High Gold Prices Reshape Engagement Ring Buying

Couples rethink materials, timing, and financing as gold costs surge over 70% since 2025

Apr. 6, 2026 at 6:07am

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Soaring gold prices are dramatically impacting the engagement ring market, with couples delaying purchases, opting for lower-karat gold, and exploring heirloom jewelry and financing options to offset the rising costs. Jewelry stores are seeing a 47% year-over-year increase in average ring prices, even as diamond prices have fallen, due to the surge in gold prices.

Why it matters

The volatility in gold prices is forcing a major shift in consumer behavior around engagement and wedding ring purchases, as couples look for creative ways to manage the sticker shock of higher precious metal costs. This is having a ripple effect across the jewelry industry, with brands rethinking their material mixes and pricing strategies.

The details

At New York-based bridal jeweler Ben Garelick, the average engagement ring price jumped 47% from 2024 to 2025, even as loose diamond prices fell nearly 40% due to the rise of lab-grown diamonds. The store's co-owner, Peter Manka Jr., says 25-30% of engagement ring shoppers have delayed purchases, while others are exploring layaway, financing, and repurposing old jewelry to offset the higher gold costs. Vivian Grimes, founder of Florida-based Henri Noël, has also seen more clients revisit heirloom pieces instead of buying new. Meanwhile, some male wedding band buyers are opting for lower-karat 10K gold to stay within their budgets.

  • Gold prices hit a record high above $5,500 per troy ounce in late January 2026.
  • Spot gold prices are currently around $4,650, over 70% higher than at the start of 2025.

The players

Peter Manka Jr.

The co-owner of New York-based bridal jeweler Ben Garelick.

Vivian Grimes

The founder of Florida-based fine jewelry brand Henri Noël.

Max Baecker

The president of American Hartford Gold.

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What they’re saying

“We are seeing true sticker shock.”

— Peter Manka Jr., Co-owner, Ben Garelick

“Clients are realizing that the jewelry sitting in a drawer is often one of the most meaningful and valuable assets they already own. Resetting those pieces allows them to both honor the sentiment and make a smart, lasting decision.”

— Vivian Grimes, Founder, Henri Noël

“There's growing recognition that gold isn't just decorative; it's a tangible asset with intrinsic value. In uncertain times, that symbolism becomes even more powerful.”

— Max Baecker, President, American Hartford Gold

What’s next

Jewelry stores will continue to monitor gold price fluctuations and adjust their pricing and product strategies accordingly. Couples will likely explore more creative options, such as repurposing heirloom jewelry or opting for lower-karat gold, to manage the higher costs of engagement and wedding rings.

The takeaway

The surge in gold prices is forcing a major rethinking of engagement ring and wedding band purchases, as couples navigate sticker shock and seek out more affordable options. This is driving innovation in the jewelry industry, with brands exploring new materials, financing, and recycling programs to meet evolving consumer demands.