Drastic Rise in Precious Metal Prices Effects Choices in Wedding Bands
Men's wedding bands made of gold, platinum and palladium have been on the rise in recent years with a very steady climb in prices over the last year. Increases have been seen by as much as 30% for some types of rings. Unless you are a jeweler or constantly searching for a ring, you may not notice this increase, as most people typically don't buy wedding rings on an annual basis. The reason for this dramatic increase is due to the rise in cost of precious metals; gold and platinum especially.
The rise in precious metal prices have made the the cost of jewelry, including men's wedding bands, cost prohibitive for many people. The price of gold which has risen from $600 per ounce a year ago to over $750 per ounce as of October 14, 2007. Platinum has also risen from $1100 to over $1400 per ounce in just a year. That's roughly a 30% increase in one year! When these precious metal prices increase it trickles down to the consumer, affecting the price of fine jewelry.
In an article entitled, "Gold Sparkles with Promise," Curtis Hesler, editor of the Forbes Newsletter, The Professional Timing Service said: "In the first quarter of next year, we could see gold push the $800 level..." That's almost a 35% increase. While this may be a great investment, it's going to hit your wallet hard when it comes to laying down the cash for your wedding rings. So, with gold and platinum reaching higher and more expensive price points, what alternatives are available for men's wedding bands, wedding rings and engagement ring?
Contemporary metals such as Titanium and Tungsten are proving to be not only quality alternatives, but more affordable and often times, more stylish. With so many younger grooms being priced out of the gold wedding band, or platinum wedding band, they are overwhelmingly choosing more contemporary metals. Wedding bands made of Titanium, Black Titanium, Tungsten Carbide, Stainless, Carbon Fiber are becoming more popular, which is interesting since these contemporary metals were not even options a few years ago. But now, more than ever, Titanium rings and men's wedding bands made of Tungsten Carbide or Black Titanium are viable choices for a man to consider when shopping for his wedding band.
Titanium rings have been considered an alternative to gold and platinum for many reasons, but now more than ever, cost is main concern. With the prices of gold and platinum as high as they are, wedding rings and men's wedding bands are becoming increasingly cost prohibitive. Titanium rings are not only more durable than gold and platinum, but much more affordable. For example, a 7mm comfort fit platinum ring can cost as much as $1350. A gold wedding band of similar width can be found for approximately $700. In comparison, titanium rings and tungsten rings in the same widths can be found for nearly half the cost of gold and third of platinum.
A leading online retailer of modern metals jewelry Titanium-Jewelry.com has many styles of titanium and tungsten rings starting at $79. Ron Yates, founder of Titanium-Jewelry.com and owner of Yates & Co Jewelers in Modesto, CA says "We've seen a huge increase in men choosing contemporary metals for their wedding rings. Just three or four years ago most guys never heard of titanium rings or tungsten rings. Now they are considering these rings as a viable choice for their wedding rings. They like modern designs, durability and the affordability."
So if you are shopping for wedding rings and the drastic increase in precious metals has moved beyond your level of affordability for platinum or gold wedding bands, there are options available. It is almost a certainty that as gold and platinum prices continue to spiral upwards more and more shoppers will be wearing contemporary metals on their wedding finger. Currently, titanium and tungsten are the popular choices but don't be surprised to see other new exciting options open up in the near future.
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ABOUT THE AUTHOR
As a personal shopper, Sam Brown has been following the trends in jewelry and has found an appreciation for Titanium rings and titanium jewelry, especially for stylish yet economical men's wedding bands