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What is the average cost of a wedding ring 2023?

gemstone wedding rings

While there is obviously a big debate about how much to spend on an engagement ring, as the bride the cost of that is somewhat out of your hands – even though on your hand is exactly where it ends! So we’re here to discuss the next jewellery requirement to budget: Wedding rings, and what the average wedding ring cost actually is.

Typically wedding rings are a simpler design then the engagement ring, but how much does that simplicity cost?

However, there are statistics that opt for a percentage of pay to dictate the wedding ring cost, with many reporting that couples should reserve between 4% and 8% of their yearly income for their wedding bands. For the average Australian salary (coming in at $82,436) that means spending between $3297 and $6594 on your wedding rings.

Shopping for a wedding or engagement ring can be expensive, time-consuming, and stressful. The whole process prompts questions like: how much money should you spend on a wedding ring? What’s the average wedding ring cost? Isn’t there some kind of engagement ring calculator that could make this all so much easier?

But at the end of the day, it’s about the meaning and the thought you have put to make your partner feel special.

Thankfully, you don’t have to look far to gain answers to these questions! Here, we will give you a tool to calculate engagement ring costs. Additionally, we’ll walk you through the average price of a wedding ring in 2023, and we’ll provide some other tips and tricks for finding the perfect wedding ring without breaking the bank!

In 2023, the current average cost of an engagement ring is between $4,770 – $5,580.

  • The most popular engagement ring cut is the round brilliant diamond
  • The average woman’s ring size is about 6.
  • December is the most popular month for buying engagement rings
  • The idea that a man should spend 2 months salary for an engagement ring.

Round cut also known as a brilliant cut is the most popular diamond shape. A round brilliant diamond has a total of 58 facets including 33 facets on the crown and 25 facets on the pavilion part.

The carat weight of a loose diamond refers to the weight of the stone when it is measured on a diamond scale. The unit of measurement is called “carat” as opposed to a gram. A “carat” is equal to 200 milligrams or 0.2 grams and is divided into 100 points. For example, 1.50ct is equal to 1 carat and 50 points or 150 points.

What Things Should I Keep in Mind When Shopping For Our Wedding Bands?

It goes without saying, but don’t buy your wedding bands until the engagement ring has been picked out. The larger of the two purchases and you’ll want to make sure that they coordinate and fit nicely when worn as a set. Here are some tips from wedding industry experts as well as couples who have already gone through this process:

weddings rings

1. Complement the Engagement Ring

A good rule of thumb is that if your wedding bands are yellow gold, then your wedding bands should be yellow gold as well (However with recent times, you miss match the colours of the band to fit your unique custom ring). Also consider the size and thickness of your wedding bands; they shouldn’t be stealing all the attention from your engagement ring or it blends we’ll like a puzzle fits perfectly together. You may also want to choose a simpler design rather than one with lots of jewels that will take attention away from the beauty of your engagement ring.

2. Worn Together or Worn Separately?

You may keep your engagement and wedding bands separately if you prefer, but soldering them together could help keep them synchronised (you don’t have to do that). However, if you choose to do this, then you lose the option of wearing either of your rings separately or paired with anniversary rings in the future.

3. Couples Wedding Bands

Some couples choose to purchase matching sets; if this is the case, we suggest you find the wedding band that best suits your engagement ring and then buy the matching set or they want to fit their custom unique ring so they choose something different.

4. How Long Will It Last?

If you’re planning to keep your wedding ring on your finger for life, then you should choose an affordable metal that will last. 14K and 18k gold are good options because they are quite durable and easy to maintain. Platinum is an excellent choice for durability, but the maintenance, cost and upkeep could be higher. As mentioned before, if matching wedding bands isn’t a necessity, then some men choose either titanium or tungsten for their strength and durability.

5. What’s Your Style?

How your ring makes you feel is the most significant factor. Your wedding band symbolises your affection and commitment to each other – they are the rings that will be exchanged during your ceremony (It’s the thought that matters). Your choice of wedding ring will also show your individual style. White gold is what most women choose for their wedding bands while men are choosing tungsten most often.

6. How Much Do You Want to Spend?

There are no hard and fast rules about how much a couple should be spending on wedding rings, but generally, couples are spending about 3% of the wedding budget on rings. So if your wedding is going to cost $20,000, expect to spend about $600 on wedding bands for you both.

Most importantly, you and your future spouse who sit down and create a budget for the entire wedding first and all the anticipated expenses, which include ring purchases. There’s not right or wrong. You can do whatever budget you desire.

wedding bandFinal Advice

Anania Family Jewellers came up with the concept of buying expensive diamonds for your fiancée. We suggest you do a ton of research before you make a purchase, either for your engagement ring or your wedding rings. If buying your rings online, be sure to check online reviews and ask friends and family members for references first. Lastly, when you find the rings that make your heart flutter, make sure you’re spending within your means.

Please call (02) 9299 4251 or come visit our store in the heart of CBD

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