Wedding rings can be one of the costliest items when it comes to getting married. And the current commodity inflation is impacting on the choice of wedding rings according to a report in The Times. Platinum has increasingly become the metal of choice for wedding rings, but the cost has sky-rocketed with inflation, leaving more bride and grooms to settle for more affordable gold wedding rings.
Wedding Rings: Gold Finger
Gold wedding rings used to be de rigour for British couples, but were overtaken by the more fashionable platinum wedding rings as gold was dismissed as old fashioned. But the cost of all precious metals used for wedding rings has increased as the global credit crunch impacts on global commodity markets. Platinum is increasingly sought after as a desirable metal for wedding rings thanks to its durability and modern silver look. But platinum has hit record highs reaching £1,172 an ounce in March 2008. Jewellers are having to pass on the high costs of platinum onto the cost of the wedding rings, in response customers are switching to gold wedding rings.
Wedding Ring Retailers
Wedding ring retailers have reported a drop in the price of the average wedding ring sold in 2008 – down by £100. As well as customers spending less on wedding rings, they're switching in droves to cheaper metals, as platinum wedding rings were once 80% the preferred option, but is now as low as 20%. Those who can afford platinum wedding rings are lucky – those who can't are switching to more affordable metals such as gold.
The Cost of Platinum Wedding Rings
The tightening economy is prompting more couples to find ways to save money on their wedding day. The average cost of a wedding has risen by 5% in 2008 and increased 30% in the past five years - costing on average a massive £20,000; it's no wonder more couples are switching for more affordable wedding rings. However, some couples are eager to ensure their special day is nothing but the best, and are still willing to pay out huge amounts for their dream wedding and platinum wedding rings. Some industry analysts believe the wedding market isn't as badly effected by the credit crunch as the growing trend to marry later in life means more couples have money and savings behind them, so they don't have to compromise on their wedding rings.
Although wedding rings are worn for the rest of the couple's life it's actually the honeymoon that is the biggest wedding expense with the average honeymoon costing £5,500.