Planning to get married? If yes, the chances are that the thought of buying a wedding ring already has you stressed and worried. After all, everything needs to be perfect for your big day, right?
Well, the good news is that the average cost of a wedding ring is $1,100 for women and $550 for men. But the bad news is that many Aussies spend much more than this–around $5,367–on their wedding rings!
This leads to an important question: how much does a wedding band really cost? So, in today’s post, we will discuss this topic in detail and help you set realistic expectations for your budget.
What Factors Influence the Cost of a Wedding Ring?
A wedding ring can cost anywhere from $600 to $5,000 and up. There are several factors affecting this price range, which include:
The type of metal used in the wedding ring has the biggest influence on its cost. Typically, wedding rings are made from platinum, gold, palladium, silver, or titanium. Platinum is the most expensive choice, followed by gold, and so on.
Most people think of diamonds when buying a wedding ring. Although this is the best (and the most expensive option), it is not mandatory. You can also opt for coloured gemstones, which include:
Some people also choose the birthstone of their significant other for their wedding ring. For example, January babies have a birthstone of garnet, which are beautiful, scratch-resistant stones that cost under $500.
If choosing a gold wedding ring, it’s important to pay attention to its carat. This is a measurement of gold purity as gold is too soft to use in its purest form. All jewellers add some amount of metal alloys to strengthen it.
The lower the amount of alloys in a gold ring, the more pure and valuable it is. Generally, the most expensive gold in jewellery is twenty-two carats (91.67% gold). This is followed by eighteen carats (75% gold) and fourteen carats (58.3% gold).
You will also hear the term ‘carat’ when referring to diamond jewellery. In this case, it refers to the weight of the diamond. More carats mean the diamond on the ring will be larger, heavier, and pricier.
Most people consider two-carat diamonds to be pretty decent. But due to budget constraints, people also opt for 0.5-carat diamonds.
Style and Personalization
Last but not the least, the design of a wedding ring will also affect its costs. While simple wedding bands are cheap, intricate designs with multiple stone settings and accents are expensive. This is because the jeweller will not only charge you for the material, but also for the craftsmanship. The more you personalise your ring, the more it’s going to cost.
How Much Should You Spend on a Wedding Ring?
The amount you should spend on a wedding ring depends on the preferences of your significant other and your budget. If your partner-to-be wants a specific gold ring studded with diamonds, then you might want to go above and beyond and spend the money needed to achieve this, or you can benefit from the following cost-saving tips, instead:
- Stay under full carats marks–purchase 0.5-carat diamond instead of one or two caras.
- Go for simpler designs.
- Select classic solitaire setting instead of a stone setting of three or more stones.
In addition, if your budget does not allow a gold or diamond ring, it’s okay to discuss the matter with your partner and consider more affordable alternatives. Cheaper metals and stones also form great wedding rings, and it’s important to remember the actual value of a wedding ring lies in the special bond that it represents.
At the end of the day, the real value of a wedding ring is not determined by how expensive it is, but rather by how strong your bond with your partner is and what your union means to both of you.Looking to find an amazing eternity ring, instead? Be sure to check out our posts on when to buy an eternity ring and when the best time to get an eternity ring might be!