Engagement-Ring Prices Stable at $3.4K

By Rapaport News / June 12, 2017 / www.diamonds.net / Article Link

RAPAPORT... The price of engagement and wedding rings in the US hasn'tchanged much since last year, according to data that research group The WeddingReport released Monday.The average groom spent $3,406 on a ring for the proposalduring the first three months of 2017, compared with an average of $3,407 in 2016as 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, withoverall costs down 2.8% to $26,720. The organization attributed the decline to lowerdemand for transportation, entertainment and beauty services, as couples increasinglyseek non-traditional options. The group based its report on survey answers from 3,401couples who either got married or spent money on an upcoming wedding betweenJanuary and March. The figures contrast with those The Knot published inFebruary, which showed a much higher spending average for engagement rings inthe US during 2016: $6,163, a 5% increase over the previous year. The wedding-resourcesite surveyed nearly 13,000 US couples recruited from its online membership.Image: Stephen Durham