Buy an Engagement Ring on a Budget

An engagement ring is often the most important piece of jewelry people buy within their lifetime. If you are on a tight budget, the prospect of choosing a good ring for a price you can afford can be more than a little daunting. As long as you know what you are doing, however, you can get a bargain while still giving your partner a ring they love.

Steps

Get the Most for Your Money

Start by setting a budget, and learn what you can afford within that budget. Inform yourself about the “Four C’s” of diamond quality: cut, color, clarity, and carat. Shop with a reputable jeweler who offers official certification.

  1. Set a budget. Convention holds that an engagement ring may cost one or two months of your salary, but many people opt to set a smaller budget or a bigger one if the relatives may be interested in the better quality of a ring. When shopping for an engagement ring, do not get wrapped up with this 2-month-salary propaganda. The ring should be a representation of feelings, but not the thing that makes you run into debt. Decide how much you can afford before you start shopping and add ¼ of this price to the initial figures. While choosing the best you are be prepared to double your budget for it. Be ready for cunning tricks of a jeweler to raise the price as well.
  2. Look for a high quality cut.
    • Cut is the first of the "Four C's" and has the biggest impact on a diamond's quality.
    • Cut determines how a diamond reflects light, which determines the stone's brilliance.
    • Cut ratings typically range from "ideal" or "excellent" down to "fair." The higher the rating, the higher the cost.
    • Don’t try to skim on the cut, because a properly cut stone has facets, which are positioned in a way to reflect the incoming light. A properly-cut diamond sparkles, whereas a poor-cut one has a rather great influence on the quality of the sparkle.
  3. Consider the color.
    • Diamond color is a rarity characteristic and not considered a beauty characteristic. Thus, remember that colorless diamonds (D-F) will be much more expensive than a near-colorless counterpart (G-J).
    • Ratings from "G" through "J" are near colorless, and ratings from "K" through "L" only have faint color that most eyes will not detect.
    • Save money by selecting a color rating from "G" through "K" instead of demanding a colorless stone.
    • The above depends on the certificate. GIA-Certified diamonds are known to be graded more strictly than is done for other certificates.
  4. Know how to choose the right clarity.
    • Clarity refers to the number of inclusions in a diamond and blemishes on a diamond.
    • "FL" refers to Flawless while "IF" refers to Internally Flawless. "VVS-1" and "VVS-2" are very very slightly included under 10x's magnification, while "VS-1" and "VS-2" are very slightly included under 10x's magnification.
    • "SI-1" and "SI-2" are slightly included with inclusions being easily visible under 10'x magnification.
    • Choose a diamond with minor flaws instead of a flawless stone to help you save.
  5. Consider carat weight. Diamond carat weight is the single most determining factor when it comes to pricing a diamond. A heavier diamond will cost you more money, however this has nothing to do with the overall cut quality of the stone.
  6. Get a grading report from an accredited laboratory such as the Gemological Institute of America (GIA) or the American Gem Society (AGS). Do not trust gradings that are only given by the jeweler.
  7. Ask the jeweler about his warranty policy. A jeweler that offers a lifetime warranty may feel more confident about the quality of the merchandise.

Shop Around

As with anything else, shopping around guarantees you the best bargain. Look in a variety of shops, both online and in person, before reaching a decision. Ask for a piece of advice on the specialized forums or talk to your friends and colleges to help you find a certified and trusted jewelry salon.

  1. Never settle for the selection offered only by one jeweler. You may get lucky and find the best deal as soon as you set out, but odds are, it will take some shopping around before you locate the best bargain. While shopping around, run through the checklist and find out whether the store has a solid local reputation; whether its staff possesses sound knowledge; which warranties and guarantees it offers; if the shop has a busy repairs service (which stands for the indication of customers trust). Some shops are of the same owner, however prices can be higher at one place and lower at another.
  2. Search both online retailers and traditional chain retailers. Chain retailers may offer specialty cuts and may help you along through the process, but online retailers often offer a better price. As well, pay your attention that in person you pay the price and get a ring at once, but online retailers offer you to wait some days or weeks from the date of the order.
  3. Pay attention to antique stores. Such stores usually offer a variety of jewelry (valuable and estate pieces). Antique diamonds are usually hand-cut, so there are no other rings that look alike. Such diamonds are often cut in the way to show off the best qualities they possess. This means that one can buy a lesser quality stone, but it’ll give the appearance of an expensive diamond. Factor into that the price of an antique ring may be times higher as the price of the diamond is added to the oldness and fame of the ring.
  4. Perform an Internet search on "engagement rings" to populate a list of retailers that sell diamonds online. Stick with reputable, certified sellers to prevent yourself from getting ripped off.
  5. Compare ring prices online, whether you purchase the final ring online or in a store. This will allow you to find the best bargain in the least amount of time. Some popular shops can have their offices in your town and the online selling in the Internet as well. The prices can be different in both cases, so check it out.
  6. Know when to shop. Monitor local jewelers and wait to see when they run their sales. Keep watch year round, but pay special attention during late November, December, January, and early February. Many jewelers run sales from late November through December due to Christmas. Many also run sales throughout January and early February for Valentine's Day. You may get a discount from 5% to 50%, what will decrease your budget for an engagement ring by a pleasant cut.
  7. Consider buying loose stones from retail wholesalers. Some wholesale purchasers sell loose diamonds to customers at near wholesale prices. This cuts out the extra retail cost, providing you with a cheaper, more customizable stone.

