What Is The Average Cost Of A Wedding Band
In 2020, the average cost of a womans band was $900, while the average cost of a mans band was $500. White gold, rose gold, yellow gold, and sterling silver materials common to womens bands tend to cost more than tungsten and titanium bands, which are more common in mens bands. And if a wedding band contains diamonds or gemstones, you can expect it to cost quite a bit more.
What Is The Average Cost For An Engagement Ring
Based on www.theknot.com poll, the average spend for an engagement ring in 2015 was approximately $5,800. The price has probably gone up in 2017 and we estimate that the average is about $6,800.
Your financial means should determine your budget rather than a worldwide average. No one should go into debt in order to pay off their engagement ring.
Pros: Extremely simple system. You both feel that you paid a fair or average amount.
Cons: Most people fall far below or far above the average. There are couples who cant afford to spend $4,000, and there are couples who want to spend $100,000s. Limiting the budget to a national average is a really bad idea.
For a better understanding of the 4cs and how they effect the price, click here.
We strongly recommend picking a budget that is tailored to your personal requirements. Using a number generated based on the entire country is not suggested.
Why 2 Months’ Salary Rule No Longer Works
Did you know the two month’s rule was started by a De Beers ad? De Beers happens to be the same company that convinced the entire world that men need to propose with a diamond.
If you obey DeBeers’ rule, that means that if you make $3,000 per month, you should spend roughly $6,000 on the ring.
However, that rule has some serious flaws. After all, it was invented to get you to pay more money to a diamond retailer.
how much to spend on an engagement ring based on your salary
First of all, most people get married in their late 20s, when they are still in the beginning of their careers. They haven’t come close to reaching their full earnings potential. Plus, you have to calculate what you actually take home in net pay as opposed to your gross salary. Unfortunately they are quite different.
Secondly, most people graduate with student debt. Combined with the increasing cost of living, spending thousands of dollars on a ring may not be feasible. Especially when you’re trying to get out of debt as quickly as possible.
If you want to stretch your budget further, check prices online first. Online retailers offer good quality, usually for much cheaper than a local jeweler.
Here are some of the most popular online sellers:
Online JewelerOther rules
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Youll probably end up spending less on a wedding band than an engagement ring because bands often dont contain stones but not always. Metal composition will affect how your partners band stands up to wear and tear year in and year out, and different metals vary widely in price.
Some metals, like gold, are naturally softer and more vulnerable to scratches and dings. Stronger materials are often costlier but may be worth the added expense.
That said, the price of metals can fluctuate in 2021, platinum was cheaper than gold so be sure to check current trends. Above all, you should buy the ring you can afford without stretching yourself too thin.
If a wedding band contains diamonds or gemstones, you can expect it to cost quite a bit more.
We Almost Sell My Wedding Rings
When Paul proposed to me in June 2009 he presented me with a gorgeous engagement ring. It was a platinum band with a beautiful clear-cut diamond cast between two diamond baguettes. The proportions were perfect for me the diamond and band were not too wide or gaudy and the setting was not so high that I felt it would catch on everything.
And then I found out how the ring felt like it was made for me: Paul had designed it with the jeweler.
After deciding that it was time to propose, Paul spent several lunches with a jeweler on Buffalo Speedway to mold some metal and a stone into a beautifully shaped token of love.
I gladly accepted.
We did not want a long engagement so we began planning for the wedding almost immediately. I had not been saving for one as most of my teenage and young adult life I didnt think I was the marrying type. In fact, the only reason why I said yes was because it meant that I got to spend the rest of my life with Paul the rest of being married I figured we could work out.
Combined we were $25,000 in debt at that moment, we wanted to put a decent downpayment on a home, and we wanted to pay for our wedding in cash. All of this was to happen within the next 8-9 months. One day during a pragmatic conversation about finances and the wedding day I decided to throw out an idea he might be up for.
I think we should sell my engagement ring to help pay for the wedding.
Absolutely.
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Where To Buy Wedding Rings
With the average cost of a wedding band established, we should be aware that ring size influences the cost. As such, its advisable to build your own rings or buy them online. Most jewelers online have options for free delivery. They also allow customization and are much more affordable as compared to offline stores.
- James Allen is a perfect jeweler shop to buy wedding rings online. Famed for his very affordable pieces and prompt delivery, youll find the rarest and most authentic pieces. James Allen rings are fully customizable and low cost. Buyers get the opportunity to design rings for their partners without the burden of financial stress.
- For the best cut diamonds, check out White Flash. We are quite hooked! White Flash carries the most beautiful of them all with cuts so unique and versatile. Their expertise with precise diamond cuts and blending of styles makes them the favorite spot for diamonds.
- The Blue Nile is another jeweler with a large array of rings. They have one of the biggest rings gallery leaving buyers left for choice. From antique to vintage, art deco to contemporary, minimalistic to modern, simple to extravagant. They carry the largest selection with divine styles to soothe every taste.
You mustnt spend as much as weve predicted the average cost of a wedding ring to be. You can save up to 50% if you follow these tips.
Best Place To Selling A Diamond Ring With A Larger Center Stone :
If your ring has a significantly sized center diamond, there are two places I recommend you consider.
Your first stop should be Alon Mor of The Diamond Oak, a diamond dealer based in New Yorks diamond district, where his family has been trading diamonds since the 1950s.
Alon specialises in larger diamonds and consistently bids higher than other diamond buyers to ensure that he has the best inventory available.
