How to Save Money On An Engagement Ring

How to Save Money On An Engagement Ring

According to Wedding Wire (which we are part of!), most engagements take place between Thanksgiving and New Years Eve (33% in fact) and January is the season that most brides-to-be start planning their dream wedding.

That means that a lot of our readers are planning on purchasing something shiny and sparkly this holiday season (especially if they are attending weddings this summer!) and a lot of them are going to be asking themselves (and us!) the same question: how do you know you’re getting a good deal on a diamond?

With the average cost of an engagement ring in the US exceeding $5000, we have some advice to offer those about to take the plunge on purchasing an engagement ring to make sure you’re getting the best deal you can on a diamond!

Read on for our top tips on how to save money on an engagement ring by Concierge Diamonds founder Dan Moran!

Look at comparable stones.

Before you buy a diamond, you want to make sure you understand the market value of diamonds. Do you see a stone for $5,000 that is being sold for $8,000 elsewhere? Similarly, do you see a similar stone for $3,000? As a general rule of thumb if a deal seems too good to be true oftentimes it is. Maybe the $3,000 stone is cloudy or has an ugly inclusion. Maybe it’s synthetic or a lab grown diamond. Which leads me to my second tip….

Will the jeweler you bought the stone from offer a trade-in guarantee?

The seller should want to work with the diamond they sold you in the future. If they do not offer you a trade-in policy, you should ask yourself why that is. You don’t want to purchase another person’s undesirable diamond and you definitely want to make sure they warranty their work.

Do you know the stone you’re buying?

Never buy a diamond based on its certificate alone. It’s very easy for consumers to rely on that little piece of paper to say whether or not the diamond they are getting is of good value, but the truth is the diamond must be vetted by a diamond expert. What if the diamond has a lot of fluorescence or something else? What if the stone is low clarity but the inclusions are prongable? The only way you can assess whether or not a diamond is going to work for you is by relying on a reputable jeweler to help guide you through the process. If you don’t know jewelry, KNOW YOUR JEWELER! (contact us to let us help you)

Does the deal seem appropriate to you?

Everyone has a budget. So it’s important to be sure that you’re looking at the right diamond for your budget and that you’re comfortable with the number. We have a lot of customers that get buried and confused with the amount of research they do—and we’ve seen some pretty crazy things. From spending hours pouring over color charts, to making their own specification comparison excel sheets, to all other sorts of bizarre home-created “tools”, we’ve seen a bevy of materials that end up paralyzing the client’s decision versus aiding it. Bottom line: if you don’t know, speak with a reputable jeweler because they have already done the work for you and can save you a lot of time, headache and hassle and hopefully, money.

Never skimp on cut.

Cut is the most important of the Four C’s. A diamond’s only job is to sparkle and be beautiful, and it’s the cut that unlocks the beauty of the stone.

Consider changing shapes to save a little money.

Round diamonds command a premium price in the market due to how difficult they are to cut and how well they return light as opposed to other shapes. They are also more expensive because they require the most loss of materials when making. Consider a different shape to squeeze a little more out of your budget.

Don’t shop retail.

This is one of the easiest ways to save money on a diamond ring. Work with a wholesaler and save yourself thousands by not shopping at  a big box store.

Don’t rely on the certificate.

Just because the certificate says something doesn’t mean it’s true. Color and clarity are subjective and depending on the person grading the diamond that day at the lab, you can get a variety of opinions. This is why you should work with a trusted jeweler and leverage their expertise.

For more tips, tricks and secrets to buying an engagement ring, take a look at this article about Dan Moran in The Huffington Post.  or download our Guide to Buying an Engagement Ring in 10 Easy Steps.

And if you’re ready to start searching for the perfect diamond, schedule a free online or in-person consultation today!

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