Average Price Of Wedding Ring

Where Did These Months Of Salary Rule Come From

It is believed the one-month rule surfaced during the early 1940s as a way for diamond sellers to make more significant profits on their jewelry sales. The months salary rules are even sometimes referred to as the De Beers myth.

Eventually, it grew into the two and three-month salary rules. However, there is no set rule on how much you should spend on a wedding ring. Feel free to ignore this outdated rule and, instead, listen to your personal budget.

The Average Cost Of Wedding Bands

While the biggest jewelry cost is typically the engagement ring, wedding bands are also a budgetary factor to consider. Our study found that the average cost of a female wedding band in 2021 is $1,100. Meanwhile, the average cost of a men’s wedding band is $550. White gold is the most popular wedding band material, while rose gold, yellow gold and sterling silver were also top favorites.

Engagement Ring Vs Wedding Ring

After a successful proposal, its now time to think about how much money to spend on the wedding rings.

Though both wedding rings and engagement rings are symbols of love, they have different styles and meanings.

• The engagement ring is presented at the time of the proposal, as a symbol of commitment to the relationship. It usually has a diamond center, so its more expensive.

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How To Save Money On An Engagement Ring

This section has some tips on how you can lower the cost of the ring even more:

Instead, focus on getting an excellent cut. The excellent cut will make the diamond more brilliant and hide flaws and tints, so you can go cheaper on color and clarity.

For more of these expert tips, see our full article on how to get a diamond for best value.

You could also consider a birthstone for a thoughtful, personalized ring that won’t break the bank:

Did Yours Make The Cut

When it comes to the style of cut, the timelessness of a brilliant round cut diamond was the clear winner, making up 47% of modern stones.

Whats interesting, however, is that this is down from 65% about 10 years ago. It goes to show that people are embracing a larger variety of stone cuts. In fact, princess cut diamonds are twice as popular now than 10 years ago.

And the survey also showed a small number of people are choosing to forgo a large central stone for a cluster of smaller stones placed together to mimic a traditional cut diamond. This is a great way to make the most of your budget and maximise the sparkle factor.

We also found people are buying larger diamonds now than they did previously. Twice as many people had bought a one-carat diamond or larger over the past two years, compared to 10 years ago.

Overall, there was an even mix of stone sizes mentioned in the survey with 55% of engagement rings containing stones between 0.5 carats and 0.90 carats. At the other end, there were 16% of engagement rings with a stone larger than 1.2 carats.

For the ring itself, our survey recorded a staggering 20 different types of metal. The three most common were white gold , yellow gold and platinum . Along with a fourth type called two-toned, a combination of white and yellow gold which made up 5% of rings.

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Ring Resizing Cost Factors

Ring Thickness

This ones simple. The thicker the ring, the higher the price of the resize. More ring = more material.

The width of the band isnt the only thing that can contribute to its thickness, though.

Does your ring have a flat bottom? This is called a european or euro shank. Many people like it because it reduces the ability of your ring to spin on your finger. In the case of resizing, a euro shank does add to the cost because the corners add more metal weight.

Additional Stones

The number, type and location of the stones in a ring will all affect the cost to resize.

More stones, more problems or at least the potential for more problems. The more stones a ring features, the more likely some will need to be moved or adjusted to accommodate the increase or decrease in band.

If diamonds, or other gemstones, are set along the side of a ring that needs to be sized smaller, they will need to be retightened, or even reset, because of the change in curvature.

Some types of gems are temperature sensitive, and those will need to be removed and reset.

If one or more of these conditions applies to your ring, your ring resizing cost will increase.

Start With Your Budget

Establish your budget before you begin shopping. That way, you know how much money you have to spend on it, not how much money is possible to spend.

If you know you have a $2,00 budget from the get-go, youll be able to easily select options that work well for you, without getting distracted by $5,000 choices, or even $500 options that you may not be happy with in the long run.

