How to Shop for Affordable Engagement Rings

How to Shop for Affordable Engagement Rings

Without Compromising on Quality

3 Most Affordable Solitaire Engagement Rings
3 Most Affordable Timeless Engagement Rings
3 Most Affordable Halo Engagement Rings
3 Most Affordable Three-Stone Engagement Rings
3 Most Affordable Modern Engagement Rings

It was traditionally thought that diamond engagement rings should cost three times a man’s monthly salary, which today equates to around $22,000 for Australians earning an average weekly income.
Fortunately, this socially outdated and financially insensitive myth no longer holds any weight, and the true value of an engagement ring today is determined by more factors than price alone.
What may once have been considered cheap engagement rings by traditional standards, are today celebrated as cleverly designed affordable engagement rings that offer Instagram-worthy sparkle at accessible prices, without compromising on quality or craftsmanship.

So... before you go auctioning off your childhood collectibles to help pay for a stunning $21,250 square halo engagement ring, consider these tips for choosing cheap high quality engagement rings guaranteed to dazzle for less than three months’ salary.

Decide on a Budget

When exploring inexpensive engagement ring options, it’s still important to have a goal budget. If that’s a $2,000 limit - great. If $4,000 is your max, even better. But without committing to a budget, it’s easy to feel overwhelmed by options.

Giving yourself a limit helps narrow your search and ensures your partner won’t march you back into the Melbourne jeweller to demand a refund for a $22,000 ring that looks more like a shiny house deposit.

Shop Affordable Diamond Shapes

The most popular diamond shape may be the Round Brilliant Cut, but it’s also the most pricey thanks to the volume of rough diamond lost during the cutting process - around 60% of the entire stone.

Fancy diamond shapes like Emerald, Princess, Asscher and Radiant Cuts produce more affordable engagement rings due the volume of stone retained in the cutting and polishing process. They also feature in some of the most recognisable celebrity engagement rings of all time, so rest assured fancy shapes are no subpar alternative!

The Halo’s Secret Super Power

Halo rings are one of the lesser known ways to save when buying an engagement ring, featuring a higher-carat centre diamond surrounded by a circle of smaller stones to create an intense composition of sparkle and fire.
Because the centre stone is accented by smaller diamonds, it requires less carats to create the same dramatic effect of a single, larger, standalone stone. Smaller diamonds being less expensive means halos offer an affordable engagement rings alternative to singular, higher carat solitaire engagement rings.

Minimise the Metal

Less metal in engagement rings typically equates to a lower price, so choosing a thin band is another consideration when searching for cheap high quality engagement rings. Prong settings require less metal than bezel settings, so prong-set engagement rings with thin bands and modest diamonds make for inexpensive engagement ring options.

Choose a Coloured Gemstone Centre

Carat for carat, the ‘Big Three Jewels’ are typically cheaper than diamonds, affording you a bigger centre stone for a smaller investment. If your partner has an affinity for gemstone jewellery, then sapphires, emeralds or rubies may present some more affordable engagement ring options, which can also be accented by smaller halo diamonds.

Make Use of Afterpay & ZipMoney

If you’re struggling to find cheap engagement rings of an excellent quality under $3,000 that make your heart and purse strings sing, interest-free buy now, pay later plans are an excellent option for making premium-priced rings more accessible.

At SH Jewellery, engagement rings under $3,000 are available with Afterpay - subscribe to our newsletter in the footer of this page to ensure you don’t miss out on seasonal promotions that bring some of our higher priced engagement rings into the Afterpay bracket.

For all engagement rings over $3,000, SH offers an interest-free buy now, pay later ZipMoney plan with repayments starting from just $40 a month. You can change the frequency of your payments to weekly, fortnightly or monthly, as long as you pay the minimum amount outlined in your contract.

Unlike Afterpay, ZipMoney has a $6 monthly account keeping fee, but this is only charged when you have an outstanding balance at the end of the month - no balance, no fee!

Exploring flexible payment plans can bring higher priced engagement rings with heavier carats within reach, allowing you to propose now with your dream ring and pay it off slowly in convenient interest-free installments.

Don’t Compromise on Quality

If you discover cheap engagement rings that seem too good to be true, this is likely the case. Invest only in a GIA-certified diamond with laser-inscribed serial number to ensure what you’re buying is in fact a real diamond graded by the GIA.

At SH Jewellery, all our diamonds are consistently 3-4 grades higher than industry standards and 7-8 grades higher than most chain retailers. While our prices are reflective of this quality, we will happily honour our price-match guarantee in the unlikely event you find an identical design of comparable diamond quality advertised at a lower price.

Top 3 Solitaire Engagement Rings


Top 3 Most Affordable Timeless Engagement Rings


Top 3 Most Affordable Halo Engagement Rings


Top 3 Most Affordable Three-Stone Engagement Rings


Top 3 Most Affordable Modern Engagement Rings


Top 3 Most Affordable Gemstone Engagement Rings



We’re Here to Help

If you need help finding inexpensive engagement ring options or cheap wedding bands, our non-commissioned Diamond & Jewellery Specialists are here to help. Visit our Springvale jewellery store just 30 minutes from Melbourne’s CBD, or shop online with free delivery & 30-day returns.

We also offer complimentary phone consultations to guide you through a budget-sensitive selection process and present you with your options - affordable 18kt gold engagement rings with GIA-certified diamonds in exclusive designs you simply won’t find anywhere else.