Global gold pricing has increased steadily over recent years — and this directly affects engagement and wedding ring costs in Australia.
Why Gold Prices Are Rising
Several global factors are driving price increases:
- Economic uncertainty
- Increased demand for physical gold
- Currency fluctuations
- Higher production costs
Because engagement rings use precious metal alloys, these fluctuations impact price — even if your diamond cost remains stable.
How This Affects Engagement Rings
- Rings with thicker bands or heavy settings cost more
- Platinum remains consistently more expensive than 18k gold, but the gap shifts
- Custom pieces may vary in price based on metal weight
- Price changes occur more frequently due to volatile global markets
Tips to Stay Within Budget
- Choose 14k gold if you want durability with lower metal cost
- Opt for finer, minimal bands to reduce the overall weight of the ring — they’re elegant and more cost-efficient
- Consider lab-grown diamonds so more of your budget goes towards metal and craftsmanship
- Lock in quotes early for custom designs — most jewellers only hold pricing for 7–30 days
The Good News
Gold pricing affects metal cost, but the centre stone still determines most of the ring price. With lab-grown diamonds, couples can still achieve a premium look while maintaining budget flexibility.