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Types Of Engagement Rings

Diamond engagement rings are still by far the most popular type of engagement rings. Demand drives up the price, even though white diamonds arenât that rare. Once again, we have De Beers to thank: After miners discovered a large white diamond mine in South Africa, De Beers used their control over the mines to limit the supply and keep their prices high.

Emeralds, rubies, sapphires, and colored diamonds obviously make lovely engagement rings. The âdiamonds are foreverâ slogan is just that â a slogan. Plenty of other stones will keep their sparkle for many generations.

Engagement Ring Budget Calculator

EXCITING UPDATE: This Engagement Ring Budget Calculator has gathered quite a lot of fame across the internet. News Blaze, Evan Carmichael, Smarter Ware, and the University Chronicle have all written articles about this calculator.

Please note: This calculator generates a projected budget based on our 30+ years of experience in the market. The total budget is not a definitive scientific amount, but rather a ball-park figure. The data may be used in our engagement ring research.

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Faqs About Wedding Ring

These prices are heavily impacted by factors such as geographic location, personality, level of financial stability, and relationship type. Using a ring calculator makes it simple and fast to estimate the typical price of a wedding ring.

Determine an acceptable pricing range first. The next step is to decide on the stone’s colour, clarity, cut, and carat weight. The carat, also known as the weighting system that jewellers employ, is an essential component in determining the cost of a wedding ring.

The bigger the carat of a ring’s stone, the more expensive it is, and the heavier the stone will be as well. In addition, the total carat weight of a wedding band is considered when calculating the price of the ring.

Attention to the type of metal used in constructing the wedding band is crucial. Compared to one crafted out of platinum, a ring produced out of plain gold would be less expensive to purchase.

Platinum rings are more costly than gold rings because platinum is a denser metal than gold, which means that more of the metal is required to manufacture a ring out of platinum.

As a result, wearing one’s wedding ring on this finger, which was considered a connection between the two people’s hearts, became a traditional practice.

Is It Safe To Buy An Engagement Ring Online

I know the question youre probably wondering now is whether or not its safe to buy an engagement ring online. If you use an on-line retailer like Blue Nile, the answer is most definitely yes.

If youre thinking about buying from e-Bay, the answer is no. I dont recommend buying from an individual. Youre much better off buying from a trusted on-line retailer that offers returns, exchanges and has reliable customer service.

More and more people are using sites like Blue Nile because there are great benefits. The most popular reasons grooms decide to buy their engagement ring online are:

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Engagement Ring Formula And Calculator With Example

If you do want a formula to follow to get your wedding ring budget, we are here to help. Here is a handy calculator for wedding ring budgeting:

How Much Money You HaveHow Much Money You Want to Have After Buying a Ring = Ring Budget

So if you have $10,000 saved up, but you want to keep $3,000 on reserve, put $4,000 toward the wedding, and have $1,000 saved for miscellaneous expenses, your budget math would look like this:

$10,000 = $2,000 ring budget

If you are budgeting so that you can save up for the ring, here is how you can plan for that:

How Much Money You Have Left Over Each Pay Period x How Many Pay Periods Until You Propose = Ring Budget

So if you get paid every week and have $200 left over, and you want to purchase your ring in 6 months , your ring budget will look like this:

$200 x 26 = $5,200

Does Metal Choice Change The Cost Of Wedding Rings

Platinum & 18K gold rings are equally priced

As with most raw materials, the various prices of metals can fluctuate, largely due to demand and availability at a given time. That said, the cost of wedding rings has generally stayed consistent over the past few years – whether you buy your wedding rings 3 months, 6 months or even a year before your wedding, youll likely pay the same amount!Whilst this hasnt always been the case, the cost of your wedding rings wont change depending on your choice of metal. You should note that white gold needs re-plating every so often, as the white-toned rhodium will wear off to reveal the more buttery-yellow colour of the un-plated white gold. Most jewellers will charge to for re-plating the cost of which will build over the years with every re-plating.

