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Your wedding day is one of the happiest moments of your life, but no one ever talks about the stress that comes with creating your dream event while trying to stay on a budget. That starts with your engagement ring, which is a serious investment. In fact, the average cost of an engagement ring is $5,500. However, there’s no need to skimp on the ring you’ll wear as a lasting symbol of the love you and your partner share. We’ve got some simple savings tips to help you save big on the most dazzling wedding jewelry.
Shopping for high-end jewelry is tough, especially when you’re shopping for an engagement ring. There are endless places to buy, so let’s break down a few.
There are the traditional, physical stores where you can see and feel rings in person. But, it can take a lot of time to visit several stores, and you might not find a ring that you love in your budget.
If you’re more comfortable in the digital world, you can also look for rings online. There, you’ll find a plethora of options that you can scroll through in one sitting. The drawback with online shopping is that you won’t be able to see the ring in real life until you actually make your purchase. However, in many cases, buying a ring online can save as much as 40% compared to a physical store. By shopping discontinued styles online, you can often find gorgeous gems for 60% off or more**.**
We have a solution that’s the best of both worlds. Spend some time checking out rings in person at traditional brick-and-mortar stores. You’ll be able to figure out all the important details, from the style you want to the cut and color of the stone. Once you know exactly what you want, you can search for an identical ring online. Then, buy it from the online vendor to walk away with a great deal.
There’s no shame in your game if you decide to go with a previously owned or vintage ring. With previously owned rings, what doesn’t work out for someone else can be the best decision you’ve ever made.
If you’re thinking about a newer, pre-owned ring, then try Zales or Kay Jewelers to find some of the best deals. You can save more than 50% on engagement rings and up to 75% on wedding bands by shopping for pre-owned rings.
If you find yourself leaning more toward vintage rings, shop around for some lovely options. Focusing your search on older, classic rings can lead you to something that’s unique, beautiful and timeless.
One of the best benefits of pre-owned and vintage rings is that they can almost always be found on sale. This is an easy way to save a ton of money, while allowing you to indulge in the elegance and charm of the perfect ring – even if it’s not quite brand new.
Although natural diamonds remain the most traditional engagement ring stone, they may not always be the way to go. You can still achieve the same look, but save quite a bit of money, by considering lab-grown diamonds.
Technology is so advanced nowadays that you can purchase lab-created diamonds that look like natural diamonds but can cost up to 30% less. If you find yourself working with a tight budget, this is a great alternative that will still make your partner shine bright on your wedding day.
The four Cs are a big deal when it comes to engagement ring shopping. However, you can cut costs by compromising on some of them in order to get your dream ring for a discounted price. The four Cs include color, cut, clarity and carat. Here’s a breakdown on how you can save on each one:
Color - Diamond color ratings range from D (colorless) to Z (light yellow or brown). Instead of paying more for a higher grade diamond, you can opt for a lower color grade without relinquishing the look you’re going for. By simply changing your color from a rating of “H” to an “I,” you can save up to 40% on the price of your ring. It’s a slight color difference that’s barely visible to the naked eye, but can save you a ton!
Cut - Popular and trendy cuts are all the rave, but why blend in when you can stand out? Cut can represent up to 50% of the price of a ring, so you need to decide where you’re willing to compromise. Oval and cushion-cut rings are among the most popular styles right now, making them among the costliest, too. If you’re open to other styles, like an emerald or Asscher cut, you could end up saving as much as $3,000 on the cut alone.
Clarity - Clarity is similar to color in that you can downgrade just a bit on it. Generally, color is more important than clarity, so compromising here can save you up to 40% on the total price.
Carat - This C could be the most important and also the easiest way to save a quick buck. By making a slight change to the size of the carat, you can save thousands of dollars. Often, people want to buy diamonds in full carats. But what happens when you purchase a diamond just a hair below a full carat? You save a healthy chunk of change. For example, purchase a ring with a carat weight of .9 instead of 1.0, and you can save around $1,000.
You don’t need a diamond to make your engagement official. Gemstones make beautiful rings, and their natural coloring adds a little pop of fun. Think of Kate Middleton’s stunning sapphire ring, which is the perfect example of the elegance and class of gemstones.
This simple stone swap is an easy way to conserve cash, too. Carat for carat, sapphires and rubies cost less than diamonds, and there are countless other colored gemstones to choose from. If you’re looking for a ring as special and unique as you, look no further than gemstones.
When researching the best ways to purchase your bands and rings, look into different metals for the band. Often, you can choose a slightly less expensive metal and still achieve the same look for your ring.
Bands come in a variety of metals, including platinum, titanium, gold, palladium, sterling silver and tungsten. Platinum rings are a popular choice for bands and also one of the most expensive. Opting for white gold or palladium instead could help save some money. In the end, decide which look and feel you prefer, and then investigate the cost.
When it comes to engagement ring shopping, there are plenty of “rules” about how much you should spend to score the perfect ring. Forget everything you’ve heard – including that pesky three-month salary nonsense.
The first step you should make is setting a budget based on how much you are comfortable spending on a ring. Yes, this ring is a symbol of your love, but buying more than you can afford will only put strain on everyone. There are many expenses that come with planning a wedding and starting a life with your partner. Focus your efforts on the memories you’ll make, because no one will remember the money that you spent.
We hope these tips will help you find the perfect ring for a price you’re perfectly thrilled about. Happy shopping!
Written by
Caitlin McIntyre
Caitlin is a seasoned writer who uses her expertise to help everyday people save money on just about everything, from new clothes to travel to food.
Specialised topics
Caitlin, with over three years at Global Savings Group, combines her seasoned writing skills and passion for savings to provide invaluable advice on clothing, travel, and health.
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