According to data released by The Wedding Report, prices of engagement rings and wedding rings have not changed much in the United States. The data also showed that the average groom spent $3,406 on an engagement ring used to make a marriage proposal during the 1st quarter of 2017. In 2016, the average spend was $3,407.
Wedding rings for brides cost an average of $786 in 2017 compared to the $785 in 2016. Wedding rings for the groom were stable at $456. Weddings were generally less expensive during the quarter with overall costs down by 2.8% or $26,720. The research report attributed the decline to lower demand for transportation, entertainment and beauty services. More and more couples also chose non-traditional options.
The Wedding Report was based on the survey answers’ of 3.401 couples who got married or spent money for an upcoming wedding for the 1st quarter of the year. However, the research reports of The Wedding Report contrast with those published by The Knot in February which showed that there is a much higher spending average for engagement rings in the US in 2016. According to the wedding site, there was a 5% increase over the past years or $6,163 average spend on engagement rings. The results of the survey were based on the answers of 13,000 couples with online membership.
On the other hand, Christie’s in London was able to generate $8.2 million from its Important Jewels auction. A Harry Winston emerald ring fetched $480,675. The ring was a rectangular-cut with a 10.23-carat Columbian emerald that sold for $47,000 per carat. This is more than 5 times the pre-sale estimate. A cushion-shaped 50.36-carat Sri Lankan sapphire pendant was auctioned off for $434,775 while a Victorian “parure” that consisted of a diamond tiara, necklace and earrings got a winning bid of $404, 175.
Diamonds are still the most popular stones for jewellery and engagement rings but you have an option of platinum engagement rings that is available in elegant and shiny colours. Platinum has the endearing qualities that make it a popular engagement ring. You have the option of different settings, gemstones and patterns for the most affordable prices.