How Much Should You Spend on an Engagement Ring in Canada

For many Canadians, buying an engagement ring is one of the first major joint financial decisions in a relationship. But how much should you actually spend? With conversations around “how much to spend on engagement ring Canada” and “engagement ring cost Toronto” buzzing across communities, many couples are asking themselves — is there an ideal budget? 

Unlike formulaic “three months’ salary” rules of the past, today’s buyers weigh financial comfort, lifestyle, ring quality, and long-term sentiment when setting a budget. This guide will help you — whether you live in Toronto, Vancouver, Montreal, or elsewhere — to navigate typical price ranges, what drives cost, and how you can choose a beautiful ring without overstretching. 

We reference real examples from Janine Jewels’ Engagement & Wedding Collection to illustrate what different budgets can buy. 

Before setting a budget, it helps to understand why engagement ring prices vary so dramatically. Key factors include: 

• Gemstone type & quality: Natural diamond vs lab-grown diamond vs moissanite vs gemstone.
  

• Carat, cut, clarity, color (“4 C’s”): Larger and higher-quality stones cost more.
  

• Metal and setting material: Platinum, gold, titanium, alternative metals — each carries different price implications.
  

• Complexity of design & craftsmanship: Custom designs, intricate settings, and handcrafted work add cost.
  

• Ethics & sourcing: Responsibly sourced or lab-grown stones and recycled metals sometimes affect pricing.
  

• Where you shop: Boutique vs mass-market retailers, in-store vs online jewellers.
  

Because of these variables, two rings may look similar but vary widely in price — which is why knowing what you value (size, quality, ethics, craftsmanship) is more useful than chasing a number. 

While “ideal spend” depends on personal finances, here’s a rough breakdown of what you might expect depending on your budget — with reference to actual rings from Janine Jewels. 

• Entry-level lab-grown diamond or moissanite solitaire rings
  

• Simple bands in gold or alternative metals
  

• Minimalist settings or smaller stones  

At Janine Jewels, rings like titanium bands or modest 14k gold pieces fall in this price range.  

Ideal for: Couples prioritizing affordability, modern minimalism, ethical sourcing, or planning to upgrade later. 

Mid-Range (~ CAD $4,000–$7,000) 

• Higher-quality lab-grown diamonds (0.8–1.2 ct) or moissanite with better cut/finish
  

• Careful metal selection (precious metals like 14k/18k gold, platinum)
  

• Classic solitaire or halo settings, possibly with accent stones
  

Examples from Janine Jewels’ collection show many rings in this range, balancing stone quality, design, and lasting value. 

Ideal for: Couples seeking a good balance between ring quality, size/appearance, and long-term wearability. 

Premium / “Heirloom” (~ CAD $7,000+) 

• Larger centre stones (1.5 ct+), high-grade lab or natural diamonds
  

• Premium metals (platinum, custom 18k gold), complex settings
  

• Heirloom-quality craftsmanship or customised design 
  

At this level, rings from Janine Jewels’ top-tier offerings (custom, bespoke, or platinum settings) often appear.  

Ideal for: Those who want a statement piece meant to last generations, or value exceptional quality and design. 

1. Don’t Rely on Outdated “Rules” 

Popular culture once suggested spending 2–3 months’ salary on an engagement ring. In 2025, with shifting finances and values, such rules feel outdated. What matters more: comfort, financial stability, and long-term happiness. 

2. Future-Proof the Ring (and Your Wallet) 

Consider costs beyond the purchase: resizing, maintenance, possible upgrades, appraisal, insurance. A modest ring now allows flexibility for future financial goals. 

3. Prioritize What Matters to You 

Some couples value a bigger centre stone. Others prefer ethical sourcing, sustainability, or bespoke design. If you choose thoughtfully, even a moderate budget ring can carry deep meaning and long-term satisfaction. 

4. Explore Alternatives to High-Price Diamonds 

Lab-grown diamonds, moissanite, or simpler settings can offer sparkle and symbolism at a fraction of traditional diamond cost — without sacrificing style. Many rings in the Janine Jewels collection reflect this philosophy.  

Living in a big, fashionable city like Toronto affects what you pay and what you expect: 

• Higher demand for premium materials and custom design — boutique jewellers often command higher prices.
  

• Access to custom studios (like Janine Jewels’ Toronto atelier) — custom designs with ethical materials often cost more but deliver personalized value.
  

• Ethical sourcing & sustainability expectations — increasingly important to urban couples.
  

• Cost of living and budgets vary widely — many Toronto couples opt for mid-range rings balancing quality and affordability.  

Therefore, while the “average” ring cost may skew higher in a city like Toronto, there’s still plenty of value to be had across budgets. 

For many, the idea of a mass-market engagement ring feels impersonal. Custom rings, on the other hand, offer: 

• A chance to incorporate personal style, meaningful design elements, even heirloom stones.
  

• Control over metal, gemstone type, and ethical sourcing.
  

• A unique piece that stands out and can become a family heirloom.
  

At Janine Jewels, custom engagement rings are crafted through a collaborative process — starting with your vision, and culminating in a handcrafted piece made in Toronto. Many clients value this as much as the stone itself.  

Even better — you can often design within your budget, since you choose each parameter (metal, stone, cut) rather than paying a fixed premium. 

1. Prioritize cut over carat — a smaller but well-cut stone often looks more brilliant than a larger poor-quality one.
   

2. Consider lab-grown diamonds or moissanite — visually similar to natural diamonds at lower cost and better ethics.
   

3. Choose simpler settings and avoid over-design — they age better and can be more timeless.
   

4. Opt for 14k gold or mixed-metal bands — strong, stylish, and often more affordable than heavy platinum.
   

5. Work with a custom jeweller — you decide what elements matter and reduce unnecessary markup. janinejewels.com’s custom studio is a strong example. 
   

6. Think long-term: resale value, durability, maintenance — a slightly higher upfront investment can pay off over years. 
   

Q: Is there a “right” amount to spend on an engagement ring? 

A: Not really. The “right” amount depends on your financial comfort, values, and what you want the ring to represent. 

Q: Do lab-grown diamonds really save money? 

A: Yes. They typically cost less than natural diamonds of similar appearance and often make excellent sense for quality, ethics, and budget. 

Q: Are custom rings always more expensive? 

A: Not necessarily. While custom work brings craftsmanship and personalization, you control the budget by choosing stone size, metal, and design complexity. Many custom rings from Janine Jewels are competitively priced for the value offered.  

Q: Should I go for platinum or gold? 

A: Platinum is more durable and often seen as more “luxury,” but 14k or 18k gold gives flexibility and often lowers cost — while still offering excellent longevity. Balance depends on lifestyle, style preference, and budget. 

There’s no universal rule for “how much to spend on an engagement ring in Canada.” Whether you spend $2,500 or $10,000 (or more), the most important thing is that the ring reflects your love, your priorities, and your financial comfort. 

By understanding what influences cost — gemstone, metal, design, craftsmanship — and by exploring alternatives like lab-grown diamonds or custom designs, you can find a ring that balances beauty, meaning, and value. For many Toronto couples, that balance lands comfortably in the mid-range: quality, ethically sourced, and timeless without unnecessary overspending. 

If you’re ready to start ring-shopping or design a custom piece, explore Janine Jewels’ Engagement & Wedding Collection or book a consultation via their Custom Jewellery Design Studio — where heartfelt stories become heirloom rings. 

Here’s to making the most meaningful investment of your life, in a ring that’s worth more than just its price tag.