A $5,000 ring would be the most costly in Australia but a $10,000 necklace would be cheaper than most people would ever need.
That’s according to a new report by Quartz, which says Australian jewelry buyers are increasingly concerned about affordability and quality.
“It’s very concerning to see such a significant amount of the market in Australia going up and up in price,” said Nick Bunn, founder of jewelry exchange site Diamonds.com.au.
“There is a real sense of urgency around this, with prices soaring by about 30 per cent in the last 12 months, and it’s very frustrating.”
Quartz’s report points to the popularity of the ‘bonded’ jewelry industry in Australia, which allows buyers to buy a piece of jewellery and then attach it to a credit or debit card or even a smartphone.
Bonded rings are the most common type of gemstone and can sell for as much as $5k, while diamond rings can sell as much up to $30k.
“I think it’s the fact that these bonds are really popular with a certain demographic and that is people in their 20s and 30s,” said Bunn.
“People are very happy to pay the price of the item and I think that’s really indicative of the overall quality of the product.”
Aussie gemstones are considered the most affordable in the world, according to Quartz, but their popularity is increasing.
According to the latest data from Gem & Jewelry International, the average annual price of a diamond ring in Australia was $16,839 in 2017.
In 2016, the most popular type of Australian gemstone was turquoise, with an average annual retail price of $20,958.
In 2017, the second most popular gemstone after diamonds was garnet with an annual retail value of $21,897.