Getting engaged is in the list of big events that each and every person dreams of, so it is natural that you want it to be perfect, but engagement rings could get quite expensive if you do not know what you are doing. Here are a few tips and hacks on how to save money on diamond engagement rings.
How do you save money on a diamond engagement ring?
- Set Your Limit
The easiest way for you to get carried away is by not setting your limit. It is advisable that you have a number in mind of the maximum price that you are willing to pay. Do research before starting your search so you would get an idea and a realistic expectation of your price range.
- Look out for High-Interest Rates
There are some financial options that you could easily get sucked into that looked like it is too good to be true, and some of the time, it is. At the moment, it may seem like a great idea to put it on the credit card but it could only end up blowing up far more than you expected. Make sure to check on the fine print or just don’t buy a ring that you can’t realistically afford.
- Check the Return Policy
If you want to avoid having any sort of extra cost or wasted money in the future, you need to know how, when and under what circumstance you could return the ring. This is in case anything comes up that requires you to return or exchange the ring.
Make sure your ring is insured so that you will be covered if anything bad happens to it. It’s always better to be safe than sorry. Diamonds are extremely valuable, and it would be such a headache in case your ring gets damaged or lost. If you have an existing insurance policy, you could check if you could add the ring covered as well.
- Shop with a Reputable Vendor
Being picky when it comes to the store you choose isn’t a bad thing. You could get recommendations from the people around you, asking them if they know a reputable vendor with rings that are in your price range, and make sure you read reviews of their store online.
- Stick to Certified Diamonds
You could check on the diamond’s certificate to ensure that you are not overpaying. A diamond certification is a document from an independent lab. The most common labs are GIA, AGS, IGI, EGL, GSI, and HRD. Each of the laboratories grades slightly differently so you are also gonna have to look into that.
- Focus on the Quality
You have to remember the 4 C’s (Cut, Color, Clarity, and Carat) with the cut generally makes the biggest difference. In general, VS1 and CS2 diamonds will be eye-clean, but with smaller diamonds, you could look at SI1-SI1 diamonds too.
- Evaluate your Diamond’s Setting
Diamonds with the G to I color appear just as white as those that are in the D to F range. The cost difference is 18% on average so you are saving some money. If you choose a platinum or white gold setting, you would want to stick with G to I, but if you chose a yellow gold, you could select I, J, or K.
- Stick to 14K or 18K Gold instead of platinum
Platinum is much more expensive than white gold, but really the only difference is the price. So if you are saving, opt for white gold as it is much less expensive.
- Go with Fractions
You can easily save money, about 15-20%, on diamonds by purchasing an unrounded number or buying a slightly lower weight and just getting a diamond with a higher quality cut since that is much more noticeable.
How much should you save for an engagement ring?
Generally, you should spend at least 2 months’ salary on the engagement ring, but it is still up to you. When setting a budget, you should also think about what would happen after you buy the ring. Would you be in debt? Would you have to cut off your spending entirely? As much as a fancy engagement ring goes, you also have to think about how spending that much money would affect you in the long run.
Is it cheaper to buy loose diamonds for engagement ring?
Yes, it is generally cheaper to buy loose diamonds, especially if you buy them at wholesale prices. Online stores have a more sensible choice when buying certified diamonds online too, so you could really save up if you do that.
You could get a beautiful engagement ring even though you are on a budget. Getting a 3 stone diamond engagement ring is like an investment and is also a great way to show the person you are planning on spending the rest of your life with how much you appreciate them.