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Engagement-Ring Prices Stable at $3.4K

Jun 12, 2017 10:06 AM   By Rapaport News
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RAPAPORT... 
The price of engagement and wedding rings in the US hasn’t changed much since last year, according to data that research group The Wedding Report released Monday.

The average groom spent $3,406 on a ring for the proposal during the first three months of 2017, compared with an average of $3,407 in 2016 as a whole, the data showed. Wedding rings for the bride cost $786 on average, versus $785 throughout 2016, while the price of men’s wedding bands was stable at $456.

Weddings in general were less expensive during the quarter, with overall costs down 2.8% to $26,720. The organization attributed the decline to lower demand for transportation, entertainment and beauty services, as couples increasingly seek non-traditional options.

The group based its report on survey answers from 3,401 couples who either got married or spent money on an upcoming wedding between January and March.

The figures contrast with those The Knot published in February, which showed a much higher spending average for engagement rings in the US during 2016: $6,163, a 5% increase over the previous year. The wedding-resource site surveyed nearly 13,000 US couples recruited from its online membership.

Image: Stephen Durham
Tags: Bridal, bridal jewelry, DERs, diamond engagement rings, Diamond prices, engagement rings, Rapaport News, The Knot, The Wedding Report, wedding rings, Weddings
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Re: Contradictory
Jun 15, 2017 10:54AM    By Avi Krawitz
Dear Paul

Thank you for your comment below. You make a valid point. There are various surveys out there that reference the average amount spent on engagement rings, including from The Wedding Report, referenced in this story, and from The Knot, which found an average engagement ring cost of $6,163 in 2016.

The average price published in the June edition of Rapaport Magazine was based on a monthly survey we do of select jewelry retailers.

Thanks again for your feedback.

Avi (News Editor)
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Contradictory
Jun 13, 2017 11:11AM    By Paul Pysh
The June 2017 issue of Rapaport Magazine mentions the average price of an engagement ring, including the stone, is $7,870.00. So, which is it?
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