How much should you spend on a wedding ring?

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Greetings, lovely couples-to-be! 

As a luxury jeweler, we have seen many love stories unfold before our eyes. 

And let us tell you, there is nothing quite as magical as the moment when two people decide to spend the rest of their lives together. 

It's a beautiful thing, and we are always honored to be a part of it.

But as you embark on your journey towards marital bliss, there are some critical decisions you'll need to make. 

One of them, of course, is how much to spend on the most important piece of jewelry you'll ever own - the wedding ring.

Some of you may think, "But wait, isn't it just a piece of metal and some rocks?" Oh, how wrong you are!

A wedding ring is so much more than that - it's a symbol of your love, your commitment, and your promise to each other. 

And as such, it's a piece of jewelry that deserves to be treated with the utmost care and consideration.

So, how much should you spend on a wedding ring? 

Well, that's a tricky question, and the answer is different for every couple. 

We are here to guide you through the process and help you make the right decision for your budget and personal preferences. 

So sit back, relax, and delve into the world of wedding rings!

How much should a wedding ring cost?

When it comes to the cost of a wedding ring, there's no one-size-fits-all answer. 

In fact, the cost can vary greatly depending on various factors, including the type of metal, the quality of the stones, and the complexity of the design.

Some couples choose to spend a few hundred dollars on a simple band, while others may opt for a more elaborate ring that costs tens of thousands of dollars or more.

Did you know Grace Kelly’s engagement ring cost $38 million? However, she was becoming royalty, so there is no need to compare your budget to hers!

It's vital to remember that the cost of the ring is not a reflection of the love between you and your partner. It's simply a personal preference and a matter of what you can afford. 

So, don't feel like you have to break the bank to prove your love - plenty of beautiful rings are available at every price point.

How to determine a budget for wedding rings

Before you start shopping for wedding rings, it's critical to determine a budget. This will help you narrow down your options and avoid overspending. Here are some tips for determining a budget:

  1. Discuss your finances with your partner: Make sure you're on the same page about your overall wedding budget and how much you can afford to spend on rings.
  2. Research the average cost: Look up the average price of wedding rings in your area to get an idea of what you can expect to pay.
  3. Consider your priorities: Decide what's most important to you regarding the ring - is it the size of the stone, the quality of the metal, or the design?
  4. Don't forget about additional costs: Keep in mind that there may be further costs, such as resizing, engraving, or insurance.

Who buys the wedding rings?

Traditionally, the groom is responsible for buying the bride's wedding ring, while the bride buys the groom's ring.

However, this is not set in stone, and many couples choose to split the cost or even purchase matching rings together. The same goes for same-sex and non-binary couples!

Ultimately, it's up to you and your partner to decide who will buy the rings. Just ensure you're both in the same boat and comfortable with the decision.

Choosing a wedding ring can be daunting, but it doesn't have to be. 

By determining a budget, considering your priorities, and discussing your options with your partner, you can find the perfect ring to symbolize your love and commitment. 

And remember - the cost of the ring is not essential; the love and commitment behind it are what genuinely matters.

What influences the cost of a wedding ring?

When it comes to wedding rings, many factors can influence the cost. So let's take a closer look at some of the key factors that affect the price of a wedding ring:

Metal: The type of metal used for the ring can greatly impact the cost. Common metals for wedding rings include white and yellow gold and platinum. Platinum is the most expensive option due to its rarity and durability, while gold can vary in price depending on the karat and color.

Cut: The cut of the stone is another important factor. The better the cut, the more it will sparkle and reflect light. A well-cut diamond will cost more than one that has been poorly cut.

Carat: The carat weight of the stone is a significant factor in determining the cost. In general, the larger the stone, the more expensive it will be. However, the stone's quality is just as important as the size, so it's vital to consider both factors when choosing a ring.

Clarity: The clarity of the stone refers to the presence of inclusions or blemishes. The higher the clarity grade (less inclusions), the more expensive the stone will be.

Color: The color of a diamond can range from clear (colorless) to yellow or brown. A diamond with no color is the most valuable and expensive, while colored diamonds can be quite rare and valuable.

