Motivated by the study of ribbon knots we explore symmetric unions, a beautiful construction introduced by Kinoshita and Terasaka in 1957. For symmetric diagrams we develop a two-variable refinement $W_D(s,t)$ of the Jones polynomial that is invariant under symmetric Reidemeister moves. Here the two variables $s$ and $t$ are associated to the two types of crossings, respectively on and off the symmetry axis. From sample calculations we deduce that a ribbon knot can have essentially distinct symmetric union presentations even if the partial knots are the same. If $D$ is a symmetric union diagram representing a ribbon knot $K$, then the polynomial $W_D(s,t)$ nicely reflects the geometric properties of $K$. In particular it elucidates the connection between the Jones polynomials of $K$ and its partial knots $K_\pm$: we obtain $W_D(t,t) = V_K(t)$ and $W_D(-1,t) = V_{K_-}(t) \cdot V_{K_+}(t)$, which has the form of a symmetric product $f(t) \cdot f(t^{-1})$ reminiscent of the Alexander polynomial of ribbon knots.
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