“Engagement marks the end of a whirlwind romance and beginning of an eternal love story.”
When buying an engagement ring, there are a handful of ways with which you can cut costs without compromising on the quality or beauty of the ring. By shopping smartly, it is possible to design the engagement ring of your dreams without breaking the bank.
From choosing the right setting to knowing exactly what to look for in diamond color, you can make sure that you are allocating your budget wisely and ultimately getting the most bling for your buck. Below we have outlined some of the ways how to save money on an engagement ring with eight expert tips.
Table of Contents
- 1. Avoid round-cut engagement rings
- 2. Avoid popular shapes
- 3. Go for G color
- 4. Don’t fear the fluorescence
- 5. Buy shy of the carat
- 6. Avoid three-stone rings
- 7. Make the most of the measurements
- 8. Know your diamond Cut grades
- Some Practical Tips
- Wrap Up
1. Avoid round-cut engagement rings
Although they are the most popular diamond shape, round costs approx. 30% more than all other shapes. The fact that round is the most in-demand shape, makes round engagement rings more expensive, but the way round diamonds are cut also contributes to these significant price differences. A lot of rough diamond is lost at the time of the cutting process, and diamond suppliers make up for this by increasing the finished price per carat.
Steffa Mantilla from Money Tamer says-” Go with diamond cuts other than the round brilliant. While round diamonds
are one of the most popular shapes, they’re also the most wasteful. Over 60% of the rough diamond is discarded during the cutting process making it wasteful. If you go with other shapes such as an emerald-cut or princess cut, around 80% of the rough diamond is used so you’re getting more diamond per price. Adding a halo to your center stone is a great way to give the illusion of a larger center stone. It adds a lot of sparkles and is reminiscent of many vintage styles.”
2. Avoid popular shapes
Just as you can save money by avoiding rounds, you can cut costs by avoiding some other popular shapes of the moment right now. Ovals are one of the most requested shapes, in part because of all the celebs recently seen rocking them. Because they are in higher demand, inventory is lower, and prices are increasing. If you are open to fewer in-demand shapes, then you can save around 10%.
3. Go for G color
Many people want to look at a colorless diamond, but also want to best maximize their budget. Staying right just from the colorless range and purchasing a G-color diamond is the perfect solution. A G color diamond side by side with an F color has an almost imperceptible visible difference and costs around 9% less.
4. Don’t fear the fluorescence
Fluorescence is a naturally occurring property in around 25% of diamonds and refers to a diamond’s tendency to emit a blue glow when subjected to ultraviolet light like a black light. GIA grades the level of Fluorescence each diamond contains. Diamonds containing medium or strong fluorescence can be discounted to around 16% simply because consumers have negative misconceptions about it. Moreover, in lower color diamonds (I-K color), the blue in the Fluorescence counters any yellow and actually makes the diamond appear a grade whiter!
5. Buy shy of the carat
There is a large price per carat jump when you hit a full carat mark. For example, a 2.99 G SI1 Round costs $34000, and a 3ct SI1 costs around $48000. You can save as much as 30% by staying right under a full carat mark.
6. Avoid three-stone rings
While three stone rings make a classic statement, adding side stones – like trapezoids or half-moons, increases the price of the setting by $2000-$5000.
7. Make the most of the measurements
Carat is a weight and does not necessarily reflect how large a diamond appears from the top. Deeper diamonds appear smaller than shallow diamonds. Always look at the length and width measurements indicated on the GIA report in addition to the carat weight. It can even often find diamonds that measure a half-carat larger than their actual weight, which can save around 25%.
8. Know your diamond Cut grades
Rounds are the only shape that comes with the GIA determined Cut grades. The Cut grade indicates how well-proportioned the diamond is, and thus, how well it reflects light. With the help of excellent cuts, rounds will emit more brilliance and sparkle than the lower cut grades. Additionally, they appear two color grades whiter and hide inclusions extremely well. If you are purchasing a Round, an excellent cut allows you to go lower clarity or color and allocate more of the budget towards the carat weight.
Some Practical Tips
- Allison Baggerly from Inspired Budget advises the following things to save money-
– Be open to skipping out on the big diamond stores that specialize in engagement rings and fine jewelry. Instead, find a local place where you can find a diamond wholesale. Then, have them set it in a band. This is exactly what my husband did to save hundreds, if not thousands on an engagement ring!
– Be willing to buy a used engagement ring. This is a great way to save thousands on the perfect ring! Shop around at different stores that sell used diamonds or even checkout Facebook Marketplace for used rings.
– Buy the diamond separate from the band. Most jewelers are able to attach a diamond to any engagement band you buy for a low cost. Simply buying a diamond separate from the band can help lower the cost immensely!
- Julie Ramhold, Consumer Analyst with DealNews.com, shared:
– Shop custom pieces – See if jewelers have custom pieces that never got picked up. Sometimes these aren’t crazy customized to the point where they won’t fit anyone else, so it’s worth seeing if there’s anything like that at your jewelry store of choice. For these orders that were never picked up, you might be able to receive a discount and snag a beautiful ring for less.
– Look for alternative gemstones– In all seriousness, I would say to shop for rings by looking to other gems rather than diamonds. Thanks to the diamond industry, engagement rings are expected to contain them, but they don’t ‘have’ to. It could be more meaningful and special if you incorporate different gems, such as emeralds or sapphires, and can lead to saving at least a little bit as it’s likely the ring you pick won’t be categorized as an engagement ring.
Now that you’ve read through these tips, we hope you save up some money.
Getting the best diamond does not mean that it has to be pricey, you should know how to carry it.
Is an engagement ring a good investment?
Rings are neither; in fact, if you are buying an engagement ring so that you can sell it later, maybe you should not be buying an engagement ring at all. But just because it is not a moneymaker does not mean it is not a good investment. An engagement ring does accrue value – it is just a different kind of value.
Why does a diamond have no resale value?
The reason resale prices for diamonds are so low as compared with the retail prices is that jewelers buy diamonds in bulk, at wholesale prices, which are much lower. There is no reason for a jeweler to pay the same price for your diamond when such a stone can be brought for much less from a diamond dealer.
How much should I spend on an engagement ring in 2020?
Some so-called experts say that-” Spend 2 months of your income on your engagement ring”. Though this gives u a rough idea about your budget but keep in mind- “It’s not always that your partner would want the biggest diamond or the most expensive stone on their ring.* Most of the
time what matters most is your sincerity in buying the piece for them.”- says Willie Greer from The Product Analyst. You can also opt for a very simple one instead and ‘have it engraved with something personal to both of you.’ It’s a hack to make your engagement ring look more classy without breaking your savings.