The wedding ring symbolizes love, commitment, and unity in a lifelong marriage. It’s no surprise many couples invest a lot of time, energy, and a great deal of their wedding budget to find the perfect ring for their special day. But how much does the average wedding ring cost?

Couples spend between $550 to $1,400 or more on a wedding ring, which can vary greatly depending on the design, quality of materials used, size, and type of stone. You can choose from simple, budget-friendly gold bands to luxurious diamond-encrusted platinum rings to suit your style and budget.

In this article, you’ll learn the factors that affect the cost of a ring, tips to save money, and how Accrue Savings can help you purchase the perfect wedding ring debt-free.

Like engagement rings, wedding bands come in different designs, materials, and gemstones that affect the price. There are plenty of elegant and timeless designs, and understanding the factors that impact their average cost can help you narrow your choices.

Types of metals and materials 

Wedding rings come in various metals and materials ranging from gold, silver, and platinum to titanium, tungsten carbide, and cobalt chrome. The metal used affects the strength, durability, and price. Gold, measured in carats to indicate purity, is the most popular choice for wedding rings and comes in shades like yellow, rose, and white. 

Yellow gold is the most affordable option, while white gold is more expensive due to the rhodium-plating process that makes it appear whiter. Platinum is the most expensive metal type but offers superior strength and durability, higher scratch resistance, and a luxurious finish. 

Tungsten carbide, titanium, and cobalt chrome are alternative metals that are affordable, hypoallergenic, and scratch resistant.

Diamond and gemstone considerations

Diamonds and gemstones add a luxurious, timeless look to wedding rings. Diamonds can also increase the price significantly.

Diamonds come in different cuts, clarity, carat size, and color grades that all affect the overall cost of a ring. Colorless diamonds (D-F) are the most expensive, while lower-grade stones (K and below) are more affordable.

Gemstones are a great option if you’re looking for colorful and eye-catching diamond alternatives. Sapphires, rubies, and emeralds are the most popular and are available in several shapes, sizes, and colors. They are an affordable alternative to diamonds, although some colors may be more expensive depending on the rarity.

Ring design and craftsmanship

The design and craftsmanship of a ring matter just as much as the metal and gemstones used. Popular wedding ring designs include solitaire, halo, three-stone, vintage, and eternity bands. Highly detailed designs with intricate filigree, pave settings, and other decorative elements command a higher price but will be a timeless heirloom. 

Handcrafted rings created by master jewelers are also generally more expensive than mass-produced rings since they require a higher degree of skill and attention to detail and require more materials. Simple, classic designs require less time and effort, making them more budget-friendly. A professional jeweler can help you create a custom one-of-a-kind ring that reflects your style.

The average price of a wedding ring ranges from $500 for men to $6,000 for women. The final price will depend on the materials used, size and type of stone, design complexity, and labor costs. A 14K yellow gold is a popular men’s wedding ring choice and will cost around $425, while a platinum band with channel set diamonds will cost about $2,200. 

White gold rings with a diamond center stone are popular for women and can cost anywhere from $610 to over $50,000, depending on the diamond’s carat weight, clarity, and cut. The design features and craftsmanship can also significantly increase the cost. 

Highly detailed custom rings with intricate settings and handcrafted designs may cost up to $10,000, while simpler designs with smaller stones may cost as little as $800. 

Don’t forget to factor in taxes, shipping fees, and insurance when budgeting for your wedding ring. Engraving, sizing, and complimentary ring cleaning services may also be offered at little or no additional cost.

How much money you choose to spend on a wedding band or engagement ring boils down to personal preference and budget. The traditional “three months salary rule of thumb” is no longer applicable and should not be used as a benchmark. Remember that what matters most is how the ring makes you and your partner feel, with the price tag being secondary.

You shouldn’t fall into debt when rings are available in different designs, materials, and price points to suit any budget. Research different ring styles and compare prices across various metal types, gemstones, and craftsmanship to find the right ring for you.

Involve your fiance in the selection process to ensure that you both walk away with a ring that reflects your style and symbolizes your commitment to each other. It also helps to set a ring budget beforehand to narrow your options and find the perfect ring for your special day.