Style: The design of the ring can also impact the cost. A simple, classic band will be less expensive than a ring with intricate details and multiple stones.

Designer: Finally, the ring designer can also influence the cost. Rings designed by well-known jewelry designers or luxury brands will typically be more expensive than those made by less renowned designers.

So, how much do wedding rings cost? 

As you can see, providing a specific answer is challenging, as the cost can vary greatly depending on the factors listed above. 

However, to give you a general idea, a simple gold or platinum band can cost anywhere from a few hundred dollars to several thousand dollars.

In contrast, a diamond ring with a high-quality stone can cost tens of thousands of dollars or more.

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Ultimately, the cost of the ring is a personal decision and should be based on your budget and priorities. 

It’s an item you intend to wear for life, so you want to consider durability and a style that you’ll be happy to look at for years to come.

In today’s market, there are so many options available that finding the perfect wedding ring within your budget shouldn’t be difficult!

How about engagement rings?

When it comes to wedding rings, we can't forget about engagement rings. The engagement ring is typically a symbol of commitment when a couple decides to get married. 

But how much should you spend on an engagement ring?

One popular rule of thumb is the "three-month salary rule," which suggests spending three months' worth of your salary on an engagement ring.

However, this rule is flexible and can be adjusted to fit your individual circumstances and priorities.

In reality, the cost of an engagement ring can vary widely depending on the factors we discussed earlier, such as the metal, stone, and designer.

According to The Knot's 2020 Real Weddings Study, the average cost of an engagement ring in the United States is $5,500.

However, it's important to note that this is just an average, and many couples choose to spend less or more depending on their budget and preferences.


So, do you have to spend that much on an engagement ring? 

Absolutely not. The ring's cost does not reflect how you feel about your partner!

Instead, focus on finding a ring that fits your budget and that you feel good about giving to your partner.

While there are guidelines and averages regarding the cost of wedding and engagement rings, ultimately, deciding how much to spend is personal.

Wedding Rings That Might Take Your Fancy

Ben G Recommendations

  1. Bleu Royale 8mm Tantalum & Beveled Edges Wedding Band
  2. Bleu Royale Black Carbon & Beveled Edge Wedding Band
  3. CrownRing Torque Black Ceramic Wedding Band
  4. Noam Carver Round Cut Tip Graduating Diamond Wedding Band
  5. Simon G. Round Cut Graduating Diamond Cradle Wedding Band
  6. BGLG Nolita 0.55 Carat Baguette Cut Lab-Grown Diamond Wedding Band

Engagement Rings To Fall In Love With

Ben G Recommendations

  1. BGLG Nolita 4.00 Carat Baguette Cut Lab-Grown Diamond Engagement Ring
  2. Ben Garelick Elongated Radiant Diamond Engagement Ring
  3. Noam Carver Compass Set Princess Cut Diamond Cluster Engagement Ring
  4. Ben Garelick Compass Set Princess Cut Starlight Engagement Ring
  5. Ben Garelick Elongated Oval Two-Tone Diamond Engagement Ring
  6. Kirk Kara Pirouetta Princess Cut Two-Tone Halo Diamond Engagement Ring

A Lifetime of Commitment 

Choosing a wedding and engagement ring is a HUGE decision that can have a lasting impact on your life. 

While many factors can influence the cost of these rings, you should be guided by your budget and what you like!

Whether you opt for a simple gold band or a luxurious diamond ring, what truly matters is the love and commitment you share with your partner. 

Remember, the rings symbolize that love, and the memories you create together on your wedding day will be far more valuable than any material possession. 

So, take the time to consider your options, and choose the rings that are right for you and your partner.

Ben Garelick is here to help. Visit our showroom to explore our wedding and engagement ring collections, or speak with a wedding expert online.

You’ve already made the best life decision, so deciding on a wedding ring will be a breeze!

Visit us at our Buffalo, NY store today. Not nearby? Not to worry - chat with our wedding experts online 24/7, call us on (716) 631-1584, or text (716) 574-0966. Let’s find the perfect wedding ring or engagement ring for you or your partner!

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