If you’re reading this post you’ve already found the person with whom you want to spend the rest of your life. Maybe you’re considering coming up with the question to your partner early, or you’re just starting to explore the Money that will be spent on an engagement ring so you can start to save up.
No matter what brought you here, all you need to know about buying an engagement ring will be shared by this post. They cover how much you should spend on an engagement ring, how to save up to pay for the ring, creative ways to cut costs when budget is an issue, and how to determine the best shopping style for your partner.
Look at purchasing your engagement ring as part of a stress-free wedding planning process.
How do you save money on engagement rings?
Why The Two Months’ Salary Rule doesn’t always work
Did you hear that spending the equivalent of two months ‘ salary is a good rule of thumb about what you should spend on an engagement ring? We’re not sure exactly where this figure came from, but just be free to ignore it.
Similar to the recorded “ordinary” wedding budgets publicized by the mainstream media, they are promoting this in order to convince the public to spend any amount. Who is looking to gain from the dissemination of these reports? Of all the jewelers and the gem firms!
And how much do you have to spend on an engagement ring? Next, consider what you can afford and the ring type your partner likes. The key is to strike an equilibrium between those two areas.
The financial situation of everybody is different, their stylistic preferences and their long-term goals and priorities are different. You’ll have to balance all of these to choose the right ring for your partner to buy when you pop up the question.
Look at your monthly budget and the real savings you make. How much can you put right now towards a ring? How much can you save to put towards the ring every month? Then, when combined with your current savings, factor in those monthly payments How long will you save to pay in cash for the ring of your partner’s dreams?
After the engagement, don’t forget; you’ll also have to save to pay for a wedding. Don’t leave yourself in debt
How to buy a decent engagement ring?
If you want to ensure that you buy a unique engagement ring that your partner loves while also staying within your financial means, research, intelligence and dedication will be required. Below we will explain the specifics of how to choose the right engagement ring and ensure that you get the best price.
Why do Rings of Engagement cost so much?
Thanks to a popular ad campaign by De Beers in the 1940s: “A Diamond is Forever,” engagement rings have become synonymous with diamonds in modern times. In many ways, it was a brilliant campaign designed to increase diamond sales due to a steep decline during the Great Depression.
This smart marketing campaign created an emotional connection between eternal love and diamond, which has ever since become the gold standard for engagement rings.
And why are diamonds so costly to themselves? Who makes for such a good diamond?
Historically, diamonds were quite hard to find, making them seem rare, and thus more expensive. Through owning the largest diamond mining field in South Africa, which they owned for most of the 19th century, De Beers also had a hand in the scarcity of diamonds. The company limited the number of stones released each year to maintain the illusion of limited supply to make them look rarer.
A wider global supply has been discovered in recent decades as new mines opened around the world, as well as the increasing popularity of diamonds produced by laboratories. Several factors still contribute to the cost of diamonds.
The Five C’s of Diamonds that contributes to its Cost
If you are wondering what you should look for when you buy a diamond engagement ring, you can begin by considering the diamond Five C’s. The GIA identified these features to standardize diamond valuation.
The aim is to keep things fair and ethical. The following five facets contribute to a given stone’s cost:
Carat refers to the apparent size of a diamond and is just one of the factors contributing to the cost of a diamond. One carat is about 200 milligrams. Each carat is split to 100 points. The average reported diamond in an engagement ring is around one full carat, for about $6,000 in cost.
Clarity refers to the overall quality of a gemstone. A flawless diamond is free of visible inclusions, surface defects or imperfections. However, most diamonds do have small inclusions or tiny defects, meaning they are completely unable to be seen with the human eye. Because of that, saving experts say clarity is the least important factor when choosing a gem.
Diamond color refers to the actual visual tone of the stone and is graded on a scale of D (colorless) by Z (light color). Although fancy colored diamonds such as pinks, yellows and blues are considered rare and desirable, transparent diamonds are most common for engagement rings. The finer a diamond is in color, the more precious it becomes. Diamonds with a slightly yellow color are considered less attractive and thus appear to be less costly.
A diamond cut refers to the form and technique used to shape the diamond to its final state. For a diamond there are many different popular cuts, such as round, brilliant, princess, oval, emerald, asscher, marquis, pear, etc. Round is by far the most popular form for a center diamond with a princess.
Is the diamond mined from the earth, or was it made in a laboratory?
Lab-grown diamonds have in recent years skyrocketed in popularity. Not only are they chemically the same stone as diamonds commonly mined from the earth, but they are also conflict-free and more accessible. You can save 30 percent by selecting a lab-grown diamond over a natural gem, so it’s a bit of a no-brainer.
On a stone of the same quality as a traditionally mined rock, you could decide to save 30 percent, or you can make your money go further. For the same expenditure you might choose a larger or higher quality stone as you would pay for an earth-mined stone.
Other Factors to put in Mind when getting an Engagement Ring
The setting is the other big factor in the cost of an engagement ring. Once you’ve selected your diamond (or another gemstone), you’ll need to decide how you’d like to present that stone.
From these days there are more designs than ever to choose from, from simple solitaires set in white gold to micropavé halo bands covering the entire ring with tiny diamonds. Ultimately, setting your engagement ring might cost more than your diamond centre, depending on what you choose.
Tips to saving money when getting an Engagement Ring
If you’re on a small budget, you may be looking for tips on how to lower the engagement ring costs. Below are some tips to help you find a lovely piece for your partner while keeping your expenditures in check.
1. Pick a low Clarity Stone
Look for a lower in clarity stone. When described above, with the naked eye, internal inclusions and imperfections are typically untraceable, and could only be seen under a microscope.
Choosing an internally flawless diamond will cost you more, or maybe force you to choose a smaller stone to provide that level of clarity. You’ll likely be able to afford a larger stone by choosing a stone with a lower clarity ranking.
2. Choose a substitute to Diamond
If diamonds are too expensive for you, you might consider an alternative diamond such as Moissanite, made of silicon carbide crystal, instead.
You could go completely nontraditional as well, and opt for a colored gemstone if your partner would love something a little more unique.
3. Consider a lab-made Diamond
As described above, as compared to natural diamonds with identical requirements, Lab-grown diamonds will save you 30 per cent or more. For that reason, diamonds produced from the laboratory are a very budget-savvy option. Many consider them a more environmentally friendly option for a wedding or engagement ring, since they are less harmful to the earth when created in a laboratory.
4. Pick Gold over Platinum
Over recent years, Platinum has gained popularity as the top choice for an engagement ring or wedding band, but the metal is not as durable as gold, and it’s more costly as well. Through opting to set your rings over 14k white gold you’ll save substantially.