The Old Rule Is Dead
The two months salary rule was invented by De Beers in 1947 as a marketing campaign. It has no basis in financial planning, and most jewellers today agree it is outdated.
What Canadians Actually Spend
According to recent surveys, the average Canadian spends between $3,000 and $6,000 on an engagement ring. But averages can be misleading — your budget should be based on your financial situation, not what others spend.
A Modern Approach to Budgeting
Step 1: Look at Your Finances
Consider your savings, monthly expenses, and upcoming costs (wedding, home purchase). A ring should never put you in debt.
Step 2: Prioritise What Matters
- Size vs Quality: A larger diamond with lower quality, or a smaller diamond with excellent cut and clarity?
- Metal Choice: 14K gold costs significantly less than 18K or platinum
- Lab-Grown vs Natural: Lab-grown diamonds are 60-80% less expensive with identical appearance
Step 3: Consider Financing
Many jewellers offer interest-free financing. At 6ix of Diamonds, we offer Affirm payments so you can spread the cost over 12 months.
How Lab-Grown Diamonds Change the Equation
A 1-carat lab-grown diamond costs approximately $1,500 CAD, compared to $5,500+ for a natural diamond of similar quality.
Our Recommendation
Spend what you are comfortable with. Focus on cut quality (it determines sparkle), choose a lab-grown diamond to maximise your budget, and invest in a well-made setting that will last decades.
The best engagement ring is one that makes your partner happy without causing financial stress.