Over the past three years I have conducted several mystery shops, offering the same diamond ring to several retailers. Alons price has consistently been the highest.
His offer for the ring below was a full $400 higher than the amount that I would have received from the next best offer, and twice as much as offers from pawn shops etc.
Ive also mystery shopped considerably larger diamonds with Alon and he consistently outperforms other offers.
I recommend that you talk to Alon first, where hes give you a very fair offer for your diamond based on current conditions in the secondary resale market.
If for any reason, you dont feel that Alons price offered meets your expectations, then you do have another option: Worthy.com
Worthy is an online marketplace, which connects jewelry sellers with a network of professional buyers.
The advantage here is that your ring can be put out in front of many people, who will then bid against each other to win it.
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What Happens When You Try To Sell A Diamond Ring
Lets start with the most likely scenario. Unfortunately, most people out there are still buying their diamond rings in bricks & mortar jewelry stores.
Lets also assume the best case scenario within the subset of physical jewelry stores the small independent jeweler that only sells GIA certified diamonds.
In this case, the best profit percentage youre likely to encounter is 25%. In other scenarios , youre likely to face much higher profit margins.
How Can I Tell My Ring Size From A Ring
There are several ways to find out your ring size if you already have a ring that fits you well. Bring it to a jeweler to measure or slip the ring onto a mandrel to determine the size. You can also compare your ring to a printed out ring size chart, in which you find the circle size that best matches your ring.
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Setting Your Own Traditions
Dont be afraid to think outside the box when choosing a wedding ring. Although traditions are nice, nothing says you cant have fun establishing your own traditions if they suit you better especially if they can save you money.
For instance, silicone wedding rings have grown in popularity recently. While they dont look like traditional wedding rings, they are lightweight, durable, inexpensive, and easy to replace if you drop them down the kitchen sink. They also suit a number of people with specific needs like:
- Couples who enjoy activities like extreme sports or swimming in chlorinated pools
- People who work with their hands, such as carpenters and welders
- People working high-risk jobs like EMTs or firefighters
- People with sensory needs or chronic health issues who may find traditional rings painful or heavy
Other less traditional options include wedding bracelets, necklaces, and even finger tattoos. These options may cost marginally less than a traditional wedding ring.
Ring With Particular Historical Value
Not so often, it happens that you come into possession of a valuable ring with the heritage. In that case, you need to dig deep for the documents to support the ownership of such a valuable item.
If you have a certificate of the ring origin or any proof that any celebrity wore it at least once, it will significantly increase its price. Your 14K gold ring will also be worth more than regular 22K or 24 K models if it has a famous jewelry designers signature.
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Best Place To Sell A Wedding Ring Or An Engagement Ring With A Small Diamond: Cashforgoldusacom
For other rings, gold and jewelry, including wedding rings of gold and platinum, and those with small diamonds, CashforGoldUSA is a quality choice:
- Better Business Bureau rating of A+
- 4/5 Trustpilot stars
- Get paid within 24 hours
- Free, secure mailer or FedEx package sent to your home
- Buys gold, silver, platinum jewelry, watches, coins and scrap
- Fox Business News investigation found CashforGoldUSA paid 3X its competitors.
- 100% highest price guarantee.
- Insurance up to $100,000
- If you do not accept their offer, CashforGoldUSA will send your item back immediately, free of charge.
- 10% bonus if you send your item within 7 days.
CashforGoldUSA can help you sell the following:
- Diamond ring with a small center stone
- Wedding ring with lots of small diamonds in the setting
- Engagement ring with small diamonds or other gemstones in the setting
How Much Do Pawn Shops Pay For Diamond Rings
Most pawn shops usually pay about 30 to 60% of what a diamond is worth. Once you add in the standard retail markup thats applied to most diamonds, this means that youll usually receive an offer for a small fraction of the amount you paid for your diamond ring when it was new.
The reason pawn shops pay so little is simple their business model requires them to buy your diamond at a very low price in order to make a profit. Weve explained this in more detail in our guide to selling diamond rings at a pawn shop.
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Determining Diamond Resale Value
The retail of your diamond is not the price you can sellitat. Buyers of diamonds, such as jewelry stores or diamond dealers, wont pay you retail price when they can buy the same stone at wholesale value.
Wholesale prices are also not a good indicator of resale value because you will most likely get less from jewelers or dealers.
They dont have a reason to pay you as much as they pay their suppliers because, unlike them, you cannot provide guarantees and warranties, favorable financing arrangements, marketing support, and other extras that wholesalers bring to the table.
A reasonable estimate for how much you could sell your diamond for would be from around 20%-30% of its current retail price up to around 60-70% in the best-case scenario .
If you sell the stone to the public , you might get between 30% and 80% of retail value.
These ranges are so wide because prices can vary significantly depending on where you sell and to whom. For example, a pawn shop will most likely make you an offer at the low end of these ranges .
The most likely scenario is that you will get between 25% and 40% of the current retail market price for diamonds with the same characteristics .
If you simply want a bigger diamond, you dont need to sell the old one, however. Many diamond retailers such as James Allen and Brian Gavin Diamonds offer the option to upgrade your old diamond for a new one .
Can I Find Out My Partner’s Ring Size Without Them Knowing
Yes! If you can temporarily get your hands on a ring that already fits your partner, you can use the tips mentioned above to determine the size. If you’re in a pinch, you can always slip the ring on your own finger and see where it fits and then consult with a jeweler. Alternatively, ask your partner’s friends or family members if they know the correct size.
Read on to find out more specifics on how to measure your ring size.
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