How to save Money When Buying An Engagement Ring
If you’re planning to pop the big question, but don't have thousands to splash on an engagement ring, we have compiled the ultimate guide to help you save money, whilst still getting a diamond that will sweep your partner off their feet.
Follow the steps below to save thousands on your engagement ring.
1. Buy the Ring Online
Like most items you can buy on the internet, buying an engagement ring online is no longer a high risk purchase. Most well known high street jewellers and smaller boutique jewellers will have a well designed, accessible website with a wide range of rings and diamonds available to buy. Most online retailers are also very competitive with their prices so will constantly re-evaluate costs and lower profit margins to provide the best possible price. You can usually save anything between 30-80% off high street prices.
Many websites also allow you to create your own engagement ring by selecting a diamond from thousands of options and selecting a setting style along with metal type to suit your needs and budget, making the whole experience stress free.
2. Research Diamonds, Metals, Styles and Jewellers
There is an abundance of information available on the internet to help find out everything you need to know about buying an engagement ring. Reading Diamond Education and Metal Comparison guides will take just a few minutes, but could help you determine exactly what you're looking for. By researching diamonds you will learn not to over spend on colour or clarity grades that are unnoticeable to the naked eye and add more money onto the price of the diamond. You should also take some time to to research different jewellers. Check out their website, social media platforms and customer reviews from third party sites like Google Reviews and Feefo.
3. Get in Touch With the Jeweller
Jewellers strive on providing the best price, so getting in touch with them by phone or email, could potentially be the easiest way to save money. Most jewellers will actively want to help you, as they are keen to provide the best price and service. By speaking to the sales manager, you can open up a direct line of communication, inviting that company to provide you with the best they can. A simple phone call or email can often pay dividends depending on what you are looking for.
4. Avoid Buying into a Brand
Like most products, buying a diamond engagement ring from a well known brand like Tiffany & Co or Debeers only means you will be paying to wear the name. You can buy the same quality for much less from a smaller jewellers. You could even get more for your money and go for a better diamond from a small jewellers.
5. Buy Straight Away
If you know your budget, the diamond you want, the ring setting, and you have found the best value after shopping around, we suggest you buy straight away as diamond prices generally do rise over time. This is due to the changing prices of diamonds and precious metals.
6. Select a Multi Stone Diamond Ring
Sometimes a total carat weight of one diamond can work out more expensive than a number of diamonds totalling the same carat weight. So you could consider checking the costs of a few different styles and designs to see which is cheaper. An example of this would be to compare the cost of a three stone diamond engagement ring to an engagement ring with diamonds set on the shoulders.
7. Select a Lower Diamond Colour Grade
Although Colour grade D is the best and the whitest colour option, it can add more on to the total price of a diamond. There is little difference with between colour grades D to G. So selecting one of these colour grades will save money and still achieve a white diamond.
8. Lower Your Diamond Clarity
The same applies to a diamonds clarity grade. A diamond graded IF will have no internal inclusions and is the purest diamond you can opt for, but will come at a greater cost. Diamond VS still have a high clarity grade with internal inclusions not clear to the naked eye but will cost less.