A wedding ring is one of the many expenses of planning a wedding, so it’s wise to look for ways to cut costs without compromising quality or design. Here are a few tips for stretching your dollar and finding the ideal ring at an affordable price:

1. Save money on wedding ring costs with Accrue Savings

The huge markups on jewelry, including wedding bands and engagement rings, can throw you into a debt spiral if you lack proper budgeting and planning. You may consider jewelry financing or buy now, pay later options, but you may end up paying more than the retail price due to late fees and interest rates. 

Late payments, collections, and delinquency can also damage your credit score. 

Accrue Savings is a smarter alternative for wedding ring financing that allows you to set up a savings goal, then deposit money from your checking account toward your purchase. Then, when the time comes, you can pay for your ring in full with cash, debt free. 

You can also earn money toward your favorite brands to help you save more on your wedding ring purchase and realize your dream faster.

2. Opt for a smaller stone

Diamonds are the most popular choice for engagement rings, but they can be costly. According to The Knot, the national average cost of a diamond engagement ring is about $6,000, depending on the stone's size, cut, clarity, and color. The diamond’s cut is a significant factor as it influences the stone’s sparkle, brilliance, and fire. 

You can save money by choosing a smaller center stone or opting for lab-grown diamonds that are just as brilliant but cost up to 30% less than their mined counterparts. 

Gemstones such as sapphires, rubies, and emeralds are also popular alternatives to diamonds and come in a range of colors, shapes, and sizes to suit any budget.

3. Choose a simple design

Intricate designs with detailed craftsmanship demand more time and resources, resulting in a higher price tag. A simple design with clean lines, minimal engravings, and a few accent accents can look just as stunning without putting too much strain on your wallet. 

Classic solitaire rings in white gold, yellow gold, rose gold, and silver are timeless choices that never go out of style. You can also opt for two-tone metals, intricate inlay designs, or vintage styles to add a hint of sophistication and elegance. The goal is to find a high-quality ring design that suits your personal aesthetic and reflects your values.

4. Shop around for deals

Jewelry stores often offer sales and discounts on wedding rings, so it pays to do your homework and compare prices from different retailers. Online retailers like The Blue Nile, De Beers, and James Allen offer a wide selection of engagement rings and jewelry pieces at competitive prices. 

Check out local vintage and antique stores for unique designs and one-of-a-kind heirloom pieces. Watch for coupons, promo codes, and clearance sales to get the most bang for your buck.

5. Consider the type of metal for your wedding ring

Platinum and gold are enduring favorites for their timeless appeal and durability. They also make the perfect backdrop for sparkling diamonds and precious gemstones but are more expensive. 

Titanium, stainless steel, and tungsten are excellent alternatives that are strong, scratch-resistant, and affordable. Silver is the most affordable metal for wedding rings but is prone to scratches and tarnishing over time. 

The type of metal you choose will depend on your budget, lifestyle, and personal preference. Go for the most durable metal that is within your budget and complements the design of the engagement ring.

Save up for the perfect wedding ring with Accrue Savings

Finding the right ring should be a fun and exciting experience. Don’t let the high price range of a wedding ring overwhelm you and take away from your special moment. With Accrue Savings, you can easily start saving up for your dream wedding ring with as little as $1 a week or $50 a month. 

Our intuitive web app helps you track your progress and adjust your savings plan according to your budget and timeline. Along the savings journey, you will receive money from your favorite brands to help you reach your goal faster. Some of our partners for diamond rings include:

• Kiefer: You can earn up to $1,000 when you shop for a diamond ring at Kiefer. Once you realize your savings goal, you will receive a virtual debit card preloaded with your savings to shop for your dream ring instantly.
• The Clear Cut: Save with Accrue Savings and pay 5% less on your diamond ring when you shop at The Clear Cut. Browse an extensive selection of modern and vintage engagement rings, wedding bands, eternity rings, solitaires, bridal sets, and other jewelry pieces.
• Everelle: Everelle offers up to $400, helping you pay 8% less on diamonds and jewelry. Choose from their exquisite collection of diamond rings, necklaces, bracelets, and earrings.
• Friendly Diamonds: Pay 3% less on diamond rings when you save with Accrue Savings and shop at Friendly Diamonds. Their unique selection of engagement rings, wedding bands, and other diamond jewelry pieces are crafted with the finest materials and expert craftsmanship.

Accrue Savings is the perfect solution for budget-savvy couples who want to find the perfect ring without getting into debt. Register for an account today, browse our partners, and get started on your savings journey.