Buying an engagement ring is one of life’s most meaningful purchases. At Wallace Bishop, we know the process can sometimes feel overwhelming — from budgets to diamond choices to ring styles. That’s why we’ve created this Engagement Ring Buying Guide: to simplify your journey, highlight what truly matters, and help you find a ring as timeless as your love.

A diamond engagement ring is more than jewellery — it’s a symbol of commitment, devotion, and the start of a lifelong story. Every Wallace Bishop engagement ring is crafted with the finest diamonds and precious metals, and we also offer bespoke designs to reflect your unique love story.

Shop our Engagement Rings here

Design Your Own Engagement Ring

If you can’t find a ring that perfectly matches your partner’s style, why not create one together? With the expert guidance of our in-store design consultants, you can:

1. Select the diamond or gemstone that best reflects your love.
2. Choose from a range of settings, metals, and styles.
3. Be part of the entire design journey, from sketch to finished piece.

Our team of master jewellers will then handcraft your bespoke engagement ring in our workshop, ensuring a piece that is truly one of a kind.

Book an Appointment With a Design Consultant

How Much Should I Spend on an Engagement Ring?

One of the most common questions we hear is: “How much should I spend on an engagement ring?”

Traditionally, many people followed the “one month’s salary rule,” but today the best answer is simple: spend only what feels right for you and your partner.

A Balanced Approach to Engagement Ring Budgets

1. Base it on your income: On average in Australia, many engagement rings fall around the $3,000 mark, but this varies greatly.
2. Focus on quality and meaning: Your ring should last a lifetime — prioritise craftsmanship, diamond quality, and your partner’s preferences over arbitrary rules.
3. Remember the bigger picture: An engagement ring is one part of a wedding journey. Balance your budget to reflect your circumstances, without losing sight of the significance of the moment.

Choosing the Right Ring: Taste Over Price

The perfect engagement ring isn’t about spending the most — it’s about finding a style that suits your partner.

1. Consider their style: Does your fiancée prefer gold, platinum, or rose gold? Do they love minimalist designs, or bold statement pieces?
2. Think about proportions: A larger diamond may not always flatter smaller hands, while certain settings can emphasise elegance and balance.
3. Select meaningfully: The ring should reflect your partner’s personality and your shared story, not just its price tag.

Explore our Engagement Ring Styles & Settings Guide  for inspiration.

Getting the Best Value

At Wallace Bishop, we believe finding the right engagement ring should be exciting — not stressful. To make sure you’re getting the best value:

1. Compare the Four Cs: Cut, colour, clarity, and carat weight all impact beauty and value.
2. Shop a trusted jeweller: With over 100 years of expertise, Wallace Bishop offers a diverse range of diamond engagement rings at accessible prices.
3. Ask questions: Our consultants are here to guide you, ensuring you choose confidently.

Browse our Diamond Buying Guide for expert insights into choosing the perfect stone.

Final Thought

At the heart of every engagement ring is a story — your story. Whether you choose from our collection or design your own bespoke ring, Wallace Bishop is here to make the process memorable, meaningful, and stress-free.

To explore our range, visit your nearest Wallace Bishop store or view our Engagement Ring Collection Online