Commodity inflation is affecting the choice of wedding rings, forcing brides to settle for traditional gold over more fashionable platinum.

The cost of metals has increased, with platinum hitting a record high of $2,290 (£1,172) an ounce in March this year. As a result, jewellers say people are opting to buy gold rings which cost in the hundreds, rather than platinum rings, which cost in the thousands.

Alex Edwards, a director at weddingrings-direct.com, said: “We have seen the average sale of wedding rings go down £100 this year. When we first started nine years ago, platinum was everyone’s preferred option, consisting of 80 per cent of our sales. Today, it is as low as 20 per cent.

“People are downgrading to 18 or 9 carat gold, where they can buy a pair of rings for about £150 and make substantial savings.”

The average cost of weddings in the UK has risen 5 per cent this year to hit the £20,000 mark for the first time, according to confetti.co.uk, a wedding planning website. However, according to a poll by the site, couples are still willing to spend a huge amount to finance the day of their dreams, despite the credit crunch.

Of those surveyed, 71 per cent said that they could afford their wedding, despite wedding prices rising by 30 per cent over the past five years. The majority of couples – 61 per cent – said that they would pay for their wedding fully from savings, with only 3 per cent attempting to pay for their day on their credit cards.

Carol Richardson, of confetti.co.uk, said: “So far we have not seen a resistance to spending due to the credit crunch. People are still prepared to spend to achieve what they want.”

With a quarter of a million weddings expected to take place this year, trends show that as couples get married later in life, brides and grooms have more time to save and more disposable income to pay for the occasion. The biggest wedding expense is the honeymoon, which on average costs £5,500, followed by the reception, which costs £5,492.

There are large regional variations in costs, said Weddingplan.com. a wedding insurer. London is the most expensive place to get married at £23,143 on average, with the North East the cheapest at £15,561.

Lee Newman, 28, a publisher from Letchworth, Hertfordshire, who married Paul Clarke, 28, last month, said: “The credit crunch is an abstract worry, so it didn’t really stop us. We decided it was a once in a lifetime thing.”

She said that she was happy to pay for an expensive venue and honeymoon and make savings elsewhere. “We spent £3,800 on a honeymoon in the Maldives and Sri Lanka. We get to go on only one honeymoon ever, so we are prepared to not go away next year.”

Explore Economics

• Pre-Budget Report 2008

• Budget 2009

• World Economic Forum

• The Times MPC

Times Recommends

• C&G axed - 1,660 jobs to be lost
• UK house prices rise 1.1% as buyers return
• Mixed reaction to US banks repaying bailouts