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How Much To Spend On A Wedding Ring

A common rule is to spend 3 months salary on your engagement and wedding ring. But that is an outdated rule. Do this instead.

Couples should discuss and shop for the weddings rings together. So this is usually a joint financial decision. How much money you spend is a personal choice. Its important to pick rings that fit your personal styles and wont put you into debt.

Some factors to consider include:

• Your personal preferencesA plain gold wedding band can only cost a couple hundred bucks, but an eternity ring with diamonds could cost over $2,000.

Men can choose an expensive gold band with diamonds, which will cost more. Or there are tons of unique, affordable options in alternative metals and materials .

All The Details On The Proposal

Now were getting to the fun details who proposed to who, how and with what.

Lets start by saying that 80% of proposals were made using the actual engagement ring. On the flip side, 20% of proposals were done using a stand-in ring or no ring at all.

So whos asking? Unsurprisingly, the overwhelming volume of proposals were made by our male respondents. Of the men we surveyed, they popped the question 85% of the time.

Of the women we surveyed, they proposed 10% of the time.

But most interesting was that of everyone we surveyed, 5% said the proposal was a mutual decision.

So with men proposing most of the time using the actual engagement ring, it seems that their partners are letting them know what type of ring theyd like, then leaving him to plan the actual proposal.

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Buying Your Wedding Rings In Hatton Garden

At Queensmith, we create our rings from scratch, allowing you the opportunity to create the perfect ring. We tailor make each wedding ring, matching engagement ring profiles and offering a service for engravings and custom polish finishes. Whether you want to create something totally original, or recreate one of our classic designs, well be able to help you iron out the details and craft your unique wedding ring in 4 weeks.

Should You Borrow Money To Purchase An Engagement Ring

If you can’t afford a ring right now, the best thing would be to wait. Put money aside each month until you can buy the ring in cash. But that might not be possible, especially when you have other loans to deal with. Saving up what you need could take a year or more.

We get it that you might not want to wait to propose. In that case, you could consider getting a cheaper ring, financing the ring or putting it on a credit card. But be careful: financing doesn’t mean you should pick the largest diamond you can charge. You still need to choose one that fits within your budget.

• The more cash you can bring to the table upfront, the better. If you must borrow the rest, develop a pay-off plan .

Shop now:Visit James Allen, our recommended online jeweler> >

What about borrowing the money from a family member?

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Skip The Solitaire Center Stone

To give the illusion of a larger carat size, purchase a ring that’s made of several smaller diamonds rather than a solitaire. “Multiple-stone rings give a larger size impression on a smaller budget than purchasing one diamond of the same overall size,” advises Kane. “Side stones can really make a huge difference.” A multi-stone engagement ring is a great way to find a stunning ring without going over your budget. And you’re in luck if you go this routeâthe halo ring, a setting that encircles a center gemstone is on-trend, and it makes even a small center diamond look stunning .

Lauren Allmond Photography

How Much Should An Engagement Ring Cost

The question, how long is a piece of string? comes to mind in this particular instance.

Jewellers price engagement rings based on a number of different factors. Firstly, what they are made from? In other words, the cost of the materials.

A Platinum diamond engagement ring costs more than a 9-carat gold ring set with a semi-precious gem.

Next, the profit margin makes a huge difference. For example, some online jewellers add a tiny profit margin and rely on large volumes of sales.

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So What’s The Verdict How Much Money Should You Spend On Your Wedding Rings

So, bottom line: when it comes to shopping for wedding rings, just how much should you spend?

And the answer isit completely depends.

At the end of the day, there is no right or wrong amount of money to spend on your dream ring. Its a largely personal choice that will depend on many factors, including your budget, lifestyle, and personal style preferences. Whether you spend a reasonable amount or a lot, you and your partner need to be on the same page when it comes to wedding ring costs. You want your wedding ring to last you your entire lifenot break the bank before you even put it on. So budget accordingly!