10 Simple Ways To Saving Money On An Engagement Ring
If you’re looking to splurge on a diamond ring, chances are, you are looking for a deal that’s bang for your buck. But how exactly do you land such a deal? How exactly do you figure out the best diamond ring for your upcoming engagement? In case you’re completely clueless on how to start out, here are 10 helpful tips that’ll surely help you get the best deal.
1. Shop Online For The Best Deals
One of the simplest ways to land the best diamond is by comparing your options. You know diamonds will cost you plenty of money, but there are ways to navigate to the best deal. Do not settle with the first deal you stumble upon, explore your options and compare each of them. One of the best places to compare different deals is online. James Allen and Whiteflash are the industry’s standard for getting you the best diamond for your money. Both of these industry leaders price their diamonds at minimum 25% below their competition. Their best prices can be even more exaggerated during promotional sales! James Allen discounted their already best prices, by another 25% over this last Christmas. For the best deals, wait for promotional periods like Independence Day, Black Friday and Christmas. If you would like detailed reviews on my recommended companies, please click James Allen Review and Whiteflash Review.
To ensure you are not getting ripped off, always avoid buying your diamond from mall brands. Almost every single mall jewelry outlet that you’ve heard of sells poor quality diamonds at unbelievably high prices. You may wonder how exactly these stores get away with it, but the idea is quite simple. These stores have spent thousands of dollars on strategic marketing and advertising in a bid to ensure that their customers’ purchase behavior is motivated by emotion, instead of any kind of reason. They bank on their slogan (i.e. “Every Kiss Begins with Kay”) and that their customers will not do the research needed to make an informed and intelligent purchase.
Things to Note: In certain stores (especially malls), the mark-up on diamonds is more than 100%. You will notice that mall brand diamonds are always having “blow out sales” where everything is 70% off. Do not be fooled by this non-sense. These companies have priced their diamonds so absurdly high that even with that “discount” they are ripping you off. Do not purchase your diamond from a mall brand.
2. Buy A Set
If you’re really looking to make a great deal, buy a diamond in a set (wedding band and engagement ring together) instead of an individual ring. You will receive a better price as you are spending more money with the vendor but the price per item will decrease, saving you money in the long run. If you are very nifty when looking for diamond sets with a ring and a band, there’s also a high possibility that you will be able to negotiate yourself an even more reasonable deal. While the initial cost might seem like a large amount, when you take the time to assess each item’s value, you’ll realize that the deal is surely worth your money.
3. Don’t Get Attached To A Certain Carat Weight
Most people entering into the engagement ring market have the 1 carat idea stuck in their head. When asked, “How big is that diamond?” People want to answer, smugly, “1 carat” or more. Do not be fooled, a diamond’s carat weight is not the only element that counts for a diamond’s appearance and value. Additionally, diamond retailers know that their customers are stuck on nice round numbers like 1 carat and charge massive mark-ups on diamonds of this weight. Save money by buying diamonds that are slightly less then your target carat weight. A diamond that weighs .97 carats compared to a 1 carat diamond will not be noticeable different to the naked eye, but will save you hundreds of dollars.
4. Get The Most Out Of Your Carat
While deciding on the carat for your diamond, do note, that bigger carats don’t always result in larger appearance. Instead of looking for bigger carats, aim for diamonds which are well cut to appear larger and more brilliant. A very well cut 1 carat diamond can appear larger and more beautiful than a 1.25 carat diamond that is not cut well. To get the most out of your diamond’s carat only buy diamonds which are graded very good or ideal cut. You can strike the best deal by buying diamonds in this range with a high table percentage. You will save money taking this route over simply increasing your carat on a diamond that is not cut well.
5. Save Money On Clarity
While assessing a diamond’s clarity, it can often be difficult to figure out what exactly you need to consider. In most cases, you’re deciding whether you need a flawless diamond, or something that’s a couple of grades down along the clarity grading scale. The key to scoring the best deal is to search for diamonds that are eye clean. Your grade of diamond won’t really matter here. What matters is how exactly the diamond appears to your naked eye. Check if you can find any blemishes or inclusions when you look at the diamond. In most cases, VS1 or VS2 diamonds are flawlessly eye clean, which means you get pretty diamonds at a lower price than a flawless one. However, the best way to get the most for your money is to find the lowest grade clarity, eye clean diamond. In some cases, you will be able to find SI1 grade diamonds that are eye clean. These will give you the most value.
