Do you plan on popping the question soon? Before you get down on that bended knee, you need a ring. It’s very easy to make a costly mistake when buying jewelry. Diamond engagement rings are incredibly expensive and with an economy that keeps fluctuating, most people don’t have enough money to spend engagement rings.
But here is the good news! You can save money if you know and understand some few tricks. Here are few tips to find the cheap diamond engagement rings without sacrificing quality:
GO FOR DIAMONDS SHY OF THE CRITICAL WEIGHT
Size and carat weight are some of the factors that determine the price of a ring. They are also important to her, and all jewelers know it. Rather than opting for a full 1 carat diamond ring, try finding something close to that, maybe 0.95 carats.
Manufacturers always do everything to ensure that diamonds are cut to critical weights since the pricing is tiered on these values.
In case a diamond is cut less, it loses its value, and the price can reduce significantly. The prices of diamond increase for each carat.
So if you want a 2, consider buying a 1.95. It is essentially the same diamond but much cheaper.
PURCHASE YOUR ENGAGEMENT RING ONLINE
Today, you can buy almost everything online. So, why not find some great diamond deals from internet retailers.
The prices of engagement rings are significantly less, and the selection is larger. You will note that there is a 20% price difference between in-store and online prices.
Online jewelry retailers offer competitive prices. In-store jewelers make their margins on a ring’s setting. So, another idea you can take advantage of is to buy the loose diamond then have it set on a ring locally.
PLAN TO BUY THE RING DURING SUMMER
Unofficially, June to August is known as a wedding season. Most probably you thought that this is the worst time to purchase an engagement ring. But that’s not the case. Although the actual weddings take place during the warm months, many engagements are established throughout the year.
Summers are also slow for most wholesalers and jewelers so the prices can be a bit flexible. This is because they have to push inventory. Prices are unpredictable around Christmas and can either go down or go up drastically.
Avoid the volatility and get the ring during the summer days. Again it’s the wedding season; not many people are getting engaged.
CHOOSE A NON-TRADITIONAL SHAPE
Does your lady prefer a round diamond? It’s just unfortunate for you if she does.
Most ladies like round diamonds and that demand drives the price up – simple economics. But you can save some bucks if you opt for non-traditional shapes. Other shapes (not the round ones) are more trendy and less expensive.
Also, it is a diamond cutter’s job to preserve as much weight as possible. Round diamonds tend to lose much more carat weight compared to other shapes, and that’s why they carry a premium.
PAY IN CASH
Since engagement rings are very expensive, you probably plan on paying for it with credit.
This is a bad idea for two reasons – you might miss out on savings, and you can incur extra interest charges if the balance drags on.
The best option is to save money until that day you can buy it in cash. You will enjoy proposing to your girlfriend knowing that there isn’t a huge bill that needs to be paid. The time you spend saving money gives you enough chances to make sure that the relationship is right for you.
If things don’t work out, your money will still be safe in the bank. If you are buying from a wholesaler, use a check or bank wire. You will get a discount on credit card processing fees aren’t involved.
STICK TO YOUR RING BUDGET
Everyone gets deluded by love at some point, but this is the time you have to keep it together. Set the maximum sum of money you want to spend on this ring. Use this goal to find the best ring for that amount or less. You don’t want to start regretting later for blowing out your budget.
Diamond engagement rings are also priced based on the flaws they have. The more the flaws, the lower the price. Again, the naked eye can’t notice all the flaws. Only an expert can differentiate a perfect diamond and the ones with flaws. A magnifying glass has to be used to detect these irregularities. Go for unique diamond rings with a few imperfections.