I think its a personal choice, that of wearing the ring and how much to spend, and it should be left up to the couple to decide. I think the important thing to remember is that this is not a regular expense it is something that is done once so in my opinion the amount spent depends on the couples financial resources
A wedding ring or wedding band consists of a metal ring, generally on either the left or right ring finger. In certain countries it is worn on the base of the left ring finger. In other parts of the world, it is worn on the right ring finger (see Post-wedding customs below).
Such a ring symbolizes marriage: a spouse wears it to indicate a marital commitment to fidelity. The European custom of wearing such a ring has spread widely beyond Europe.
Not only in England was the wedding ring considered more connected to the exchange of valuables at the moment of the wedding than a symbol of eternal love and devotion but in most other European countries as well. Sometimes it went as far as being a conditional exchange as this German formula shows: 'I give you this ring as a sign of the marriage which has been promised between us, provided your father gives with you a marriage portion of 1000 Reichsthalers'. 
In some European countries, the wedding ring is the same as the engagement ring and changes its status through engraving and the change of the hand on which to wear it. If the wedding ring is different from the engagement ring, the question whether or not the engagement ring should be worn during the ceremony leaves a few options. The bride may wear it on her left ring finger and have the groom put the wedding band over it. She may also wear it on her right ring finger. The bride may also continue wearing the rings on different hands after the wedding – this may prevent the engagement ring from scratching and scuffing. Another option is to have the main bridesmaid keep the ring during the ceremony – there are a variety of ways to keep it: in a pouch, on a plate, etc. After the ceremony, the ring can be placed back on either the left or the right hand.
My unsolicited opinion:
Wedding ring? Even if we wear a t-shirt with our marriage contract printed on it, it doesn't work if we really wanted to deliberately commit marital mistakes. As far as I am concerned there's no need to wear a wedding ring. The couple's commitment and faithfulness to each other cannot be protected by a wedding ring but buy mutual respect, honor, and respect under God's guidance. Why does America and UK are known for divorce and separation when the practice of wearing wedding ring is a culture? We are made to believe that a a man or woman faithfully wearing weeding ring is also faithful to their spouse but the truth is: wedding ring instead conceal the real practice of infidelity. Wedding ring. For me it doesn't make sense! Beside the history and culture of wearing weeding ring has no Biblical reference and has no spiritual significance.
Viola there are many and you need to take the Bible as a whole. Study to learn the principles. I doubt that much changes the mind of thoes whose minds are made up ... but I will quote one example of one who was considered a good example:
Gen. 41:42 "And Pharaoh took off his ring from his hand, and put it upon Joseph's hand, and arrayed him in vestures of fine linen, and put a gold chain about his neck".
Joseph had no problem with jewelry. Many of the Bible greats wore jewelry. But to each his or her own. I am not going to say that YOU have to wear jewelry but then I would hope that you would not tell me that "I" am not to wear it.
I appreciate you opinion . Your answer in very smart. Very nice observation. Countries who do not practice wearing A wedding ring are countries who has the least numbers of divorce and separation. Wearing a wedding ring is only an outside adornment. That may temp you to wear another jewelries,like necklace and bracelet. It is a door to temptation. and self exaltation.