The Best Way To Save Money On An Engagement Ring
You want to be able to buy an engagement ring but not break the bank doing so. With a wedding to be planned right after a proposal, you’ll want to be able to save money on an engagement ring. But with an expensive item like a diamond, is this even possible? The answer is a definite YES! There are quite a few things that you can do to save money on an engagement ring. Follow this guide to make sure you get the best deal, for a great ring.
Shop for your Engagement Ring Online
An insider’s secret to affordable engagement rings depends entirely on where you shop. We often tend to lean towards the traditional way of shopping for engagement rings; to go to a jeweler at the mall or a well-known brand. The problem with this is that jewelry shops and luxury brands are more likely to be at the expensive end of the spectrum.
A full-proof way to save money on an engagement ring is to shop for your ring online. The perfect example is this 1 Carat Engagement Ring category. You can shop for rings for under $2,000. This is a huge difference compared to the standard $5,000 to $8,000 average cost of 1 Carat diamond ring.
Choose online jewelers that are specifically catering to budget-friendly diamond jewelry. It’s the best way to save money on an engagement ring as they are dedicated to providing prices that are below the average cost of diamond rings.
Choose a Diamond Under a Carat
Another insider’s secret is to choose a diamond under a Carat weight. What this means is if your goal is to buy a 1 Carat engagement ring, choose a ring with a 0.80 Carat diamond. The reason for this is that when a diamond’s weight reaches a full Carat (1CT, 2CT, 3CT, etc.) they jump up in price significantly.
A 0.80 Carat diamond may cost anywhere between $300 to $500 cheaper than a 1 Carat diamond. But when you see these two diamonds together, you’ll barely be able to see the difference in size. A 0.80 Carat diamond will still look as large as a 1 Carat diamond.
Wait for the Sale Season
If you want to save money on an engagement ring, don’t rush to buy one. Instead, give yourself the time to wait for the sale season. You can get engagement rings at up to 40% off their original price during the Thanksgiving and end of the year sales.
The waiting time is also a great opportunity for you to see what designs and brands you’re happiest with. You can do your research, read customer reviews, and see what jewelry brands offer in regards to a warranty, return policy, and other services
Avoid the Perfect Diamond
As soon as you start shopping for an engagement ring, you’ll encounter the words ‘colorless’ and ‘flawless’. The reason for this is that diamonds that are flawless and colorless are the rarest, and therefore, the most expensive on the market. They are also sought after for their unique ‘perfect’ quality. But they are not exactly practical if you are hoping to save money on an engagement ring. You should, in fact, be chasing after imperfect diamonds instead.
Natural earth-mined diamonds, and even lab-grown diamonds, form in a way that their clarity cannot be controlled. This means that they form to have inclusions and imperfections. An imperfect diamond doesn’t mean it isn’t good to look at. In most cases, these inclusions and imperfections are invisible to the naked eye, and can only be seen by trained professionals using a specific magnifying tool.
If the goal is to save money on your engagement ring, avoid the perfect diamond. Instead, go for diamonds that are eye-clean (diamonds that look flawless to the naked eye). Diamonds with slight color, and clarity around VS1 to S2.
A flawless & colorless 2 Carat diamond ring can cost you up to $10,000. But a 2 Carat diamond ring with a little color and some unnoticeable inclusions can cost around $6,000. That’s a big difference for two rings that look almost identical to the naked eye.
Consider Different Stones
The traditional choice for an engagement ring is a natural earth-mined diamond. But this is also the more expensive option. You should consider different stones for a more affordable price.
Alternative choices to earth-mined diamonds:
- Lab-Grown Diamond – Scientists have managed to create the same identical conditions in which natural diamonds form miles under the earth’s surface. These have allowed them to create lab-grown diamonds that are identical to natural diamonds but are sold at a cheaper price.
- Moissanite – This is a stone that resembles the look of a diamond. It is up to 50% cheaper than a real diamond and has become a popular choice for price-conscious jewelry shoppers.
These two options are perfect if your goal is to get a beautiful diamond engagement ring but at a better price. The best part is that these diamond alternatives are readily available at many online jewelry shops. All you have to do is ask!
Ask for Payment Plans
Even at a discounted price, the weight of the cost of an engagement can be a lot to take on. Most definitely if you have a wedding to pay for after. It’s always encouraged that you ask for payment plan options to know what choices you have that can help lighten the load of an expensive purchase such as a diamond ring. You won’t necessarily save money on an engagement ring, but it will make it easier for you to afford.
Expensive Doesn’t Necessarily Mean Better
The big misconception we have with diamond jewelry is that if it’s cheaper than its quality must not be great. Or the more expensive ring is the better choice. It’s really not. With all the options and variety of diamond jewelry out there, you don’t have to force yourself to buy at a price that you’re not comfortable with. Establish how much you want to spend and follow these tips on how to save money on an engagement ring, and choose the ring with a price that you’re happiest with.
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