But cult-favourite jeweller, Anna Sheffield, says that tradition is officially over.
“I believe the rules have really shifted, particularly for younger generations,” she told Metro US.
“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.”
“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!”
So if we’re not spending 90 days of hard earned cash on rock, how much should we be expect to be splashing out?
According to recent stats from Tiffany & Co, we’re spending on average between $15,000 and $20,000 on an engagement ring in 2017. In their store, perhaps...
In 2014, Choice reported that Aussies were spending a far less eye-watering figure: $5000.
But hey, let's be honest, the most important thing isn't how much your rings costs it's what it symbolises.