Choose a Design She Loves

Oftentimes, the design of a ring makes as big of an impact as the diamond itself. Some shapes, metals, and settings may cost more than others, but many options are comparable in price.

  1. Choose the diamond shape. Round and princess cut diamonds are among the most common and most inexpensive shapes. Stick with one of these shapes if you need to save money or do not know your partner's preference. Otherwise, you may also consider an emerald, oval, pear, marquise, radiant, heart, asscher, or cushion shape.
  2. Select your metal.
    • Most traditional engagement bands are made of yellow gold. It’s better to choose yellow gold for a vintage-style or classic look. White gold suits clean, modern look. White gold engagement rings will need to be dipped in rhodium every 2-3 years in order to maintain the luster.
    • White gold has a silver-like appearance, but this appearance wears off over time and may need replacing later on.
    • Platinum is the most expensive option and may not be affordable if you are on a tight budget.
  3. Pick a setting.
    • Setting refers to the way the diamond sits on the band.
    • The most common setting is prong, but others include bar, tension, bezel, channel, flush, cluster, and invisible.
    • Prong settings may often be the least expensive option, but look at a variety of different options before settling. Many others may also fall within your price range.
  4. Decide between a solitaire setting and a three-stone setting. Some settings may even have diamonds all around the band. Just remember that the more diamonds a band has, the more expensive it will be. Stick with the traditional, timeless solitaire setting to save on cost.
  5. Consider an alternative to diamonds. Some people may actually prefer a high-quality colored gemstone such as a sapphire, emerald, or ruby. Do not, however, try to pass off cubic zirconia or other gemstone as a diamond.

Know Their Size

Knowing your partner's ring size will save you embarrassment and money. An improperly sized ring can often be resized, but this will likely cost extra.

  1. Borrow a current ring. Make sure you choose a ring that fits their finger, but look for one that they will not notice missing for a few days. Take it to a jeweler and ask to determine the size.
  2. Alternatively, use a pencil and paper to trace the inside of the ring. Take the sketch with you to a jeweler and ask to determine the size from that. This way, you do not need to sneak anything out.
  3. If you do not have any paper, slip one of your partner's rings onto your own finger as far down as it will comfortably go. Mark the stopping point with a pen, and show the mark to a jeweler for an assessment.
  4. Ask your partner's friends and family. Your partner may have shared information about their ring size specifically for occasions like this. Ask someone your partner has a close relationship with, but make sure to ask someone who can keep a secret.
  5. Ask your partner. Partners who know that an engagement could be around the corner, may offer you the information willingly.
  6. Choose a setting and a band that can be resized easily. In spite of all your precautions, the ring could still end up being the wrong size. Finger size may even change at some point in the future. Bands covered in multiple diamonds or those that feature other decorative elements along the side can be difficult, if not impossible, to resize, and the cost of doing so will be higher than with a simple, solid band and a traditional solitaire setting.
  7. Err on the side of “too big” rather than “too small.” It is easier and cheaper for a jeweler to size down a large ring than it is to size up a small ring. If you feel uncertain about the ring size, choose an option that is slightly larger instead of one that seems too small.

Tips

  • Consult with your partner's close friends and family before selecting a ring. They may have information about preferences that you do not.
  • Do not worry about whether or not you can buy a large, stunning diamond. If you put in the effort to find the best you can afford, a small stone can hold just as much significance as a large one.
  • For partners who do not mind having the secret spoiled, consider asking them directly about their preferences.

Things You’ll Need

  • Old ring from your partner's jewelry box
  • Pencil or pen
  • Paper

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Sources and Citations

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