Buying an engagement ring can be a daunting task, but it doesn’t have to burn a hole in your pocket. The saying that it should cost you three months’ worth your salary is just a clever marketing strategy. It’s important to save your hard-earned money and spend it in places where it’s required more like the rest of your married life. So you don’t necessarily have to go ahead and buy an engagement ring that costs a lot. Instead, follow the smart tips mentioned below to save a few bucks on an engagement ring.
Set a maximum limit to your budget
Once you have decided to propose to your partner, do not rush to buy an engagement ring and propose immediately. Instead, you should wait it out and slowly save for the ring, setting aside some money every month and make a few conscious choices to save money for the ring over a period of time. Saving up money before purchasing the ring will save you from making use of high-interest credit cards and help you financially in the long term. Additionally, you can use this time to educate yourself on how you should go about buying an engagement ring. Apart from prior planning, you also need to set a definite budget for the engagement ring otherwise it is easy to get carried away emotionally and spend more than you can afford. Always do research on what you can expect within your maximum budget so that later you’re not disappointed and forced to spend more than what you want.
Acquire information regarding the exchange &return policy
Research and get information regarding the exchange and return policy to get an idea of how much time you have to exchange or return the ring in case you change your mind regarding the proposal. Try to schedule your proposal within that date so if in case your partner is not impressed with the ring, then you can always get it exchanged. Usually, customized and engraved rings are not returnable, so if you’re not sure of your partners to taste or answer, then it’s better to steer clear of these rings. In order to avoid money-wasting, it’s always better to know about the return policy or else you’ll be stuck with the ring if you’re partner says no.
Choose fractions when choosing a diamond
The carat of a diamond determines the weight of the diamond. The cost of the diamond increases with the carat of the diamond. Generally, if the carat is a whole number, it tends to be more expensive than when the carat is in decimals or fractions. For example, a 2-carat diamond will be more expensive than a 1.47-carat diamond but will appear almost similar. Therefore, choosing fractions when it comes to the carat of the diamond will allow you to buy a diamond that looks bigger but costs as much as 15% lesser.
Consider choosing a halo setting or a diamond with inclusions.
When a diamond is surrounded by smaller diamonds, it is known as a halo setting. This makes the central diamond stone appear larger than it is. So, choosing a ring that has a halo setting will make the diamond appear larger than what you’ve actually paid for. Another option such as cluster diamonds, which looks like one large stone but costs lesser, can also be a great way to save money. Also, a diamond that has slight inclusions which are invisible to the naked eye looks as beautiful as a diamond without any inclusions but costs much lesser. Buying loose diamonds without a ring setting is also cheaper than buying a diamond ring.
Think about alternative gemstones
If you feel that diamond engagement rings do not fit within your budget, then you can always opt for other gemstones that are not only more affordable but also as beautiful as a diamond. Gemstones like sapphire and ruby cost much lesser than a diamond but look extremely unique, attractive, and vibrant on an engagement ring. Stunning rings made of emerald and tanzanite are also available at very affordable prices which can be an alternative to diamond engagement rings. If you’re looking for alternative gemstones when it comes to engagement rings, then make sure to visit Flawless Fine Jewellery store at Hatton Garden, London. The experts there will explain all the details regarding the different gemstones.
Get a gold ring setting instead of platinum
Platinum is a very expensive metal and having a platinum ring setting can considerably increase the price of your ring. White gold looks exactly similar to platinum but costs lesser. Although the price per gram of both white gold and platinum is the same, a platinum ring setting costs more because platinum is denser and it will require more platinum than white gold for a same-sized ring. If you want a gold ring setting, then choosing 14 karat gold will be as good as choosing 18 karat gold without compromising on the quality but paying lesser.
Buy certified diamonds and get it insured
Check the certification of the diamond that you buy in order to avoid overpaying for what you receive. Insist on the salesperson in the store to provide you with a Grading Report of the diamond from a reputable Institute such as the GIA or AGS. An engagement ring is a valuable investment, so getting it insured will protect you from future mishaps and may also cover some added costs associated with the purchase of the ring.
Purchasing an engagement ring which is slightly cheaper than the norm will not lessen the love that you share with your significant other. It is prudent and practical to not go beyond your limitations and buy something which will leave you in debt for the rest of your life. There are several options available that will definitely impress your partner and fit your budget as well. Think wisely regarding your priorities and budget before you go down on one knee.