Congratulations!
If you’re reading this post, you’ve probably found someone you want to spend the rest of your life with. Perhaps you are planning to ask your partner a question soon, or are just starting to research the cost of an engagement ring to start saving.
No matter what brings you here, this post will share everything you need to know about buying an engagement ring. We’ll walk you through how much you should spend on an engagement ring, how to save to pay for a ring, creative ways to lower the cost if budget is an issue, and determine the best style for your partner.
Consider buying an engagement ring as part of your stress-free wedding planning process.
How to save on wedding rings
Why the two-month wage rule is bullshit
Have you heard that a good rule of thumb to spend on an engagement ring is to pay the equivalent of two months’ salary? We’re not entirely sure where this figure came from, but feel free to ignore it.
Like the stated “average” wedding budgets reported by the mainstream media, they are promoting this to convince the public that they have to spend a certain amount. Who wants to benefit from the dissemination of these reports? Jewelers and diamond companies, of course!
So how much should you spend on an engagement ring? First, you need to think about what you can afford and what kind of ring your partner will like. The main thing is to find a balance between these two areas of consideration.
Everyone has a different financial situation, stylistic tastes, long-term goals and priorities. You will need to agree on all of this in order to choose the best buy ring for your partner when you ask the question.
Take a look at your monthly budget and current savings. How much could you invest in a ring right now? How much could you save each month in the ring? Then, factor in those monthly payments in conjunction with your current savings. How long will it take you to save money for your partner’s dream ring?
Don’t forget after the sentence; you also have to save money to pay for the wedding. Don’t put yourself in debt or financial hardship to buy a ring that you cannot afford.
How to buy an affordable wedding ring
If you want to make sure that you are buying a unique engagement ring that your partner loves, but without going beyond your financial means, it will take research, information, and dedication. Below, we’ll go into detail on how to choose the perfect engagement ring and make sure you get the best price.
Why are wedding rings so expensive?
In modern times, wedding rings have become synonymous with diamonds, thanks to the popular De Beers advertising campaign in the 1940s: “A diamond is forever.”
In many ways, it was a brilliant campaign to boost diamond sales from the slump during the Great Depression. This clever marketing campaign created an emotional connection between everlasting love and a diamond that has since become the gold standard for engagement rings.
And why are the diamonds themselves so expensive? What makes a diamond so valuable?
Historically, diamonds were difficult to find, so they seemed to be rare and therefore more valuable. De Beers also had a hand in the rarity of diamonds by purchasing the largest diamond mining area in South Africa, which they controlled for most of the 19th century. The company limited the number of stones produced each year to create the illusion of a limited supply and make them more rare.
In recent decades, a broader global supply has been discovered as new mines are discovered around the world, as well as the growing popularity of laboratory-created diamonds. Several factors influence the value of diamonds today.
Luckily, we also have more choices when it comes to stone sources, so you don’t have to worry too much about falling prey to marketing tactics or under-sales reports.
The four constituents of a diamond that affect value
If you’re wondering what to look for when buying a diamond engagement ring, you can start by looking at the four constituents of diamonds. The GIA has defined these characteristics to standardize diamond pricing.
The goal is for everything to be ethical and fair. The following four facets affect the value of a particular stone:
1. Carat
Carat refers to the apparent size of a diamond and is just one of the factors that affect the value of a diamond. A carat is 200 milligrams. Each carat is broken down into 100 points. The average diamond in an engagement ring is around one carat and costs around $ 6,000.
2. Clarity
Purity refers to the overall quality of a gemstone. A flawless diamond has no visible inclusions, surface defects or blemishes. However, most diamonds have small inclusions or defects that are microscopic, meaning that they cannot be seen with the naked eye. Conservation experts say clarity is the least important factor when choosing a diamond because of this fact.
3. Color
Diamond color refers to the actual visual tone of the stone and is rated on a scale from D (colorless) to Z (light color). While fancy color diamonds such as pink, yellow and blue are considered rare and desirable, clear diamonds are considered the most popular for engagement rings. The brighter the color of the diamond, the more valuable it will be. Slightly yellowed diamonds are considered less desirable and therefore generally less expensive.
4. Cut
The cut of a diamond refers to the shape and technique used to give a diamond its final condition. There are many different popular diamond cuts such as round, brilliant, princess, oval, cushion, emerald, asher, marquis, pear and others. The round shape is the most popular shape for a center diamond, followed by the princess by far.
5. Creation of the world (Fifth C)
Is the diamond mined on earth or was it created in a laboratory?
In recent years, laboratory-grown diamonds have grown in popularity. Not only are they genetically from the same material as diamonds traditionally mined on earth, but they are also conflict-free and more affordable. Choosing a lab-grown diamond over a mined stone can save you 30%, so it’s a little easier than ever.
You can save 30% on a stone of the same quality as a traditional mined stone, or you can spend more money. You can choose a stone of a higher or higher quality for the same money as a stone quarried from the ground.
Other factors in the cost of an engagement ring
Another important factor affecting the cost of an engagement ring is its setting. Once you have selected your diamond (or other gem), you need to decide how you want to represent that stone.
There are more designs these days than ever, from simple solitaire games in white gold to micropave halo stripes with tiny diamonds covering the entire ring. The setting for your engagement ring may end up costing more than your centerpiece diamond, depending on which one you choose.
Tips for saving money on a wedding ring
If you’re on a tight budget, you may be looking for ideas on how to lower the cost of your wedding ring. Below are a few tips to help you find a beautiful piece of jewelry for your partner without losing your expenses.
# 1 – Choose a Low Definition Stone
Choose a stone with less clarity. As mentioned above, internal inclusions and defects are usually not visible to the naked eye and can only be seen under a microscope.
Choosing a flawless diamond will cost you more, or perhaps encourage you to opt for a smaller stone to achieve this level of clarity. By choosing a stone with a lower clarity rating, you can probably afford a larger stone.
# 2 – Choose a diamond alternative
If diamonds are too expensive for you, you may instead consider an alternative to diamond such as moissanite, which is made from a silicon carbide crystal.
You can also go completely unconventional and opt for a colored gem if your partner likes something a little more unique.
# 3 – Examine a Lab Grown Diamond
As mentioned above, lab-grown diamonds will save you 30% or more compared to naturally mined diamonds with similar characteristics. For this reason, lab-made diamonds are a very economical choice. They are considered by many to be a more sustainable option for a wedding or engagement ring, as they are less harmful to the earth when created in the laboratory.
# 4 – Choose a simple setting
Reduce the cost of your engagement ring by choosing a simple diamond setting. Consider one solitaire on a white gold rim as the most economical and traditional solution.
# 5 – choose gold over platinum
Platinum has gained popularity in recent years as the best choice for an engagement ring or engagement ring, but to be honest, the metal is not as durable as gold and also more expensive. You will save a lot by choosing 585 white gold rings.
# 6 – Shop Online for Better Choices
Choose a reliable online store to find the best quality diamonds and wedding rings at the best prices. They have less overhead and pass the savings onto their customers.
Just make sure you shop at a store that provides you with a Certificate of Authenticity for your diamonds.
Finally
If you are close to asking a question or are just starting to save up for your sparkler, we hope this post has given you great ideas and ideas for buying an engagement ring. Good luck and happy suggestions!
This article originally appeared on The Money Mix and has been republished with permission.