SAN ANTONIO – Nothing says love like the perfect engagement ring. What’s not romantic is thinking about tariffs, rising gold prices and competition between lab-grown or natural diamond sellers.
Kelly Wade Fry, owner of Kelly Wade Jewelers and a gemologist, notes that, on the low end, couples can expect to pay an average of about $4,000 for the engagement ring, with designer pieces costing considerably more.
Her advice to couples: “Know where you are in your life and spend what you’re comfortable with and buy something beautiful and that is significant to present, because you know the intention when you’re getting engaged … you’re showing your sacrifice.”
Wade says that emotional investment is becoming more costly. She recalls that when she began her career in the business over 20 years ago, gold was priced at around $400 an ounce; in October 2025, an ounce was valued at about $4,200.
The rising cost of metal is one factor driving up ring prices.
However, the growing popularity of lab-grown diamonds has driven down the prices of some diamonds.
Wade does not carry lab-grown stones at her store, but she recognizes why some buyers choose them. A
“People are making a decision for financial reasons,” she said.
Practical tips from Wade for ring shoppers:
- Ask about gold karat: 24K is the purest form of gold, and 10K is the least karat, which affects price.
- Beware of online bargains: while cheaper, online purchases may not provide the certainty of knowing exactly what you paid for.
- Buy from an AGS-certified jeweler and get documentation about the diamond’s quality — that paperwork protects your investment.
Wade also cautioned buyers to remember there is often more than one ring to buy. “You buy the engagement rings and then, there is a wedding ring that you wear with the engagement ring. So sometimes men don’t know that. So, I think it’s always one of those surprises. ‘Wait, I have to buy another ring?’”
Beyond engagement rings, a man’s wedding band can run up to $2,000 depending on the metal chosen. In Texas, the average wedding cost this year reached $30,000, according to The Knot, a wedding planning website.
When it comes to love, costs can outpace the economy — and this engagement season, many couples are weighing personal meaning against rising prices.
