Buying an engagement ring can be a very large purchase! The average engagement ring can cost anywhere from $3,000 to $5,000. Why is it then, when you go to the jeweler to purchase wedding rings, they average anywhere in the range of $300-$900?
The answer is engagement rings are comprised of a single or multiple diamonds or other gemstones, which is more expensive than a plain or lightly jeweled wedding band. The average bride to be receives one carat on her engagement ring which drastically alters the price between a large gem compared to a gemstone encrusted ring.
Metals used also affect the cost of an engagement or wedding ring. Rings made out of silver or white gold cost significantly less than platinum or gold rings. Many grooms select a more expensive metal for engagement rings for durability and longevity.
Engagement rings’ designs can also be overly detailed and embossed, while wedding rings are more on the plain and simple side, also affecting price points.