The limited edition Meghan Sparkle by the online retailer features an emerald-cut cubic zirconia set between two brilliant-cut stones on a yellow gold-plated band.
The American former actress’s actual diamond engagement ring, designed by Prince Harry, was made using two diamonds from Diana, Princess of Wales’s personal collection and a central diamond sourced from Botswana.
It is estimated to be worth more than £120,000, a whopping AUD $217,000.
Clair Albone, jewellery buyer at Argos, said the sale of engagement rings at the company had jumped 22% compared to last year, as the nation gears up for Harry and Ms Markle’s nuptials on May 19.
She described the Meghan Sparkle ring as “a classic choice at a price that doesn’t require a royal budget”.
The ring comes in a gift box depicting the London skyline and inscribed with the royal wedding date.
Unfortunately for Australian royal fans Argos is located in the UK, but if you're travelling over (maybe for the big day), you're in luck!