Ever heard of the golden rule of engagement ring buying? As it goes, the recommended price to pay for an engagement ring is three times the amount of the buyer’s salary. While a widely-known ‘rule’ in the past, this guideline has largely gone out the window now that couples are becoming more discerning with their ring-buying considerations.
Yet, there is no common agreement on what makes a reasonable budget for wedding rings. If you are all caught up in the excitement of planning for your long-awaited union and are wondering about how much to set aside for wedding bands, let us help you out!
How much should you pay for a wedding ring?
The fact is, there is no hard and fast rule or even a guideline on how much you should be spending on a wedding ring! It really depends on what type of rings you would like to have and how much spending power you have. But price aside, we believe the rings should be a meaningful representation of the promise and love you share with your life partner – so that should be the highest deciding factor for you and your significant other!
The price of classic wedding bands
Let’s say you don’t accessorise much and want to go with the simplest, plainest wedding band set in Singapore. These would be the classic wedding bands, which are rings with no additional designs or gemstones.
It is perfectly acceptable to go with classic, plain wedding bands – some couples love that it is easy to care for, some choose it for its price, while others prefer it as they want something simple to pair with other accessories like a diamond bracelet.
Taking the most popular ring material as an example, a decent grade plain gold wedding band can start anywhere between $400 to $800. The price difference is mainly due to the size (including thickness) of the ring. So, couples, expect to fork out more for the men’s ring, which is typically thicker and larger. Another factor that will drive up the price point is the material of the ring – premium materials such as platinum will command a higher price.
A plain wedding band with a subtle contoured design, the LVC Perfection Classic Wedding Band is understated yet stylish with a contemporary look. Made out of 18K white gold, the ring goes for a price tag of about $600 to $800, depending on the size of the ring.
Still plain, but with premium materials – this LVC Purete Wedding Band looks simple, but it is made with naturally white platinum that gives off a refined and sophisticated look. Dual finishes of matte and glossy add some interest to this platinum ring, which goes at $1209.
The price of diamond wedding rings
Stepping up from the classic wedding band, we have rings adorned with gemstones. The most common gemstone you’ll find on wedding bands is diamonds – anything from top-grade perfect-cut diamonds to mini diamonds that make up your eternity ring.
Sure, you love the dazzle, but keep in mind that diamond-encrusted anything will command a rightfully high price! This is especially so for mined diamonds, which are priced as such due to their rarity and craftsmanship in cutting the diamond to its optimum shape. If your jeweller has lab-grown diamonds available, it may be possible to request a version of your favourite ring with lab-grown diamonds instead, which are usually more affordable than their mined counterparts.
As an example, the LVC Eterno Wedding Band in White Gold with Diamonds in Narrow Taper is a classic style of an eternity ring in 18K white-gold with channel-set diamonds running through half the band. Due to the high grade of white-gold and number of diamonds (eighteen!), this wedding band costs about $1200.
If your budget allows for it, why not go with a full ring of diamonds instead? Sporting 27 stunning diamonds, this eternity band priced at around $3100 has a milgrain border which lends an antique flavour to this sleek love ring with diamonds.
In short, there are really no rules when it comes to how much you should be spending on your wedding rings – you make your own rules! Some things you will want to consider are:
- Your lifestyle: Should you choose a more durable ring style? - Your style: Do you like your rings adorned with diamonds? - Your budget: How much can you spend while also setting aside enough for your wedding, honeymoon, and future home?
Above all, both you and your partner should be satisfied with the ring choices, and truly look forward to putting the rings on your fingers to celebrate your beautiful promise. For any help choosing a ring for your budget, don’t be shy to speak to our jewellers. Book your appointment to view our wedding band collections today!