Wedding rings symbolise eternal love and commitment within a relationship. This emblem of love is exchanged between two people on their wedding day and worn to show the world they are married. During the wedding service, the couple will say their vows to each other while exchanging rings.
An engagement ring is usually given as part of the proposal, or if not, at an early point in the engagement. By contrast, a wedding ring is traditionally a plain metal band or a diamond-encrusted eternity band that you receive when you exchange your vows during the wedding ceremony and wear from then on.
The average wedding ring cost is significantly less than an engagement ring. For men, the average is around $500, and for women it's closer to $1,000. Most people choose from platinum, gold, silver, rose gold, or white gold. Platinum is the hardest of these materials, and therefore the most expensive
Tradition has it that each person pays for the other person's ring. So in a traditional wedding, the groom or his family would pay for the bride's ring, and the bride or her family would pay for the groom's ring.
This is evident when you look at the average retail prices of diamonds by carat weight. On average, the retail price for one carat diamonds can be anywhere between $2,000 to $16,000, and between $8,000 to $72,000 for two carat diamonds .