Engagement ring in a box

Save On Your Engagement Ring

Purchasing an engagement ring is never an easy thing. There is an endless supply of styles, materials and jewels that can be incorporated. Deciding on a single ring can be stressful and confusing. We can’t help you with that, sorry. We may be able to help you with the next par though, paying for it., which can be just as stressful. There are ways that you can save on this purchase. Take a look at a few great ways to cut the cost on that once in a lifetime ring.

Hopefully, you are not set on one particular ring but instead, one particular style of ring. If you can settle for a little variance in design, you can save a lot of money. Here are a few ways.

Shop Independent Jewelers

You are all too familiar with the big chains like Kay’s, Jared, etc. You might think that these are the best places to go. This is not necessarily the case. They do not always use their massive buying power for good. Instead, they use it to advertise well and then place a considerable markup on their jewelry. Diamonds are often marked up 100 percent or even more.

Independent jewelers use many of the same sources as the major chains but are often more likely to do one thing, negotiate. Think about it this way. Who operates an independent store, usually the owner. Who operates a chain store, employees. While the employees may be paid by commission and eager to make a sale, the owner would be even more driven. In addition, they would have the authority to make bigger cuts and save you money on jewelry when all is said and done.

In addition, when working with a chain, you will almost always pay more because you are paying for a brand. The diamonds may be the same quality but the name on the box is what you are paying for.

Know That Cut Is Most Important

Do you know what the four C’s are. Cut, Clarity Color and Carrot. Of those, Cut is going to be the most important and knowing this can save you money.

You probably have it in your head that the bigger the diamond is the better. This is not the case and in fact can lead you to overspend. In fact, a smaller diamond can look bigger than a larger one if it is in the right setting. This means that you can save money and get a smaller diamond and achieve the same look with the proper setting.

In addition, clarity and color get harder to examine once the stone is set. So, unless you are designing your ring, you probably will not notice the difference in a ring with a bit lesser clarity. Know this and you will not overspend on factors that will not make a difference.

Cut is the most important characteristic of a diamond. If a diamond is cut correctly, almost all of the light that enters it will refract back towards you. This is what gives you the most shine and beauty out of your jewel. It can also disguise a number of deficiencies in the other three C’s.

So, shop for a great Cut, first and foremost.

Know How A Small Ring Can Look Bigger

We just hinted at this but let’s elaborate. Unless two similar diamonds are out of their rings, it can be hard to determine which one is bigger. Save money by getting a smaller ring that looks just as big as a more expensive one. Here is how.

First, look for a slimmer band. A slim band will make the same sized diamond look much bigger. If you want to carry this a step further, look for one that tapers down to a smaller size as it gets closer to the stone.

Get a ring with less prongs. The more prongs, the more of the stone that will be covered. In addition, look for thinner prongs which will be less noticeable.

Finally, consider a ring that surrounds the main diamond with other stones. A halo setting, for example, will surround your diamond with a row or even two of much smaller and much more inexpensive stones. It will give you much of the same effect of a large diamond without the price and with a smaller loan to pay off.

Secure Outside Financing

If you have the cash in hand to pay for your ring, power to you. Good job. Most people could probably use a little help.

Your best bet is to get financing outside of the jeweler. This will give you the power to negotiate. It would be much harder to negotiate a price at Kay’s, for example if they know that you have to put it on their store card.

A good option to consider, even if you have bad credit is engagement ring financing with a personal loan. This would do several things for you.

First, you would have the security of knowing that you have the ring paid for before you begin the shopping process.

In addition, because your lender would deposit money into your account, you could shop anywhere. This would allow you to shop at the often cheaper independent jewelry stores.

Consider A Manmade Diamond

Manmade diamonds are made virtually in the same fashion as real diamonds. They are simply made in the lab, using science to speed up the process. Many experienced jewelers would even have a hard time telling the two apart.

There are a number of benefits to choosing a man made diamond including some potentially ethical ones. Man made diamonds are after all made in a lab instead of mined in third world countries under questionable conditions. That is a discussion for another time though. The benefit to you right no is the cost.

Manmade diamonds, although almost completely identical to mined diamonds can be had for up to 30 percent less. A considerable savings for an engagement ring.

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James Car is a finance, loan and budget expert based in the United States. After attending Brookhaven college, he went on to become a successful entrepreneur. He now enjoys writing articles that help people save and make the most of their money.

2 Replies to Save On Your Engagement Ring

  1. My boyfriend and I are planning on getting engaged soon and we want to look at rings without the daunting thought of paying a hefty amount. I didn’t know shopping at independent jewelers could get you a better deal because they’re more likely to negotiate with you. I’ll have to keep that in mind and I’ll look into engagement ring loans that could get my husband and me our dream rings!

  2. I liked that you said that financing options and taking out a loan are two options for buying expensive jewelry. I would imagine that this would help you to buy an engagement ring prior to getting married. I would be sure to consider taking out a loan to get an engagement ring if I didn’t have the money right away.

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