How to Cut Costs Buying a Diamond Engagement Ring

It is no surprise that wedding costs are continually rising, but many couples are shocked to find that the average engagement ring cost is well over $3,000. With the proper cost cutting tips, however, it is possible to find an inexpensive ring without sacrificing style or beauty.

Cost Cutting Tips: Prioritize the Price

Before ruthlessly making sacrifices to lower the price of an engagement ring, couples must consider what characteristics of the ring are most important to them. If a single solitaire diamond is the most important part of the ring, the couple will want to focus their budget on finding a quality diamond while minimizing accent stones or expensive metals that drive up the price. If, however, an elaborate design is the bride-to-be’s idea of the perfect ring, it may be more important to choose less expensive stones so more of the budget can be concentrated into a stunning arrangement of multiple gems.

Once the couple has decided which ring characteristics are the most important, they can begin to investigate different cost cutting tips to purchase the ring of their dreams without a price nightmare.

Easy Ways to Lower Engagement Ring Costs

There are many ways to lower the cost of an engagement ring without sacrificing quality or beauty. The most popular cost cutting tips include:

• Opting for a lower karat value metal. While 18k gold may be luxurious and elegant, 14k gold is less expensive and easier to find with very little visual difference to the untrained eye.
• Choosing a smaller carat gem. There is very little visual difference between a one-third and a one-half carat stone, but there can be a significant price difference depending on the quality of the stone.
• Selecting a more common stone shape. Round gems are the most popular and least expensive, while trademarked cuts such as Asscher or Hearts on Fire stones are more costly.
• Choosing a thinner band. The thickness of the ring’s band directly affects the cost of the ring by using more metal. Opting for a thinner style not only helps emphasize the gems, but also lowers the overall cost.

Eliminate the Extras

There are several other costs couples can frequently trim from their engagement ring budget without remorse. For example, many jewelers offer extended warranties and service plans, but reading fine print may reveal that they are not necessary. Most jewelers offer a free lifetime guarantee if the ring is periodically inspected; purchasing an additional plan is often unnecessary, particularly if the ring is well cared for to avoid accidents or damage.

Another extra couples should avoid are the finance charges from in-store credit plans. While these can be useful for couples who need assistance to purchase just the right ring, the zero-down and no-payments-for-months offers often have ancillary fees that add needless dollars to the engagement ring’s cost.

Costs You Don’t Want to Cut

At the same time, there are certain costs associated with engagement rings that couples should try not to cut. Antique and estate rings, for example, should be accompanied with anappraial to authenticate their value – the cost of the appraisal can help the couple avoid potential poor deals from imposter rings.

Another necessary cost of engagement rings is the price for finding a quality stone. While the highest quality gems are not always necessary, choosing a very poor quality gem – such as one that may be heavily flawed– can lead to greater expenses in the future as the stone becomes damaged and needs to be replaced. The best approach is to choose a moderate quality gem rather than the cheapest stone available; this way, the couple will still have a quality gem without destroying their budget.

Your Final Price

In the end, the best advice for how much to spend on an engagement ring is to choose a ring that is the highest quality you can afford, but not to exceed your budget for needless prestige or frivolous accents. By prioritizing the ring characteristics you desire and cutting costs for less meaningful aspects of the ring, you can have the gorgeous engagement ring you desire with the price you are comfortable affording.