How Much Does The Average Person Spend On A Wedding Ring?
Are you looking for the perfect wedding ring for the love of your life? How exciting!
But one thing that you will have to consider at every stage of planning is the cost. You need to determine how much budget to allocate to your wedding ring.
The average person pays anywhere from $510 to $2000 and higher on a wedding ring. The cost usually depends on the metal of the band, the clarity, and cut of the diamond, the color, and the jeweler.
This guide will explain how much you should expect to spend on a wedding ring and how to cut costs for your ring. So stick with us and read on.
Average wedding ring costs
The average cost of a wedding ring ranges anywhere from $510 to $2000 and higher.
According to a survey by the Brides’ American Wedding, the wedding rings make up to 3% of the total budget of a wedding. In some weddings, the couple can end up investing even 14% of their total wedding budget on rings.
Another research reveals that almost 81% of Americans think that engagement rings should not be over $5000.
But the amount anyone spends on the wedding ring depends on the type of ring.
Let’s consider the factors that determine the cost of a wedding ring.
1. Metal of the band
Rings are made up of various metals, including silver, gold, and platinum. Accordingly, the cost of the ring depends upon how pure the metal is.
Wedding rings have a small percentage of a metal alloy, but some are also made with pure metal. The higher the percentage of the pure metal in the ring, the higher its cost will be.
Some metals cost higher because of their value. For instance, a 5mm platinum wedding band could cost around $790, while a 5mm 14k yellow gold band could go for $550.
2. Diamonds
Your wedding ring will cost more if the diamond is bigger and heavier. If you buy a ring with a 1-carat diamond solitaire in 14K yellow gold ring, it will cost more than $2,999.
Diamonds are one of the major components affecting the price of the ring. If the diamond on the ring is heavier and bigger, then it will cost more. The cost also depends upon the color, cut, and clarity of the diamond.
For example, a princess-cut diamond in 14k yellow gold band could cost you $1,990, while a round diamond could go for about $1,190.
If the diamond is cut flawlessly and its color is rare, then it will cost more.
3. Designer
The cost of the ring also depends upon your designer or jeweler. They will pitch you different rates for the same ring. Especially if you are getting a custom ring made, you will have to talk with different jewelers, conduct market research, and see if the prices fit your budget.
The cost of the jeweler’s labor also needs to be considered. So, for instance, if the ring is handmade, and the jeweler has used delicate processes to make it, then the cost will be higher.
You can compare custom jewelers’ prices at the comfort of your home on Jewelers Connect. The platform allows up to 5 skilled and prevetted jewelers to bid on your custom wedding ring.
How much is too much to spend on a wedding ring
Any amount that exceeds your budget or takes up a huge part of it is too much to spend on a wedding ring. Most of the time, it’s all about the intentions and not the cost of the wedding ring that can impress the love of your life.
Many websites will tell you to adopt the “two months salary” rule when buying a ring. This rule means that if you make $2000 every month, you should spend $4000 on the wedding ring.
However, there are a lot of flaws in this law. Firstly, research suggests that many people marry in their late 20s, which means that they are still in the age of building their careers. They haven’t reached a stage when they could earn a full-fletch amount and afford to spend a lot on a wedding ring.
Additionally, if you consider the net pay instead of the gross salary, the results will be very different. Many people also graduate with student debt, which means they are still at a stage with extra costs on their shoulders.
And with the increasing costs of living, it can be challenging for a couple to manage all the expenses. Therefore, spending a hefty sum of money on a ring might not be feasible. Instead, you should buy a ring that fits your budget and per your partner’s likes.
How to cut costs for your wedding ring
1. Do market research
Instead of buying from the first jeweler you talk to, conduct market research, ask around and speak with different jewelers. In this way, you will determine the market average and even find a jeweler who is willing to work at a lower cost but provides quality work.
It is quite easy to settle with the first name that comes to your mind when getting a wedding ring. However, every jeweler has a different price for wedding rings, especially if you are customizing them.
Therefore, consider doing proper research before you purchase the wedding ring. This will ensure that you have settled for the best price. You can do your research online on Jewelers Connect, where you find the most skilled and trusted jewelers in the country.
2. Give up on clarity
If you are opting for a wedding ring, you can compromise on the diamond’s clarity. Imperfections or inclusions on the diamond can lower the cost of the ring.
Diamonds can have a clarity of VS1-VS2 or SI1-SI2. Diamonds having clarity of VS are finer.
However, you won’t see the inclusions on a diamond with the naked eye if the diamond is of good quality. Therefore, you can compromise on clarity to save cost.
3. Choose an affordable color
The color of the metal or the diamond on the ring can also affect its cost. Pick a color that looks good and is not too costly to cut down the overall cost of the wedding ring. If you pick a diamond above category F, you are likely to pay a little less.
A diamond is graded from D to Z when it comes to its color. Diamonds having the color D are colorless, and those having Z are slightly yellow.
4. Go for something else other than a diamond
Wedding rings aren’t supposed to have diamonds only. Instead, pick a stunning gemstone for your ring, which will make the wedding ring not only affordable but also unique. White topaz is becoming quite popular as an alternative to diamond these days. It looks exactly like a diamond but comes at a lower price.
There’s no rule stating that wedding rings should only have a diamond in them. Instead, you can incorporate other stunning gemstones in the wedding ring as well, especially if your fiancé likes something unique.
5. Customize an heirloom
Heirlooms passed down from your grandmother can be customized to create a hand ring. Instead of buying something new, you can customize a memorable piece of your family and stay within your budget.
Heirlooms are usually passed from one generation to another. Today, many jewelers customize heirlooms into wedding rings. They are not only very affordable but also safeguard the history of a family.
Where to buy a wedding ring
1. Physical jewelry stores
Search physical stores in your local marketplace, get in touch with the jeweler, discuss your needs, and buy a wedding ring that fits your requirements.
Many people prefer buying the ring from physical stores, especially if they are running out of time. You can quickly choose a ring that your partner will like and purchase it.
People also prefer to see the ring themselves, inspect it right on the spot, and then buy it.
2. Jewelers Connect
Do you want to customize your wedding ring? At Jewelers Connect, you can create a project, post the picture of the ring you want, and get skilled jewelers to bid on it.
Unlike other online platforms, Jewelers Connect allows jewelers to bid on a project without telling them what others have bid. In this way, you can get the best prices for the wedding ring in the market and select the price that fits your budget.
You can also get your jewelry repaired through the platform. And if you want, a jeweler can even replace it.
3. Etsy
You can also buy wedding rings from Etsy, as the platform hosts many artisans and vendors. Especially if you’re looking for a vintage or antique item, then Etsy is your place.
Etsy is among the largest online platforms worldwide, where you can get connected with private artisans and vendors. If you haven’t found anything good in the physical stores, you can search for a wedding ring on Etsy.
Conclusion
The average person spends anywhere from $510 to $2000 and higher on a wedding ring. The overall cost depends on the metal type, the diamond’s quality, the color of the metal, and the jeweler’s requirements.
However, you can also cut down the cost of the wedding ring by choosing a diamond of lower clarity, selecting a diamond of common color, picking another gemstone instead of a diamond, or customizing your grandmother’s heirloom into a wedding ring.
So if you have a wedding coming up and need to buy a ring quickly, then start searching. Create your free shopper account on Jewelers Connect and get in touch with the country’s best jewelers.