6. Explore Different Shapes
Another simple way to not overpay while buying a diamond ring is to try choosing one of the less expensive shapes. While round cuts do look amazing and have a classic, timeless appeal, they come at an extremely marked-up price tag. Some excellent alternatives for your round cut ring would be one of the fancy shapes such as princess, oval, pear, or emerald cuts. Since emerald cut diamonds come with less facets, they won’t be as shiny, but their shape alone will let the diamond cover a bigger surface area than the other cuts of similar carat weight. The best part about emerald cuts is their timeless appeal. So, if you’re really looking to gift something quintessentially timeless without burning a hole in your wallet, this is one shape that’ll never disappoint you. Another equally cost-effective cut here would be the princess cut. When it comes to diamond cutting, the princess cut tends to be the least wasteful of the shapes. Due to this reason they come at a 20 to 30% lesser range than the conventional round cuts. Additionally, you can also check other cuts like marquise, oval or pear cuts as they tend to be extremely inexpensive when compared to the round cuts. Check out my post on the best diamond shapes here.
7. Fluorescence
Fluorescence is the tendency for a diamond to emit a soft glow when subject to ultraviolet light. A major reason to consider diamonds with fluorescence is because of the excellent savings potential it comes with. Diamonds that have high fluorescence will cost you much less. While many times fluorescence is not desired in a diamond, there are cases where a light blue shine will improve your diamond’s appearance. A light fluorescence can make a diamond appear more expensive while not burning a hole in your pocket. However, the one thing you should always consider is to make sure the fluorescence doesn’t make your diamond hazy. In case you’re buying online, make sure you’re placing the deal from a reputed retailer. Only in that case will you be completely sure that the diamond lives up to its quality standard.
8. Halo Setting
If your budget doesn’t allow you to settle with the larger stone that you’ve fallen in love with, don’t fret. You can create an illusion of more carats by going for a halo setting. This is a setting built with smaller diamonds that circle around your center stone. This setting doesn’t just make your stone appear large, but it’ll also change the look and feel of your diamond by giving it a completely vintage appeal. The combination of the setting of diamonds with the center stone can save you a fortune over buying one stone of the same size.
9. Color
Just like clarity, you can end up overpaying on the color without getting to see any relevant upgrade in beauty. Usually, diamonds from the G to I range look just as white as the ones in the D to F group. But guess what? The cost difference between the two can be as high as 18%. So before zeroing in on the best diamond, explore your options and check what seems better to you. Although jewelers might try convincing you that diamonds in the D range would be the best ones to opt for, your money would be better spent getting a slightly lower color grade and putting the excess money to a higher carat.
10. Go For White Gold Instead Of Platinum
There are plenty of benefits of choosing a platinum ring over its gold counterpart. Since platinum rings are extremely durable, they can be a great choice if you follow an active lifestyle. As they are made from naturally white metal, they won’t change in color or fade over time. And the best part: they’ll constantly exude a white shine along with a silky-smooth polish. However, these good qualities come with a price. To put it simply: since platinum is more rare than gold, it turns out to be more expensive. So, if you’re looking to enjoy the same benefits of platinum, try using white gold rings. They are enduring and completely resistant to rust. Additionally, they won’t tarnish or be corroded over time. White gold rings will look similarly beautiful, and they’ll end up being easier on you, in terms of cost. In case you’re looking to get something more fancy, try looking for rose gold rings. These rings aren’t just classy, but they also come with the same benefits as the platinum ones.
Final Thoughts
Well, now that you have an idea about how to save money when choosing your engagement ring, what are you waiting for? Explore your options, and zero in on the best one. My number one recommendation is to go online and search for diamonds on James Allen and Whiteflash. These companies will save you the most money by far. Remember, getting a diamond is often a once in a lifetime affair. So if you really want to save some costs, follow these guidelines for the best results and to get the most for your money.