Dummies guide to buying an engagement ring in Singapore

Slipping that shiny ring on your partner's finger is a classic moment, but shopping for the perfect sparkler is tough — from overspending to picking the wrong style. When selecting something they will wear daily, the pressure's on to match your budget, suit their taste, and represent your relationship.

How do you decide? Where do you start? Let's walk through everything you need to know to find the ideal engagement ring for your partner. 

1. How much do engagement rings cost in Singapore?

Brace yourself. In Singapore, that dazzling half-to-1-carat diamond engagement ring can range from $2,500 to $15,000 at a jeweller. You can expect the price tag to skyrocket to six figures at upscale boutiques. Before you get distracted by the allure of the precious stone, always set realistic budget expectations upfront. 

Diamonds carry higher price tags overall thanks to their brilliance and durability. However, precious gems (e.g. sapphires, rubies) can make for beautiful and more unique engagement pieces. 

Source: Glamira

In case you're wondering, the cost of a diamond ring comes down to the 4C's: cut, colour, clarity and carat weight. If you try to hit all the ideal grades in all four categories, you can expect to burn a hole in your wallet. Not forgetting that known brands charge a premium too.

2. How much should you budget for an engagement ring?

Word of advice: you shouldn't be burying yourself in debt for an engagement ring. Don't forget that an engagement is only the start of a new chapter: you'll probably find yourself facing other commitments in due course, such as a new BTO, home renovation, or throwing a memorable wedding. Your ring should be within your current means.

Review your finances and liquidity to determine what you can realistically afford:

• Examine your income and savings — how much disposable income do you have? 
• Make a list and account for existing financial commitments like loans and credit card payments. 
• Don’t aim for the sky unless you’re Crazy Rich Asians wealthy. Set a budget for the engagement ring.

Should your partner prefer a ring on the upper end of your budget…

• Enquire if the jeweller offers payment instalment plans or financing options. Review the credit terms and repayment timeline realistically before committing.
• Putting the purchase on a credit card is an option, but again analyse whether you can truly meet the repayment obligations without accruing interest charges.
• Only resort to financing if you have a proven track record of sound money management. Defaulting on a ring debt will likely strain your relationship — an unacceptable trade-off.

3. To surprise or not surprise?

Choosing the perfect ring can be quite tricky while you are trying to secretly figure out what styles your partner likes. Or you can take the other route — asking directly. Ultimately it's your call to make and each has its own merits.

Surprising them demonstrates the effort and thought process. However, you risk completely missing their style. As such, a surprise requires thoroughly investigating their preferences beforehand. Some helpful things to keep in mind:

• Do they have a Pinterest mood board for their aesthetic preferences? 
• Have close friends subtly ask in their conversations and provide you with the intel you need
• What jewellery do they currently wear regularly, if any at all? 
• Have they commented on or admired rings when you’re out together? Make a mental note or snap some pictures for future reference.
• Check with their closest family members who may know details about their ideal ring. 

When openly discussing, you should:

• Have an open, honest discussion about budget and aesthetic expectations beforehand.
• Visit retailers together to window shop.
• Inquire thoughtfully to help shape their existing tastes into defined preferences.

4. Choosing the right diamond ring 101: Mastering the 4cs

Choosing that meaningful diamond ring is easier when you understand how jewellers evaluate quality. Rather than feeling overwhelmed, learn the 4Cs — the key characteristics that gemologists use to objectively assess stones.  

Cut: Looking for that maximum sparkle

A diamond's cut — the faceting's angles and proportions — determines brilliance and fire. Ranging from "Excellent" to "Poor", most diamonds rate "Very Good" to "Excellent" cut quality.

Colour: Assessing absence of hue

Colour measures the non-existence of colour in a white diamond. Most contain tiny traces of yellow, brown or grey hue. Here are the colour grades in detail:

D-F (Colourless)

• Colourless, the highest colour grade
• Very rare, highly coveted
• Appear 100per cent colourless when mounted

G-J (Near colourless)

• May appear colourless when set in white gold or platinum
• Still exceptional colour
• More affordable than D-F

K-M (Faint colour)

• Visible yellow/brownish tinge
• Not ideal for engagement rings or large stones
• Affordable option for smaller diamonds

N-R (Very light colour)

• Light yellow or brown is obvious
• Only suitable for very small diamonds

S-Z (Light Color)

• Yellow/brown colour clearly visible
• Low quality in terms of colour
• Significantly cheaper

The diamond colour scale runs from D (fully colourless) to Z (visible tint). Grades D-F have the finest colourless quality. G-J still excels while below K, yellow/brown hues become more evident and undesirable for white diamonds.

Clarity: Judging internal flaws

Clarity denotes interior and surface imperfections. It ranges from Flawless (no flaws under 10x magnification) to Included. Diamonds to VS2/SI1 don’t have visible flaws.

Carat: Evaluating dimension and weight

Carat refers to a diamond’s weight. A bigger carat usually means a larger, pricier stone, but visible dimensions also depend on cut proportions.

However, gemology experts say the best diamond analysis happens in person. Singapore Diamond Gemology (SGA) specialists undergo rigorous training for reliable evaluations. For ideal results, consider a private consultation to compare stones under expert guidance and cutting-edge technology and research.

When it comes to alternatives beyond traditional diamonds, budget-conscious buyers have options too.

