Wild swings in gold prices are reshaping more than investment strategies.
Couples are shopping for engagement and wedding rings differently, rethinking everything from timing to materials to proposal plans.
While gold prices have been volatile, falling sharply from their record high above $5,500 per troy ounce in late January, spot prices are still 7% higher at around $4,650 — over 70% higher than at the start of 2025.
At jewelry stores, fluctuating gold prices mean quotes can shift quickly.
“We are seeing true sticker shock,” Peter Manka Jr., the co-owner of New York-based bridal jeweler Ben Garelick, told Business Insider.
The numbers are stark.
Ben Garelick’s average engagement ring with a center lab-grown diamond costs $1,544 in 2023. In 2024, that rose slightly to $1,633. By 2025, the average price had jumped to $2,408 — a 47% year-over-year increase.
That jump came even as loose diamond prices at the store have fallen nearly 40% from 2023 to 2025, largely because lab-grown diamonds — now the majority of its sales — became cheaper. In other words, most of the increase is coming from gold.
The surge is already changing consumer behavior.
Manka said 25% to 30% of engagement ring shoppers have delayed purchases — and thus proposals — in hopes that gold prices will fall.
But with quotes shifting rapidly, his store has urged customers to move quickly once they are ready to buy, warning that prices can change in days.
For shoppers who are hesitant or unsure about their proposal timeline, layaway and financing options have become more popular as a way to lock in current prices, he added.
Getting creative
While loose diamond prices have fallen, other supply-side pressures have compounded the impact of higher gold.
Higher tariffs on imported Indian goods last summer — where 90% to 95% of the world’s diamonds are cut and polished — raised costs.
As gold hits record highs, couples are also looking for ways to stretch their budgets. Some are repurposing old jewelry.
“We’ve seen them go through their jewelry box, and sometimes their parents’ jewelry box, in order to help offset higher prices,” Manka said.
The store either melts down old pieces to create new rings or offers gold credit toward a purchase. Manka estimated a 10% to 15% increase in customers bringing in inherited gold for engagement rings and wedding bands.
Vivian Grimes, the founder of Florida-based fine jewelry brand Henri Noël, said she has seen more customers revisit heirloom pieces in recent months.
“Clients are realizing that the jewelry sitting in a drawer is often one of the most meaningful and valuable assets they already own,” said Grimes.
“Resetting those pieces allows them to both honor the sentiment and make a smart, lasting decision,” she added.
For some buyers, the psychology around gold itself is evolving.
Max Baecker, the president of American Hartford Gold, said he has seen consumers think more deliberately about what they are purchasing.
“There’s growing recognition that gold isn’t just decorative; it’s a tangible asset with intrinsic value,” Baecker said.
So while couples may adjust carat weight or design to stay within budget, they typically still gravitate toward gold because it represents permanence, he added.
“In uncertain times, that symbolism becomes even more powerful,” Baecker said.
Shifting materials
Material choices are shifting, though unevenly.
Engagement ring shoppers at Ben Garelick are largely sticking with 14K gold, which is 58.3% pure gold.
But more men are opting for lower-karat gold in their wedding bands, with 35% to 40% of male buyers choosing 10K gold — which is 41.7% pure — or bands blended with alternative metals such as tantalum, Manka said.
Inflation across wedding spend, from photographer to venue, means they have less in their budget for bands, Manka said.
At Ben Garelick, average men’s wedding band prices rose from $1,050 in 2023 to $1,575 in 2025. Women’s wedding bands increased more modestly, from $1,700 to $1,800, partly because lab-grown diamonds and 10K options helped contain costs.
Not everyone is trading down.
“If anything, we’re seeing the opposite,” said Grimes of Henri Noël, who added that her clients are still choosing 18K or 14K gold for their engagement rings as they are seen as future heirlooms.
“These are deeply emotional, milestone purchases, so couples are not typically looking to downgrade materials,” she added.
Industry-wide shake-up
The shifts underscore how jewelers are rethinking materials and pricing as precious-metal markets grow increasingly volatile after historic gains.
The impact is especially pronounced in the mid-range affordable luxury segment, where consumers are more price sensitive.
Pandora, known for its silver bracelets, is betting on platinum in 2026, introducing platinum-plated versions of its best-selling pieces to reduce exposure to volatile silver prices.
“We are reducing our reliance on silver to protect margins, but this is equally about strengthening our consumer proposition,” a spokesperson told Business Insider.
LVMH executives said on a January earnings call that Tiffany & Co. is also shifting from silver toward gold and fine jewelry, a notable move for a brand long associated with sterling silver.
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