The Average Price Of Wedding Ring: How Much To Spend?

Author: by · Photo by

phuket_wedding_planner via Instagram

average price of wedding ring box greenery

Getting married to the love of your life is a dream you can’t wait to live in reality. The exchange of rings seals this deal and remains a symbol of your love and status for always. Now, we know you want to get the best ring, so you must know the average price of a wedding ring.

This helps you know the factors to consider and where to buy, giving you value for your money. In this post, we’ve dropped a ring calculator to help ring cost estimates and tips on how to save money.

Frequently Asked Questions

Do wedding rings have to be expensive?

What Is The Average Price Of A Wedding Ring?

It’s no news that engagement rings are pricier than wedding bands. But the wedding ring also packs some costs. In 2020, the average price of a wedding for women is $1,100 while it costs $510 for men. It’s also observed women preferred white gold while men opted for the tungsten metal wedding ring style.


How Much Does A Typical Engagement Ring Cost?

The 2020 jewelry and engagement study on the knot shows that the average price of a ring is $5,900. This is a country average as price varies by region. It is quite discovered that most couples spend between $1000 to $3000 on an engagement ring. With some spending even below $1000.

$5900 which is the average cost for a ring in 2019 is about 20.5% lesser than the 2018 average price which was $7,829. In 2017, the average cost of an engagement ring stayed at $5000 which is less than both 2018 and 2019 costs combined. These prices are well influenced by regions, personalities, financial strength, and styles of couples.


Engagement Rings Calculator

Estimating the average cost of a wedding ring is easy and quick with a ring calculator. First, choose a price range. Then choose the clarity, cut, carat, and color of your stone. Next pick the metal and style, then submit. The calculator will show you a likely design and estimated ring cost.


How Much Should A Guy Spend On A Wedding Ring?

According to the rule of thumb, a man will spend his two months’ pay on a ring. Now if the pay is meager, then it makes sense. But in the reverse, that may be an extravagance he can’t deal with. So, we dump that idea.

Base your spending on two factors which are your financial capacity and the expectation of your girl.

Now, considering your financial strength, you must put your income into consideration.

  • How much do you earn?
  • Then how many basic expenses do you make per month?
  • After that, how much can you afford to save after cutting out frivolity?

This is how you should see it because it doesn’t make sense to get into debt over a ring.

Secondly, your girl dreamed all her life about when you’d pop the question and how her ring would look. It’d be disappointing to see something way below expectations. Again, she’s wearing that ring for most of her life, so it should be something she can show off.

Lastly, the ring is a proclamation of your love, it must be worth something. Create a balance between your cash and her expectations. Don’t get into debt or ruin your future for rings.

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, it’s 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.

Can you buy engagement rings online? Clients work one-on-one with Ring Concierge bridal consultants for our bespoke, custom engagement rings - this process can be done 100% remotely. VOW by Ring Concierge, our soon-to-launch engagement ring line which will feature 75-1.6ct center stones will be a seamless online process that includes a live diamond feed and an at-home try-on system to experience the settings in person (think Warby Parker for engagement rings).
Nicole Wegman Founder & CEO of Ring Concierge
Editor Recommends

  • James Allen is a perfect jeweler shop to buy wedding rings online. Famed for his very affordable pieces and prompt delivery, you’ll 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 to 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.


Tips For Saving Money On A Ring

You mustn’t spend as much as we’ve predicted the average cost of a wedding ring to be. You can save up to 50% if you follow these tips.

  1. Know your cuts, carat, clarity, and color before buying a ring. It helps you negotiate better.
  2. Don’t shop during Thanksgiving through Valentine. That’s the peak season for rings and costs will spike.
  3. If you can only afford a small stone, make it look bigger by using the halo style.
  4. Stick with the best cut instead of fussing over color and clarity. Great cuts enhance the brilliance and hide the flaws of stones.

Who Has The Most Expensive Wedding Ring?

Diamonds are beautiful and some partners will spend a lump sum to get only the best. Topping our list is…

  1. Elizabeth Taylor with the 33.19k Asscher cut Krupp llA certified diamond valued at $8.8m. It remains the costliest diamond in private ownership.
  2. Beyoncé takes this spot with her flawless octagon cut 18k diamond set in platinum and valued at $5.5m.
  3. Parish Hilton shows up with a $4.7m 24k solitaire diamond flanked by two large diamonds.
  4. For Grace Kelly, it’s a 10.4k emerald cut flanked by two baguette diamonds valued at $4.6m.
  5. Jennifer Lopez gets this one with a $4m light blue diamond.

With all said about the average price of a wedding ring, you deserve the best. But at the end of the day, the amount you spend on a ring is very personal to everyone involved. Having thoroughly checked out how much you’re willing to fork out and how your partner feels about it. You’re sure to make the best decisions leaving everyone happy. But remember, never get into debt or put your future on hold over getting a ring.

How much you spend on a ring is a very personal choice. To make sure everyone is happy, it’s best to get expectations lined up. Have an open and honest conversation about the engagement ring cost.