How Much Money Should You Spend on a Wedding Ring in 2023?
How Much Does the Average Person Spend on a Wedding Ring?
In 2022, the typical couple spent approximately £700 on their wedding rings. The average spend on wedding rings and engagement rings has actually decreased over the last 5 years however, even though prices are increasing, a sign of the times with inflation and cost of living increasing, so we see this trend continuing into 2023. In 2018 it was closer to £800 on average for both his and hers rings (the ladies ring costing more than the gents in most cases, sorry guys!).
These, however, are only averages. Some couples spend a lot less, while others spend a lot more. You must pick how much money you wish to spend after consulting with your partner and doing some research into typical prices. Quickly browsing our wedding band collections will give a good indication of the costs for rings in different styles and materials. It can all get very confusing at first but we're here to offer advice and help as much as needed. If it's plain wedding bands you're looking for we have a video series on YouTube explaining all the popular shapes and widths here: Wedding Ring Styles >>. These are unisex bands so you simply choose any that you think would suite your hand. If it's diamond bands you're looking for check out our diamond wedding ring collection, or many brides also go for diamond eternity rings for their wedding ring, adding a touch of sparkle, this could also match their diamond set engagement ring.
How Much Money Should You Spend on a Wedding Ring?
Your rings are a symbol of your love and dedication, but it's important to feel comfortable with your budget. There are lots of payment options and ways to spread the cost but you also have to budget in with the rest of your wedding. Would you rather spend more on one aspect of the wedding or another, it depends what's more important to you. Wedding dresses are worn for one day but rings are worn for a life time, you may choose to take from one budget to add to another, it's all personal preference and trying to balance the budget carefully can be tricky. Some couples decide to look at wedding rings last after everything else is arranged and to see what buget is left, others decide it's the first thing they want to arrange. We say arrange what's most important to you first, but leave enough time, around 8-10 weeks ideally to arrange your rings. You may need to have yours made to order, or the sizing might need to be adjusted, so leave ample time for the unknowns so you're not stressing last minute.
Setting a Budget for wedding rings
The amount you spend on a wedding ring is a personal choice that should represent your values. It is important to evaluate the average prices but always stick to a bracket you feel comfortable with, our sales team can point you towards the kind of styles and materials for your budget.
For engagement rings it used to be said that you should pay three months' income, this was all a marketing campaign and that figure has dropped dramatically these days, that is sometimes confused with wedding rings but there's never been a set bracket you should spend depending on salary for these.
Beautiful rings can be bought for low prices, 9k gold can be used in place of 18k as they look almost identical. This can reduce the price by around 60% while giving some of the same great properties which make gold special, such as being hypoallergenic, easy to polish and having a beautiful lustre. Having more budget to play with then you can opt for 18k gold, this has a higher purity meaning its more valuable and can increase in value over time. Platinum is also a beautiful metal for higher budgets, it has a hefty weight and quality feel, its very pure using very little other metals in the alloy so its extremely hypoallergenic and has a very low reactivity to corrosive liquids like household cleaners, it won't tarnish and always keeps its original colour. It's also very rare, more so that gold and will also increase in value over time.
There's no need to go into debt when there are ring styles, designs, and materials to fit any ring budget.
Types of Metal for Your Wedding Rings
Gold, white gold, and platinum are popular choices for wedding rings and are the most common you'll find our our website. They're durable, beautiful, and resistant to tarnish. Gold is a traditional choice that's been used for wedding rings for centuries. It's a soft metal that is easily moulded, sized and polished. White gold is a popular alternative to traditional yellow gold, and is created by alloying gold with white metals such as palladium or silver. Platinum is a rare and expensive metal that is known for its strength and durability. It is also hypoallergenic, making it a good choice for people with sensitive skin. All three of these metals are popular choices for wedding rings because they are long-lasting and will hold their value and even increase over time, we'll go over a few of the pros and cons here, we also have an interesting article on this topic on another blog with a customer email conversation where they ask the very question: What's the best metal for my wedding ring?
Pros: Gold is a traditional choice for wedding rings, and has been used for this purpose for centuries. It's a soft metal, which makes it easy to mould, this means that gold wedding rings can be made in a wide range of styles, from simple and classic to more intricate and elaborate, gold is a great metal for small diamond settings. Gold is a durable metal that is resistant to tarnish. When cared for properly, a gold wedding ring can last a lifetime. It's available in different purities so you can choose the one to best fit your budget, and being a rare metal its cost will increase with time.
Cons: Gold is a soft metal, which on the one hand is the main reason it's used for jewellery, but depending on your lifestyle you may want something tougher that doesn't dent so easily, like platinum. Being soft means that it can be prone to bending or warping if it is not made or worn properly. Luckily our rings are made to high standards and the alloys used make the metal much tougher than pure gold. Gold is an expensive metal. This may make it less accessible for some people, but 9k gold is great and much more affordable choice and one of our most popular metals by far. In rare cases some people are allergic to gold, which can cause skin irritation. If you have sensitive skin, you may want to consider a different metal for your wedding ring, platinum is very hypoallergenic and although expensive you may be able to find a size and weight within budget. We use 0% nickel in our gold alloys which prevents irritation in most cases.
Pros: White gold is a beautiful and modern alternative to traditional yellow gold. It has a bright, shiny appearance that is very popular for wedding rings. It's created by alloying gold with white metals such as palladium or silver, which gives it a bright and lustrous appearance. It's a strong and durable metal that is resistant to tarnish. When cared for properly, a white gold wedding ring can last a lifetime. White gold is relatively affordable especially in 9k varieties, and especially when compared to platinum, palladium used to be a popular alternative to platinum and white gold but it's price has rocketed and is now more expensive.
