The wedding rings you and your partner wear are a symbol of your love and commitment to one another. Not only do they have to be personal to you and your partner, but they need to complement each other and any engagement rings either of you might wear.
The money you might spend on your wedding rings will depend entirely on your taste, the level of customisation you’re after and – ultimately – your budget.
In this post, we’re going to explore everything related to the cost of wedding rings, including the average cost, how much you should spend on wedding rings and why some cost more than others.
What’s the average cost of wedding rings?
In Australia, the average cost of wedding rings varies based on factors like style, material, and brand. Many Australian couples budget between $1,500 and $2,500 for wedding bands alone, which typically excludes other wedding jewellery such as engagement rings or additional accessories.
According to our comprehensive wedding budget guide, Australian couples might spend around $6,000 on wedding jewellery in total. This is a general average, and options are available to suit every budget. Some couples may invest more in designer or bespoke pieces, while others find beautiful rings within a more affordable range.
When choosing wedding bands, Australian couples have numerous options for various budgets. Higher-end materials like platinum and white gold come at a premium, while options like tungsten and sterling silver offer elegant, budget-friendly alternatives.
How much should you spend on a wedding ring?
While there may be a tradition that states you should spend three months’ salary on an engagement ring (which, by the way, you don’t need to stick to), there aren’t any similar traditions when it comes to your wedding rings.
How much you should spend on your wedding rings is a completely personal choice. If you have a smaller budget, and only want to spend a couple hundred dollars, then that’s totally fine – what the rings represent is far more important, anyway. Similarly, if you have a larger budget to play with, then spending thousands is totally okay too – what you spend doesn’t affect the amount of love you have for your spouse-to-be. You should never feel pressured to spend a certain amount of money on your wedding rings.
That being said, there is one exception to this ‘rule’. It’s advised that the metal used in your wedding rings is the same as the metal used in the engagement ring. This is because some metals are more durable than others, and harder metals can damage softer metals. They can also discolour at different rates, leading to them looking mismatched.
This means if your engagement ring is made out of 18-carat yellow gold, your wedding rings should be made from metal with similar durability – ideally 18-carat yellow gold. So, if your engagement ring is made from an expensive metal, your wedding rings should be – if budget allows – as well.
Why do wedding rings cost so much?
Your wedding ring is one of those rare pieces of jewellery you’ll wear every day, all day, for many years to come. Through work, travel, and life’s daily adventures, it’ll be right there with you. Because of this, many couples choose rings made from durable – and often more expensive – metals.
While you could find silver wedding bands for under $500, silver’s softer nature makes it prone to scratches and dents and even more likely to change shape over time. In contrast, stronger metals like platinum or palladium may cost three to four times as much, but they’re highly resistant to wear and far less likely to suffer damage over the years.
How does the metal type affect the cost of a wedding ring?
The type of metal you pick for your wedding bands will dramatically alter the price you’ll pay. Choosing the right wedding ring takes thought and consideration. The price of precious metals fluctuates, but below is a rough idea of what you might pay for a few popular choices.
Gold
For those opting for gold wedding rings, a simple 9ct white gold band typically ranges between $250 for a 0.5 cm band and up to $650 for a 0.7 cm band. The price variation reflects the amount of gold used and its durability, with 9ct and 18ct rings being popular choices for their strength and longevity.
Platinum
Platinum is one of the most durable metals, known for withstanding daily wear, making it perfect for those with active lifestyles. This durability, however, comes at a higher cost. A thin 0.2 cm platinum ring can start at $600, while a thicker 0.5 cm band may cost around $1,800 at reputable Australian jewelry retailers.
Titanium
Titanium has become a popular choice in the Australian market as a contemporary option with a darker hue. It’s lightweight, scratch-resistant, and generally more affordable. Titanium wedding bands can start at as low as $85, making them a stylish and budget-conscious option.
Silver
Silver remains an affordable choice for couples wanting a precious metal without the higher price of gold or platinum. Although softer and more prone to scratches, it is still favoured by those with limited budgets. A silver wedding band typically starts around $120.
What is the most expensive type of metal for a wedding ring?
Ruby, from Lebrusan Studio in the UK, shares her expert insights and explains about the cost of different types of metal in more detail:
“The greater the pure gold content in a gold alloy, the higher the caratage. In other words, whilst 18ct gold is 75% pure gold and 25% other metal, 9ct gold consists of 37.5% pure gold and 62.5% other metals. The higher the carat weight, the greater the price, with 18ct gold generally tending to cost around twice as much as 9ct gold.
In spite of a historic dip in recent years, platinum just about remains a more expensive option than gold. This can be attributed to its relative rarity and its density, as precious metals are often priced by weight. Although white gold, which is almost identical to platinum in appearance, is cheaper, platinum comparatively requires very little maintenance over the years, so is arguably a reliable investment.”
What other factors can affect the cost of a wedding ring?
Just like when it comes to choosing any other piece of jewellery, there are many factors that will affect exactly how much your wedding rings cost.
- Design – Many couples choose a simple band, but this isn’t a requirement for your wedding rings. The more intricate the design, the more it’s likely to cost.
- Size – The thicker the band, the more metal it requires and therefore the pricier it will be.
- Brand/retailer – Rings from high-end brands and retailers, such as Tiffany&Co., will cost more than most online or physical shops.
- Season – During periods of high demand, such as the spring and early summer, costs can fluctuate.
- Customisation – Many couples choose to personalise their wedding bands with a meaningful engraving, or the fingerprint of their beloved on the inside. Due to the time and expertise required, this will increase the cost.
- Stones – It has become an increasingly popular option for brides and grooms to go for diamond set rings, as they can add a bit of sparkle to a simple band. These are priced similarly to engagement rings, depending on the metal that you choose and the cut, carat and clarity of the diamonds you wish to include. For an idea of pricing, an 18ct white gold ring with a half band featuring 0.15ct diamonds typically costs around $1,000.
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Happy Planning!
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