend less. Use them as a guide, not a rule.
- Across Canada, many couples spend between CAD $3,500 and $6,500 on an engagement ring.
- In big cities like Toronto or Vancouver, the price tends to creep higher. Rings in those markets often average $7,500 or more when you add in premium diamonds, custom settings, or top-tier craftsmanship.
- If you go with a lab-grown diamond instead of a natural one, or pick simpler designs/setting, you can often get something beautiful for below $3,500.
Visiting a trusted jewelry shop in Vancouver can give you clarity on real options within your budget, without the stress of outdated rules.
Read More: Minimalist Engagement Rings: Simple, Elegant, and Diamond Ring Made for Love
Big City Comparison: What It Costs in Different Canadian Cities
Here’s a little table comparing what people typically spend in several major Canadian markets. It helps you see how local prices shift based on demand, retailer cost, and style expectations.
*These ranges represent completed rings (diamond or gemstone + setting) for couples aiming for something above entry-level but not ultra-luxury. If you go with lab-grown or simpler metals/designs, you’ll find beautiful rings well under these figures.
What Drives the Price: Key Factors to Keep in Mind
When you see different rings and wildly different price tags, here’s what’s making the cost move:
Stone Type: Natural vs Lab-Grown Diamonds
Natural diamonds usually cost more per carat, especially for high quality. Lab-grown diamonds look, sparkle, and wear just like natural ones but often cost considerably less. If you’re on a tighter budget, lab-grown can give you more bang for your buck.
Want to know more? Check this: The Truth About Natural Diamonds vs. Lab Grown Diamonds
Carat (Size), Cut, Clarity, Color
These are the 4Cs. Sometimes spending slightly less in one area (say, clarity) lets you get a better cut or larger carat. A well-cut 0.9 carat diamond often looks more dazzling than a poorly cut 1.2 carat.
I’ve explained this in more detail in my The 4Cs of Diamond Quality: What You Should Know as a Buyer
Metal / Precious Metal & Setting
Platinum rings cost more because the metal is rarer and more durable. Gold (yellow, white, rose) is a bit cheaper but has its trade-offs. If you go for custom or elaborate settings, that adds craftsmanship cost.
This ties closely to Diamond Engagement Ring Styles & Settings, where I explained Metal Setting
Customization & Craftsmanship
If you want something one-of-a-kind, with details nobody else has, that’s going to cost more because of design fees, artisan work, etc.
Location & Jeweler
If you buy in a big city (Toronto, Vancouver), expect higher prices. Jewelers in expensive areas, or luxury brands, charge more. Local independent jewellers can often give you better value and more personalization. That’s why many couples compare different diamond stores in Vancouver, from boutique shops to larger retailers, before making their final choice.
Your Personal Financial Situation & Values
What’s worth more to you? Bigger diamond, or better craftsmanship? Natural vs lab-grown? Will spending more now compromise your other goals (saving, debt, future plans)? All that matters.
Also Read: Classic vs. Modern Engagement Rings: How to Find the Perfect Style for Your Love Story
How Much You Should Budget: Practical Advice
You don’t need someone else’s standard. Here’s how to decide your own number in a way that feels good and doesn’t cause regrets.
- Look at your monthly income, savings, and other expenses. What amount won’t stress you later?
- Think long term ring budget + wedding + honeymoon + future plans.
- Set a budget range (e.g. “I feel comfortable spending $4,000–$8,000”), then see what rings fall in there.
- Talk with your partner (if possible) about what they actually want: natural diamond or lab-grown? Bigger stone or nicer setting? Sometimes compromising in one area lets you get big in another.
- Prioritize what will give you the most joy per dollar: maybe that’s craftsmanship, or uniqueness, or ethical sourcing not necessarily the biggest carat.
Different Budget Tiers: What to Expect at Each Price Level
Here’s a guide: if you plan to spend in different ranges, here’s roughly what kinds of rings are realistic in Canada.
Myths and What to Avoid
Let’s bust a few myths so you don’t feel pressured into spending more than you should:
- Myth: More carats = more love.
Not true. A well-chosen smaller stone with superb cut + craftsmanship can outshine a larger one that’s greasy or mis-cut.
- Myth: Only natural diamonds are worthy.
Lab-grown = real diamond with major savings. It’s also becoming more accepted and in demand.
- Myth: Platinum is always better.
It’s durable, yes. But it’s heavier, costs more. Gold rings can be beautiful, strong, and much more affordable.
- Myth: The most expensive ring shows the most love.
The ring is a symbol. Love is what shows in how you treat each other, how you plan for your future, etc.
Realistic Cost Tips: Getting More Value for Your Ring
Want to save smartly? These ideas help you get better value without sacrificing what matters to you.
- Go just under the big carat sizes (like 0.9 instead of 1.0) many labs make you pay a big jump at whole carats.
- Choose lab-grown diamond if possible.
- Pick 14k gold instead of 18k or platinum, unless you really want the premium.
- Simple solitaire or halo settings last longer (less risk of damage) and tend to cost less for the same visual impact.
- Local jewellers often offer better craftsmanship + custom work than big brand stores, sometimes at lower markup.
Final Thoughts: What “Perfect” Means is Personal
At the end of the day, don’t let numbers convince you let your heart + your budget guide you.
- A perfect engagement ring is one that makes your partner smile every time they look at it, and makes you feel proud without regret.
- Spend what fits your financial goals, not what others expect.
- Aim for something you’ll love wearing for many years because that’s what matters: craftsmanship, comfort, design, values.
So, yes, you could spend $10,000 or more, or you could spend $3,000. What matters is that it feels right. That it reflects your love, your story, your promise.
And when you look down at that ring it should remind you not of how much it cost, but of the moment you asked, the love in your eyes, and the future you’re building together.