Cons: White gold has a slightly yellowish or off-white colour, which may not be to everyone's taste. This can be remedied by rhodium plating, which we do with all our white gold jewellery. But, this will need to be reapplied periodically to maintain the bright white colour. Plating can wear very slowly and be hardly noticeable (until you compare it side by side with a new piece of white gold or platinum). White gold is created by alloying gold with other metals, which means that it may not be as pure as other gold alloys. So if you're prone to allergies it may not be the best choice, however we don't use any nickel which is the most reactive metal commonly used for white gold. White gold is a relatively expensive metal, especially in 18k varieties, this may make it less accessible when on a budget. One way around this would be to go for a narrower and thinner band, this reduces the weight, material and cost. Go for a 4mm width instead of 5mm, and a light weight 1mm deep ring instead of a medium 1.5mm deep ring, this can save around 25% off the cost.
Pros: Platinum is a beautiful and lustrous metal that has a bright white appearance. It is known for its strength and durability and is resistant to tarnish and wear, platinum wedding rings will last a lifetime. It's a rare and valuable metal, which makes it a luxurious and prestigious choice for a wedding ring, it's price has been proven to increase over time. It's also one of the most hypoallergenic metals, which means it's less likely to cause skin irritation or other problems for people with sensitive skin.
Cons: Platinum is an expensive metal; this may make it less accessible for those on a budget. It' also a relatively heavy metal, which may not be comfortable for everyone to wear, although some prefer it and think it feels more high quality due to the density and weight. Platinum is not scratch resistant, it's known to be very tough and tarnish resistant and is twice as hard as gold, but white gold is plated with rhodium which is harder than platinum. Platinum can be polished without worrying about changing the colour though, and if it was too hard it would be very difficult to polish, so it seems for every con there is a pro. Overall we feel that budget aside, platinum is a fantastic choice.
How Can I Save Money on a Wedding Ring?
Save Money By Shopping for Your Wedding Ring Online
One myth to dispell "you can't get the same high quality rings buying online over a store". Well in this modern age of being online, most retailers must have a website or risk falling behind. The internet has exploded in the ecommerce space over the last decade and you really can buy anything. While many expect rings purchased online to be somehow inferior to high street stores and well known brands, the reality is many large chains make in bulk overseas wheras smaller retailers use british manufacturers in specialist workshops rather than factories, so the myth is in many cases the wrong way around. We don't cut any corners, our jewellery is sourced from Londons Hatton Garden and Birminghams famous jewellery quarter from some of the best manufacturers in the industry, providing high quality and excellent value. Shopping online with a trusted UK based supplier means you're paying less for the businesses rent, running costs and advertising and putting all that budget into the materials and skilled manufacture.
Choose the material that's right for you
The bulk of the cost with wedding rings is in the materials. If you're on a budget, we suggest plain wedding bands without diamond settings. These are classic pieces that last a lifetime and require minumal upkeep, you might miss the sparkle of diamonds but plain bands are fuss free, plus you can opt for diamonds in years to come with the purchase of an eternity ring! With plain bands, there's no settings to potentially damage, less upkeep fixing potentially damaged claws and loose stones and it's so much easier to polish and keep it looking as good as new. Gold is cheaper than white gold and easier to maintain, so if you're a sucker for the warmth and lustre of yellow gold, this is good news for you. Gold has been thought of as old fashioned in recent years, but lately that has turned around completely. Yellow gold is being used in some of the biggest jewellery trends. You can polish it at home without worrying about removing any plating, gold is the same colour through and through. If you do love white metals though, white gold is a great option and much cheaper than platinum, especially in 9k where you can save two thirds of the price over 18k. The only downside is that it does require rhodium plating from time to time to keep it looking it's best, white gold is only pure white when it has been plated. Without, it has a light yellow cast. 18k white gold suffers less from this as it is alloyed with palladium however this dramatically increases the price. Rings can be re-plated for around £35 and may need to be done annually depending on the wear the rings receive, but this is a great time to have the ring polished and restored to as new.
Ask for Help
We're here to help, if you find yourself confused about the huge choice of styles, shapes, metals, widths and budgets then don't hesitate to contact us. There are many ways to get in touch either on the phone, by email or even text. Pop over to our website to find all our contact details and links at the foot of the website.
The Finances For Wedding Rings
Before you begin the ring-buying process, you must first agree on your financial position. Discuss a reasonable price range and examine your financial status to determine what you can afford. There are several factors to consider while creating a budget especially when looking into monthly payment options, including bills and monthly outgoings, savings and what else you need to plan for your wedding. As you begin this journey together, you must collaborate to establish how much you should spend on wedding bands.
Your Significant Other’s Expectations
If you don't know what your spouse is anticipating, it's very hard to choose the appropriate ring. Do they want somthing simple? Plain or diamond set? What type of metal do they want the band to be built from? And what about the colour?
Going "window shopping" together is the ideal method to answer these questions and gain an idea of your partner's opinions, the best part about buying wedding rings over an engagement ring, is that it doesnt have to be a surprise, so you can discuss it together and decide if you want matching rings or something individual.
Finally, the most important aspect of your wedding purchase is that it symbolises your own love story and the future you are constructing with your special someone. Celebrating your love and devotion is more important than diamond size, brand, or metal kind. Purchasing a wedding band can be a difficult task but we aim to make it hasstle free and rewarding. Hopefully, you now feel more prepared to make this choice.