Most millennials spend about $3,000 when purchasing an engagement ring. This is actually down from the old standard of $4,500 to $6,000.
If you’re working with a tight budget, you can still buy a beautiful engagement ring. The trick is to know how to get more for your dollar.
This guide will show you how to buy a diamond engagement ring without breaking your budget or the bank.
Skip the Name Brands
Just like anything else, when you buy designer jewelry, you’re paying for the name. The cheapest way to buy a diamond engagement ring is to skip the stores with higher markups.
Shop around and compare ring prices to find a brand or store that doesn’t mark up their rings as much.
Looking online is a smart option. There are jewelers that will buy wholesale diamond rings and then pass their savings on to you, the consumer.
Choose the Solitaire
This simple and classic setting is one of the most popular designs. It also has a timeless elegance that will look beautiful for many years to come. This means it’s sure to please the recipient and will continue to please far into the future.
Lowest Quality That Still Looks Beautiful
When someone shows you a ring, you don’t pull out a jeweler’s loupe and ask to examine the stones. You simply look at it and admire the sparkle.
One important tip on how to buy a diamond for an engagement ring is to buy the lowest quality diamond that still looks as good as the expensive ones to the naked eye. This lets you cut corners when it comes to color and clarity.
You could opt for a J-color stone, which is about seven grades down from perfect. These stones are about half the cost of D-color stones, which are considered perfect.
The cut will affect the color grade you should go for. Round diamonds can look beautiful in J-color. A princess-cut requires a slightly higher color grade, aim for around H or I.
Diamonds get rated on a scale from FL (flawless) to I1-I12 (inclusions). Buying a loose diamond for an engagement ring with a clarity rating of SI-1 or SI-2 will save you money, and no one will ever see the imperfections present in the stone.
Open up your options to stones that are slightly smaller than a carat. There’s a noticeable price difference between one-carat stones and .9 carat stones. Buying the smaller diamond will save you money while also having a stone that looks like it’s one carat.
Buy a Diamond Engagement Ring
Now that you know how to buy a diamond engagement ring on a budget, you’re ready to start shopping. The first step is to determine how much you’re willing to spend. Then the next step is to find the right jewelry seller to work with.
Then you can look at your options for the style of ring, clarity, color, and size.
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