According to New York jewellery designer Anna Sheffield, the tradition of saving three months' salary to buy a ring definitely isn't the norm anymore.
"I believe the rules have really shifted, particularly for younger generations," Sheffield told The Metro.
"The idea of any equation dictating what to spend on something this personal and special is kind of tied to that same status quo of a white diamond/white gold solitaire being the only ring to get," she continued.
"A solitaire is a classic, but it shouldn't have to be a white diamond if you prefer black, or grey or champagne or even a moonstone for that matter."
"The idea of the engagement ring now, I feel, is more tied to values and integrity of the material and the maker, as well as the people who will ultimately own the rings. They are symbols of their love after all."
But what's the general figure in 2017? According to Bill Nolan of Tiffany & Co, people are currently spending on average between $15,000 and $20,000 on an engagement ring in Australia.
Nolan recommends purchasing "a ring you think your partner is going to want to look at for the rest of their life."
"Look for the colour of the stone. The higher the colour, the whiter the diamond is going to be and the more reflective light it's going to give off."
"This creates this optical illusion of making the stone look a little bigger than it actually is," he revealed.