How Much to Spend on a Wedding Band
How Much Should I Spend on a Wedding Ring?
There's a whole host of opinions and 'rules' on how much to spend on an engagement ring, but little attention is paid to the cost of wedding rings post-proposal, and how much you should budget to spend on them. Weddings aren't cheap, so planning ahead is important, and everlasting purchases such as your wedding bands is a good place to start when planning your big day. Here we look at the average cost of wedding rings, the factors that can make them less or more costly, and help you figure out how much to spend on your wedding rings.
How your metal choice will change the price of your wedding rings
Up until recently, platinum was considered the most expensive precious metal choice for rings, due to its rarity, lustre and unparalleled durability, typically amounting to £100 more than gold alternatives. That said, 2020 has seen the price of gold rise to match that of platinum. Whilst platinum & 18K gold are the most common choice for wedding rings, you may opt for palladium. Since 2019, palladium has soared in price, and is now considerably more expensive than platinum and gold.
As with most raw materials, the various prices of metals can fluctuate, largely due to demand and availability at a given time. That said, the cost of wedding rings has generally stayed consistent over the past few years - whether you buy your wedding rings 3 months, 6 months or even a year before your wedding, you'll likely pay the same amount!
Whilst this hasn't always been the case, the cost of your wedding rings won't really change depending on your choice of metal. You should note that white gold needs re-plating every so often, as the white-toned rhodium will wear off to reveal the more buttery-yellow colour of the unplated white gold. Most jewellers will charge to for re-plating; the cost of which will build over the years with every re-plating.
How Much Do Diamond Wedding Rings Cost?
Diamonds are amongst nature's most sought after products; exquisitely created over millennia of Earth's natural processes, it's no wonder that adding diamonds to your wedding ring will make it more costly. The bigger each diamond, and the more of them used on the wedding ring; the more expensive your wedding ring will cost.
You'll be able to choose between a 100% set diamond eternity ring, meaning the diamonds are set all the way around the band, or a couple of alternative options that can help reduce costs. 60%, 50% or 40% diamond wedding bands feature fewer diamonds, and are therefore a more economical choice. The percentage refers to the amount of the band that will feature diamond coverage. When viewed from above, a 40-60% diamond set wedding ring will appear just like a traditional eternity ring, but will be plain on the underside.
So how much do diamond wedding rings start from? Based on the average woman's wedding ring size , M, a 60% diamond set, 1.6mm ring would cost around £1,120. A smaller size, such as I, would be closer to £1,000, and slightly bigger, say, P £1,200.
How Much Do Plain Wedding Rings Cost?
Simple in design and without the embellishment of diamonds, plain wedding rings are the most affordable style of wedding ring. The price of a plain wedding ring will largely be driven by the amount of precious metal needed to craft the ring; the thicker the band and the bigger the ring size, the more expensive the ring.
In either platinum or 18K gold, a plain, light court wedding ring with the width of 2mm will cost around £320 in the average woman's ring size, M, or £350 for size T, the average ring size for men. If you're after something a little chunky, say 5mm in thickness, you'd be looking at £760 based on the woman's average size, and £870 for men
So, what makes some wedding rings more expensive than others?
As with any fine jewellery, prices can vary pretty vasty between wedding rings, based largely on their style and size. The bigger the ring, in terms of both the circumference and thickness of the band, the more precious metal needed, and therefore the more expensive the ring. The second determining factor of a wedding ring's price will be any added features, including engravings or contours, which require more of a goldsmiths' time to craft and therefore cost more than simple bands.
Most prominently, the addition of diamonds will impact the overall cost of the ring: bigger diamonds and more of them will equate to a larger price tag - for obvious reasons!
No matter the size or style, you'll find that the big-name brands and jewellery houses (such as those located on London's Bond Street) will charge almost double the amount of an independent jeweller. Turn to jewellers like Queensmith, who artisanally create their rings in-house whilst avoiding brand-premiums and larger overhead costs. Weddings are costly, so it is important to find a jeweller who will craft your rings to the highest standards, whilst ensuring unrivalled value for money.
How Much Should I Spend on My Wedding Rings?
This blog should give you a good idea of how much wedding rings can cost, but ultimately how much you budget for your rings is a very personal decision. Whilst rumours circulate that engagement ring buyers should spend two or even three months of their salary, we can't say we agree with outdated rules and ideas conjured up by marketers, decades ago. The sentiment should be true of your wedding rings: do your research to get a realistic idea of what wedding rings cost, figure out what's important to you (do you want diamond coverage? A thick band? These will cost more), then define a budget that you know will work.
If you're confused about how much to spend or would like some further clarification on how much your dream wedding ring could cost you, get in touch with our friendly wedding ring experts, who will help you get to the bottom of your queries.
The cost of weddings undoubtedly add up. From venues to dresses and suits, bands, catering and booze: there's a lot to consider! Your wedding rings should last a lifetime and be worn everyday; so the most important thing is to find a reputable jeweller, with proven, trusted reviews and a promise to craft life-long quality. Avoid the premium prices of big-name brands, but still be sure to invest in renowned craftsmanship: beautiful aesthetics and lasting quality at the best value for money.
Buying your Wedding Rings in Hatton Garden
If you'd like a little more information, know exactly what you want, or would like to hear from the experts, we're here to help - just drop us a message.
At Queensmith, we create our rings from scratch, allowing you the opportunity to create the perfect ring. We tailor make each wedding ring, matching engagement ring profiles and offering a service for engravings and custom polish finishes. Whether you want to create something totally original, or recreate one of our classic designs, we'll be able to help you iron out the details and craft your unique wedding ring in 4 weeks.
How Much to Spend on a Wedding Band
Source: https://www.queensmith.co.uk/journal/how-much-should-i-spend-on-a-wedding-ring