5. Exploring diamond alternatives

Thankfully, you can get more beautiful precious stones at more affordable rates. Couples do compare and weigh the options available before deciding on one. To simplify your research, let’s directly compare the key features upfront through an overview table:   

Feature	Lab-Grown Diamonds	Gemstones	Moissanite	Natural Diamonds
Description	Lab-created diamonds with identical properties to mined ones.	Gemstones like sapphires and rubies with unique symbolism.	Simulants mimicking diamond brilliance and durability.	Natural diamonds are available across Singapore retailers.
Price Comparison	20-40 per cent cheaper than natural diamonds in Singapore.	Pricing varies according to the type of stones.	10-15 per cent of the cost of equivalent diamonds.	The most expensive of all stones.
Price Range	SGD 1,200 – SGD 2,000 for popular 0.5-1.0 carat sizes.	SGD 25 – SGD 11,000 per carat.	Pendant Necklace: SGD 1,388.00. Dangle Earrings: SGD 1,888.00.	1 carat: SGD 1,000 – SGD 12,500. Overall: SGD 500 – SGD 20,000.
Customisation	Various shapes, sizes and colours available.	High personalisation reflects the wearer’s personality.	Custom details affect pricing with flexible design.	Wide selection especially at major shopping destinations.
Quality	Identical optical and chemical properties to mined diamonds.	Quality based on gem rarity, design and retailer.	Spectral light dispersion and shine mimic diamonds.	GIA certification assures cut quality and eye-cleanliness.

6. How much do engagement rings from luxury brands cost? 

While prestigious global brands create exceptionally high-quality, design-forward pieces, their price tag can be quite out of reach for an average middle-income class couple. Rather than be tempted by luxury name brands, set practical benchmarks for what you can afford.

Harry Winston

Harry Winston represents the absolute cream of the crop when it comes to diamonds - we're talking perfect D-F colour grades and only the top fraction of VS2+ clarity. Their founder earned the "King of Diamonds" title for sourcing some of the world's rarest gems back since 1947.

• Price Range: $5,000 to $26 million
• Stones Available: Colourless diamonds with near-perfect clarity.

Cartier

Cartier defines luxury jewellery. Iconic designs like their Love bracelets scream opulence. Royalty also loves Cartier-King Edward VII himself dubbed the founder jeweller of kings and king of jewellers.

• Price Range: $1,300 to $3.6 million
• Stones Available: Colourless diamonds, sapphires, rubies, emeralds.

Tiffany & Co.

While Tiffany & Co. uses responsibly sourced sapphires and rubies for some designs, their engagement rings focus on ethically sourced diamonds with unrivalled sparkle. Behind those iconic robin egg blue boxes lies Tiffany's commitment to sustainable luxury, with individually registered diamonds guaranteed to dazzle.

• Price Range: $20,000 to $20+ million
• Stones Available: Colourless diamonds in round, square, emerald, pear and heart cuts.

Van Cleef & Arpels

This French luxury jewellery house blends heritage significance and whimsy across their designs. Drawing cultural inspiration from the Middle East, India and Japan, their unique aesthetic accompanies lovers through life’s finest moments.

• Price Range: $2,000 to $650,000
• Stones Available: Diamonds, ornamental stones like sapphires and rubies

Chopard

For over 150 years, Chopard has handcrafted fine diamond jewellery and luxury watches, effortlessly fusing elegance and innovation through their creative designs.

• Price Range: $1,400+
• Stones Available: Diamonds, coloured gemstones

7. Popular bespoke jewellers in Singapore

Tired of the commercial brands? We got talented homegrown jewellers in Singapore to create one-of-a-kind engagement rings too. Perfect for wonderfully capturing your fully unique love stories, not just unimaginatively settling for generic sparklers.

August Bespoke

August Bespoke passionately handpicks each diamond and gem to design completely custom bands perfectly suited to your style. Their monthly masterclasses let grooms flex creativity and gain confidence through the process.

Goldheart

Goldheart’s attractively affordable engagement rings start at just $600. You can pay a visit to their store to select beautiful yet budget-friendly bands, with prices topping out around $5,000 for extra glam gems or designs.

Revelation Jewellery

Revelation Jewelry artfully fuses antique elegance with vibrant gems to craft heirloom-quality rings in Singapore. Bespoke bands are thoughtfully curated for each loving couple, sensibly running $600 to $5,000 based on materials and details selected.

8. Do people still care about engagement traditions?

While some time-honoured engagement and wedding traditions remain popular, prescriptive rules dictating specific spending amounts or wedding bands are fading for many modern couples. 

The 3 months' salary rule

The conventional “3 months’ salary” rule for engagement rings is due for an update. With Singapore’s average monthly income at $5,783 in 2023, beautiful 0.5-1.0 carat diamond rings can retail for $1,230 to $2,000 instead. That’s just 1-2 paychecks worth — much more sensible by today’s standards.

Wedding bands

Wedding bands here don’t carry the same weight as in Western culture. No hard rules exist on which hand or matching pairs. Some couples might opt to forgo wedding bands altogether.

Last words

Hitting that relationship milestone with an engagement ring is a pretty big deal. But if the standard diamond bling doesn't vibe with your partner's style, consider jewellery alternatives like watches.

ALSO READ: Are you overlooking these unexpected factors when choosing your wedding bands?

This article was first published in MoneySmart.