What Is the Average Cost of a Wedding Ring?

Wedding rings are a symbol of a couple's love for each other, but they're also an investment—sometimes, a really big investment. While most people are aware of this fact, many don't actually know the average cost of wedding rings and what goes into their price points. Luckily, we're here to help you figure that out!

For starters, what you pay ultimately depends on the type of ring you or your partner are interested in, as the cost of wedding rings can vary widely based on your preferences. To get even more specific, it's the type of metal, gemstone inclusions, and overall design that will have the most impact on the monetary value of these special pieces—and understanding how these three factors work together will help you purchase jewelry that aligns with your budget.

Ahead, we spoke with a jeweler who breaks down everything you need to know about the average cost of a wedding ring, whether you're about to embark on the shopping journey or you're all in and feeling overwhelmed. Read on to learn more.

Factors That Affect the Cost of Wedding Rings

There are three main factors that affect the cost of wedding rings: the metal type, the gemstones, and the overall design. These elements can have a considerable impact on the price and should be individually assessed before making a purchase.

Type of Metal

The three most popular types of metal for wedding rings are yellow gold, white gold, and platinum. This doesn't mean that other metals can't be used—rose gold is a trendy option, while sterling silver can be a budget-friendly choice—but these three are what you'll see most often when looking at traditional engagement ring and wedding band designs.

More specifically, yellow gold and white gold are typically similar in price, with the main difference coming down to the purity of the metal. "18-karat yellow gold is 75 percent pure gold, with the remaining 25 percent being different alloy metals that help make it stronger so that it will be more durable," explains Marcilla Bailey, jeweler and CEO of Marcilla Bailey Jewelry. "14-karat gold is 58.5 percent pure gold, with the remaining percentage being that less expensive alloy that adds to the durability. So, 18-karat is [considered to be] more beautiful and will be more yellow in tone, while 14-karat is much more affordable because it's less gold."

Platinum, on the other hand, is the most expensive metal to work with, given that it's more durable and will last longer than yellow or white gold. "Platinum is much heavier than gold," Bailey says. "In an individual ring, you'll be using much more metal by weight, which adds to the cost. Platinum is also much more pure. 18-karat gold is 75 percent pure, whereas platinum is 95 percent pure metal." She also notes that since platinum is harder to manipulate, that extra labor can impact the cost.

Gemstones

Gemstones are another essential factor that has the ability to determine the cost of a wedding ring. "If you are using a colorless, near flawless natural diamond versus a beautiful Tourmaline, you're going to have a massive difference in price," Bailey says, adding that natural diamonds are the most common stones used for engagement rings, followed by lab-grown diamonds and then colored gemstones.

To further break it down, diamonds are the most durable option and are best for everyday wear, but given these characteristics, they are also the most expensive choice to consider. "A colorless, flawless diamond will be among the most expensive," Bailey explains, also noting that colored diamonds are even more expensive given that they're incredibly rare to source. "It's just extremely rare to find gem-quality, colored diamonds that are naturally colored, and so because of that, it makes the cost higher," she shares. Lab-grown stones, on the other hand, provide a cost-friendly option for the same look, though they don't hold the same value as their natural counterparts.

As for colored gemstones, these are beautiful and unique options for those who prefer one-of-a-kind pieces. However, price points can vary significantly based on the quality and durability of the stone. Bailey recommends sapphires when selecting a wedding ring, but there are many other colored gemstones that are just as beautiful like rubies, emeralds, and aquamarines.

Design

The final determining factor is design. "If you are having a fully custom-designed ring made, this will majorly affect the overall cost of your ring," Bailey says. "That's because a lot of labor and time goes into creating custom rings." If you're choosing a ring that has already been created at a jewelry store or online, however, that will likely be less expensive since there are no additional costs to create it.

What's more, a band fully covered in pavé diamonds will be more expensive given the tiny stones that have been handset into the piece. "There will be much more labor involved in that versus a plain solitaire, where the only real work is pouring the ring, heating it, and polishing it, making it a quicker process," shares Bailey. The same can be said for rings with intricate milgrain or filigree work, which can be more expensive given the meticulous design.

The Average Cost of Engagement Rings

In general, the average cost of an engagement ring will vary depending on the current market and the location in which you reside. "People that live in larger cities generally have a higher cost of living, which means they have a higher wage so they tend to spend more," Bailey says. "I am based out of North Carolina, and generally, we see the average engagement ring being anywhere between $5,000 and $10,000. If you're living in New York City, Miami, Los Angeles, or Dallas, it's not uncommon to see someone spend more in the $8,000 to $15,000 range."

Additionally, trends have the ability to affect the price of an engagement ring. For example, Bailey notes that, at the moment, the price of gold is currently increasing while the price of platinum is decreasing. Yellow gold is becoming more trendy as well, which has increased the cost of yellow gold engagement rings. Ultimately, though, you should buy whatever works best for your budget, rather than spending an amount you think you need to spend.

The Average Cost of Wedding Bands

Similarly to engagement rings, the cost of a wedding band can vary depending on trends, the market, and location. That said, this piece of jewelry is typically less expensive than an engagement ring. "Our most popular wedding bands start at around $700, and anywhere between $700 and $1,200 seems to be the sweet spot," Bailey shares.

"Depending on if the bride wants heavier diamonds or colored stones or a wider band, obviously the price can go up from there," Bailey adds. "If it's a fully custom-made band, the price will be more in the $1,500 to $2,000 range." Nonetheless, Bailey recommends budgeting for around $1,000 for a band.

Budgeting Tips When Shopping for Wedding Rings

First and foremost, you should never start wedding ring shopping without doing a bit of research. Additionally, you should always have a plan for budgeting so you know what you realistically can spend. This will help keep you on track, especially if you follow the below expert tips.

Discuss price points with your partner.

"It's really important that both people are on the same page about what is wanted in an engagement ring," Bailey says. "A lot of times, earlier in a relationship before you're engaged, it can be awkward and very nuanced to have those kinds of conversations. I think being open and honest with what you want is the most important thing." Simply put, don't go into the process without having some idea about what the other person wants or is comfortable with.

Plan ahead.

If an engagement is on your mind, start saving early. Put aside a little money each week or month so that it's not as overwhelming to take out a large chunk of cash when it's time to make a purchase.

Know what's practical for you.

Be realistic about what you can afford. Look at your finances: what you make, the bills you pay, any big events or purchases coming up in the near future, things like that. Figure out a number that works for you (one that won't put you into debt) and go from there.

Tips for Finding Affordable Wedding Rings

Bailey's biggest tip for finding an affordable wedding ring that you and your partner will love is to work with a trusted jeweler. "Trust is everything when it comes to buying your engagement ring," she says. "You want someone who will be honest and who will sell you something at a good value, but who will also be there for you along the way after you already have the ring."

Shopping around is also important, and it's highly recommended that you look at different retailers to compare prices. Also, know what you or your partner might be willing to compromise on—maybe they'll settle for white gold instead of platinum, or maybe you're both okay with a lab-grown diamond in lieu of a natural diamond. Lastly, keep your options open and try to remember as much information as you while you journey through this process.