The average American spent $5,871 on an engagement ring in 2015. This number is up from $5,855 in 2014.
Engagement rings aren’t cheap. If you’re thinking of popping the big question and you don’t want to go broke doing so, this article is for you.
Keep reading to learn how to get the best deals on engagement rings.
Tips For Finding the Best Deals on Engagement Rings
Ready to save some cash? Here’s how you can save money on a quality engagement ring.
Set Your Budget First
Before making any big purchase, it’s important to sit down and take a look at your finances. You want to think of the ring as a major purchase–you may be spending thousands of dollars.
How much can you realistically spend on a ring? This is a practical decision to make that can help your relationship in the long run.
If you spend too much and go into debt, the beginning of your marriage might be bogged down with money problems and debt.
In fact, a study revealed that couples who spent from $2,000-$4,000 on a ring were 1.3 times more likely to divorce. This is compared to couples who spent from $500-$2,000 on an engagement ring. What’s more, couples who spent less than $500 on a ring were also more likely to divorce.
An expensive ring may look nice, but it’s not going to protect your future marriage.
Don’t Buy From Retail Jewelers
Once you set your budget, don’t go straight to a mall chain jeweler. It may be your first instinct to go to these shops because they’re so heavily advertised in commercials and magazines.
However, these stores mark up their prices. You can find less expensive deals at other places.
Try an Independent Jeweler
Instead of popular chain jewelers, try an independent jeweler. Independent stores might have more unique styles. You also might be more likely to negotiate a lower price.
Consider a Diamond Wholesaler
If your goal is to save the most money, consider buying from a diamond wholesaler. You would buy a loose stone from the wholesaler at a reduced price.
You can find a diamond wholesaler in major cities such as New York. You would have to go meet the wholesaler in person and negotiate a price for what you want.
You can usually only pay in cash for wholesale diamonds. Keep in mind that you will have to haggle to get the best deal.
When you buy a loose diamond you will also have to buy the setting for it. You can go to an independent jeweler and have them make a custom setting.
Try Online Stores
Maybe haggling is not your thing, but you still want to get the best deal. You can buy a diamond from an online store.
For example, at The Diamond Registry, you can get loose diamonds at wholesale prices. You can get up to 40% less from retail prices.
When buying online, make sure to look at the return policy to see if you’re able to return the diamond if you’re not happy with it. You’ll also need to pay for the setting, which some websites offer, or you can get it done at a jeweler.
Buy Vintage
You can look for vintage estate rings. You can check out vintage stores to see if they have any engagement rings. You can also go to estate sales to find unique rings.
Also, many independent jewelry stores buy jewelry from estate sales. If you find a beautiful ring that’s not the right size, you can have it resized.
Go to a Wholesale Store
You can try a wholesale store to look for great deals on a ring without sacrificing quality. Although it may not be as fun shopping for rings in a wholesale store, it can potentially save you hundreds of dollars.
Consider Alternatives
Maybe you don’t need a diamond. Maybe you want a different symbol of your love. There are a few alternatives to consider.
Family Rings
See if your family has an heirloom ring they’d like to pass down to you. A family heirloom ring is full of tradition and meaning.
Man-Made
Diamonds made in a laboratory are the same chemically and physically as diamonds found in the earth. They are also much cheaper than natural diamonds.
Moissanite
Moissanite is a crystal that looks similar to a diamond but at a much lower price. It is also more abrasive-resistant than a diamond.
Colorful Gems
Colored stones are just as beautiful and more eye-catching than diamonds. They are also a more affordable option.
A bright red ruby or bold blue sapphire would make a great engagement ring stone.
No Ring
This option is for the non-traditional. You can skip the engagement ring and can spend that money on a tour of Europe or a resort in the Carribean.
When it comes to engagements and weddings, you and your significant other are the ones who get to decide what material objects you need and don’t need.
Make Sure the Ring is Certified
When buying a diamond, make sure it’s certified. The certification may come from a reputable source such as the Gemological Institute of America (GIA).
A certification will give you peace of mind and will ensure that you weren’t scammed.
Your Relationship Matters Most
Buying an engagement ring is the first step to getting married and building a lasting relationship with your significant other. However, remember that it’s your relationship that matters most.
By looking for the best deals on engagement rings, you’re making a smart decision to save money and think ahead for your future.
Want to learn more engagement and wedding tips and advice? Check out our wedding blog.
