What Is the Average Cost of a Wedding Ring?

Before you tie the knot—or even get engaged, you and your partner may go ring shopping. And as you look at a variety of diamonds and bands, you may soon start wondering: What is the average cost of a wedding ring? Depending on your personal preferences, you may gravitate toward a more expensive diamond—or opt for a simpler piece. Yet regardless of what you select, such a purchase is a big investment, with many couples spending thousands of dollars on their rings.

Ultimately, the price point of the ring(s) you choose will depends on a number of factors, including the type of metal, gemstone, and overall design. For example, a ring with a platinum band, natural diamond, and custom design will have a much higher price tag associated with it than a lab-grown sparkler with no customization. Understanding how each of these factors affect the cost of a ring is essential in order to budget accordingly—and find the perfect piece for you.

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

3 Factors That Affect the Cost of Wedding Rings

The cost of a wedding ring depends on three main factors: the metal type, gemstone, and overall design. Below, an expert breaks down what to know about each of them.

Type of Metal

The three most popular types of metal for wedding rings are yellow gold, white gold, and platinum. Typically, yellow gold and white gold are fairly similar in terms of price point. Their key difference? 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," says Marcilla Bailey, a jeweler and the 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."

Due to its durability, platinum is more expensive 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."

Gemstones

As the focal point of your engagement ring, your gemstone plays a large role in determining the cost of your sparkler. "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. While diamonds are the most durable option, they're also known for their high price tag. "A colorless, flawless diamond will be among the most expensive," Bailey explains, adding 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 says. Lab-grown stones often provide a more affordable option.

If you prefer a unique, one-of-a-kind piece, you may opt for a colored gemstone. When it comes to this type of jewel, the price point can vary significantly, depending on a number of factors, including the quality and durability. (Bailey herself is partial to sapphires.)

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." For example, 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," Bailey says.

What's the Average Cost of an Engagement Ring?

The cost of an engagement ring depends on the current market—and your location. "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." You'll also see trends affect the price of such a sparkler. For example, as yellow gold became more desirable, the cost of such a ring increased.

What's the Average Cost of a Wedding Band?

Similarly to engagement rings, the cost of a wedding band can vary depending on trends, the market, and location. However, such a piece is typically less expensive that 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 says. "Depending on if the bride wants heavier diamonds or colored stones or a wider band, obviously the price can go up from there. If it's a fully custom-made band, the price will be more in the $1,500 to $2,000 range."

3 Budgeting Tips to Keep in Mind

When you start shopping for wedding rings, it's key to keep your budget top of mind. Make sure to have a plan—and do your research—before you start considering pieces. Below, Bailey offers some key tips to help you stay on track.

Discuss Price Points

"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."

Plan Ahead

It can take months—or years—of saving before you're ready to purchase such a piece. Put a bit of money aside on a regular basis.

Know What's Practical

Be realistic about what you can afford. Consider your finances, and figure out a number that works for you (i.e. one that won't put you into debt), and go from there.

How to Find an Affordable Wedding Ring

The key to finding an affordable ring? Working with a trusted jeweler. "Trust is everything when it comes to buying your engagement ring," Bailey 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." Additionally, like with any major purchase or decision, seek out a second opinion. Look at different retailers to compare prices.

And remember: Ultimately, you or your partner may have to make some concessions. As a result, establish early in the process what you may 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. Decide what works best for you and your budget.