In the Gold Master version of iOS 4.3, which Apple released to iOS developers a couple of days ago, it is possible to purchase ringtones on your iPhone handset and download them to your device.

As discovered by an anonymous Cult of Mac tipster, you can download ringtones via a new “Buy More Tones” button, which has appeared within the “Ringtone” section of the Settings app (check out the screenshots below). Upon touching “Buy More Tones,” you’re taken to the Ringtones section of the iTunes Store, where you can buy ringtones and download them to your handset.

It’s a handy feature, but not necessarily one I’ll be taking advantage of. I mean, would you buy a ringtone for $1.29 when it’s possible to easily make one yourself? Let us know in the comments.