how much is the average cost for an engagement ring?

Ok, this is a bit tricky, as I've sold rings for engagement from a few hundred dollars to many many thousands. There are a few "rules" that many people suggest, one being the 2-3 months wages rule. This actually tends to be fairly representative and accurate in the market I am in. However, others spend less, and some significantly more. Having said this, basing our numbers in Sydney - where the average wage is now $70-75,000 per year, we have a number of about $14-25,000 for engagement rings. I find this is actually quite right for my customers. Others have different markets, and this changes the numbers significantly.

For the record, the LAST engagement ring we made for a customer was $18,000 -so right in the middle. All the best, and good luck!