How Much Money Should You Spend on a Wedding Ring?

A wedding ring is a commitment to a new journey that you begin with your partner. But the big question arises: How much does a wedding ring cost? From the age-old “salary rule” to modern budget-conscious couples, the answer has evolved. Whether you buy a lab-grown diamond ring, a gold band, or a modern and designer masterpiece, your spending will reflect your values, lifestyle and financial capabilities. Let’s explore everything that you need to know about how much does a wedding ring costs and how to make it meaningful.

1)Three-month salary rule 

For years, there has been a popular notion that you can spend two or three months' salary on your wedding ring. But today, this rule is outdated, especially considering the rising living costs. Couples look for new strategies and ways to find a wedding ring price.

2) The real average cost of the ring

All around the globe, the price of the wedding ring is based on the material, design and the customisation. Here is a general breakdown: 

• India: ₹30,000 to ₹1,50,000 (Average)
• USA: $5,500 (Approx ₹4.5 lakhs)
• UK: £1,800 (Approx ₹1.9 lakhs)

In India, the range is usually wide due to the metal preference, cultural norms and different personal styles. Some couples go for gold or platinum bands, while some go for diamond customised rings. 

3) Main factors influencing wedding ring cost

• Material 

The material of your ring is the main factor influencing the wedding ring cost. 

• Gold: 14k, 18k, or 22k yellow/white/rose gold.
• Platinum: More durable but costlier.
• Lab-Grown Diamonds: Ethical, sustainable, and budget-friendly.
• Natural Diamonds: Classic but more expensive.
  
  

• Style of design

If you go for a plain Wedding band, it will cost less compared to a wedding ring with detailed intricate engravings and gemstone settings.

• Customised designs 

If you choose custom engravings, dual-tone finishes and unique designs, it adds to the wedding ring price. 

4) What is important- price or sentimental value 

When thinking about what to spend, reflect on why you’re buying the ring. Is it to impress others? Or is it to have a meaningful sentimental value of your commitment? In many cases, people find it more satisfying to invest in a ring that fits their values, whether that means spending ₹20,000 or ₹2,00,000. It’s also becoming common to invest less in the ring and more in experiences, like the honeymoon or saving for a home.

5) Set a practical budget

Here are a few things that you need to consider for setting a practical budget for your wedding ring- 

• Check your finances 

You should know about your savings. You should know what your financial capability is, before deciding on your wedding ring. 

• Discussion with your partner 

Have an open conversation about what your budget preference as this will avoid conflict. Today, usually, couples split the wedding ring cost.

• Prioritise what is important

Decide what is more important for you- metal used for your ring, size of the diamond, brand, design or budget. 

• Check alternatives

Always look for budget-friendly alternatives. Lab-grown diamonds are one of the best options if you want a big diamond ring within your budget. Check our latest collection today.

6) Wedding ring budget category 

Choosing a perfect ring doesn’t always mean breaking your bank. Here’s a breakdown of popular wedding ring budgets and what you can expect in each-

• Ring under 15k

• Best for couples who want very simple and minimal rings. 
• You can go for different designs like simple gold bands, silver bands with small diamonds, and small lab-grown diamond rings. 
• This budget is perfect for those who are looking for symbolism, not extravagance.

• Ring under 20k

• Best for young couples who want wallet-friendly rings.
• You can go for different designs like- simple gold rings with floral design, lab-grown diamond rings with small solitaire, dual-tone silver and gold rings.
• You can style by adding custom designs like initials or special dates.

• Ring under 30k

• Best for couples who are looking for a perfect balance between design and affordable rings. 
• You can go for different designs like 18k gold rings with a solitaire diamond, matching couple rings, and designer rings with minimal diamond detailing.

• Ring under 50k

• Best for style-conscious couples who are looking for an exclusive diamond ring on a budget.
• You can go for different designs like 18k gold rings with a bigger solitaire diamond, halo and twisted band style rings.
• Consider modern shapes like oval or marquise diamonds, making your rings unique.

• Ring above 50k

• Best for those couples who want all premium designs, premium quality and a luxurious look. 
• You can go for big diamond solitaire rings, intricate design rings, vintage-style rings, and customised gold and diamond rings. 
• You can buy matching bands or wedding sets to complete the overall look.

7) Tips to get the best value for your money

Check out a few tips on how you can get the best value for your money:

• Buy a lab-grown diamond ring.
• Check out big festive offers.
• Avoid paying extra for the brand name.
• Always know the 4Cs- colour, carat, cut, clarity.
• You can choose the EMI option.

8) Trends that will influence the budget

Modern couples are moving away from blindly spending on their wedding rings. New trends that influence their decision include:

• Sustainability 
• Personalisation 
• Affordability with elegance 
• Matching rings over big solitaire pieces 

Buying jewellery is a personal journey. Forget the pressure of society and spending rules, just focus on the ring that matters to you and how it can fit into broader life plans. Whether you’re looking for a big or small wedding ring, a simple or more sparkly wedding ring, the right wedding ring will represent your true love. We have stunning yet budget-friendly wedding ring options. We offer high-quality lab-grown diamond ring collections. In our collection, you will find rings under 15k and rings above 50k. Let’s explore our collection today and start your wedding ring journey.

FAQs

Is it okay to spend less than ₹30,000 for an engagement ring?

Absolutely, yes! You can find many beautiful engagement rings under 30k. Simple lab-grown diamond rings and gold bands are good options in this budget.

Should I take a debt for my wedding ring?

No, it is never advisable to start your special journey with debt. We have a wide collection of rings for every budget. You can choose simple engagement in designs with us within your budget.

By what percentage is a lab-grown diamond cheaper than a real diamond?

Lab-grown diamonds are 30-50% cheaper than natural diamonds of the same size and quality. They are also sustainable and ethical options. 

Can I buy matching rings if I am on a tight budget?

We offer a couple of rings under 20k. Choose simple gold or silver bands or opt for a small gemstone for added charm.

What is more important- the design of the ring or the carat size of the diamond?

This is a very personal choice, as some think that design should be exclusive, and some think that the size of the diamond is important. Ideally, we believe that a balance between both is important.