As much as I would love to begin this article with an immediate response to the question, there is no simple answer to this dilemma. Engagement rings are difficult to budget for, especially with the eventual wedding in mind, and prices vary depending on a number of factors. This guide will help you better understand how to budget for an engagement ring and decide on a price level that best fits your needs.
In This Article
What’s the Average Cost of an Engagement Ring in Malaysia?
While sources report that the average price of an engagement ring is approximately RM 5,000 to RM 6,000 in Malaysia, the range can vary greatly, from as low as RM 1,000 to a premium RM 20,000 or more. The massive difference can be attributed not only to the many designs and materials to choose from in making an engagement ring, but the variance in quality of diamonds available.
Aside from the 4Cs, a diamond’s value also depends on whether it’s lab-grown or naturally mined. Both have their benefits besides the matter of price. Therefore, considering the many factors that decide a diamond’s value, one should understand them as best as one can before starting the search for an engagement ring. Understanding what you want from an engagement ring would also help you narrow your options down to a more specific price range.
LEARN MORE: All about the 4Cs and how to shop for a diamond ring in Malaysia.
What Can I Expect To Get With The Budget I Have?
Diamond prices depend on the 4Cs: cut, colour, carat, and clarity. These are the four primary properties by which diamonds are graded by internationally recognised organisations such as the Gemological Institute of America (GIA) or International Gemological Institute (IGI). This is the reason a 0.5ct diamond with J colour and VS2 clarity could cost approximately RM5,000 and another 0.5ct diamond with E colour and VVS2 clarity could cost approximately RM 8,000. Don’t forget to factor in variation in cost for the setting and wedding ring material either. Here is a table that help estimate what you can expect to get for the budget you have in mind.
Budget | < RM 5,000 | RM 5,000 – | RM10,000 – | > RM20,000 |
Natural | 0.3-0.5 ct | 0.5-0.8 ct | 0.7-1.2 ct | > 1.0 ct |
How to Stay Within Budget While Shopping For An Engagement Ring?
Here are some handy tips to keep in mind that will hopefully help you save money on your hunt for an engagement ring.
1. Choose Lab-Grown Diamonds Over Natural-Mined.
Lab-grown diamonds are similar to naturally mined diamonds in both appearance and chemical composition. Aside from being more eco-friendly and always conflict-free, they can be up to 50% cheaper than their natural counterparts.
2. Skip Diamonds Altogether.
Alternative choices of gems are gaining in popularity. If you want a colourful ring, consider a sapphire, another rare stone which often comes in blue, white, yellow, or pink. For a romantic shade of deep red, consider a ruby. The exotic emerald is also well-known for its vibrant green hue. The closest alternative to the diamond, however, is moissanite, a lab-grown gemstone that’s often significantly cheaper. The most noticeable difference between a moissanite and diamond is that the former is usually tinged a slight brown or yellow.
3. Avoid The “Magic Sizes.”
When diamonds reach certain milestones in mass, their value can increase disproportionately to the additional size. For example, though there is little practical difference between the weight of a 0.99 carat (ct.) and 1.00 ct. diamond, there can be a considerable jump in price between them. These milestones are known as the magic sizes, and include “nice” numbers such as 0.50 ct., 0.75 ct., 1.00 ct., 1.50 ct., 2.00 ct., and other full-carat weights. Looking for diamonds marginally smaller than these marks could lead to significant savings.
4. Balance The 4Cs.
Clarity and colour are certainly worthy of consideration when choosing a diamond for your engagement ring. However, slightly lower grades in clarity and colour are not so noticeable to the naked eye. For example, some diamonds may have impurities (also known as inclusions) that are difficult to discern even under 10x magnification. As these compromises can easily be masked by the fiery sparkle of a well-cut diamond, you may prefer to prioritise a satisfactory cut over clarity and colour.
Frequently asked questions (FAQ)
1. How Much Does Insurance For An Engagement Ring Cost?
Insurance for a 0.4 ct. engagement ring in Malaysia could set you back approximately RM 6000. Some insurers might also charge 0.5% to 2.0% of a ring’s appraised value annually, which, for one valued at RM 6000, would be about RM 30 to RM 120 a year. These prices may be dependent on one’s location, since certain states of Malaysia are more prone to external factors that may increase the likelihood of making a claim, such as natural disasters (e.g., flooding) along the east coast. Do note, however, that these are from online sources. Consult an insurance company to obtain the most accurate and up-to-date information.
Insurance companies that could provide jewellery insurance include AXA XL, an international insurer with worldwide coverage of jewellery stored in residences, residential safes, and bank vaults. AIG also provides coverage of jewellery under their Premier Client Solutions plans, an all-encompassing policy for insurance of not only your house, but your personal belongings.
2. Where to Shop For A Budget-friendly Engagement Ring?
Now that you’re armed with everything you need to know about saving money on your hunt for the perfect engagement ring, it would help to make a list of the criteria you’re both dead set on and would like but don’t necessarily need to greatly narrow your search, and, therefore, a rough price range, down. For example, you may decide you only want a lab-grown diamond below 0.75 ct. This will allow you to better approximate the prices of rings with such diamonds as you search around.
With that, it’s time to start shopping! Get started with a comprehensive review on this list of jewellery stores in and around Kuala Lumpur for more convenient tips on the best places to begin.