save money diamond engagement ring

How to Save Money on a Diamond Engagement Ring

Everybody knows that Valentine’s Day, New Year’s Day, and Christmas are the biggest days to pop the question. Putting your life on the line with a proposal is scary enough but it often means you’re looking at buying an expensive engagement ring and sometimes, debt comes with it.  If the diamond retailers have anything to do with your purchase, you’ll be shelling out about 1 to 3 months’ worth of salary. The average price in today’s market for a diamond engagement ring is about $4,000. The information below is going to show you how to keep that of that hard-earned money and buy some chrome for your Harley. Read more to see how to save money on a diamond engagement ring!

How to Save Money on a Diamond Engagement Ring

Heirlooms are a Leather Wallet’s Best Friend

If you can find yourself a nice heirloom, you’ll be able to get more than just chrome for your Harley. Finding a good heirloom will not only save you a ton of money, it has sentimental value that can’t be bought with a new diamond ring. The best way to get one is to ask the family of your significant other if they’ve got one they would like to pass down. If you strike out there, ask your family. If you strike with your family, ask your friends. If you strike out there, skip this section and go to wicked cheap.

Tips for Getting an Heirloom

OK, you’ve lucked out and found an heirloom and it was free, however, the down-side is upgrades and service can run a few hundred dollars to thousands. We know you’re not interested in the thousands part, so what do you need to do next? There’s a good chance the heirloom will not fit and it will need to be resized.
Getting your heirloom resized can cost as little as $50 and can run up to $500 or more depending on the condition of the heirloom and the amount of work the jeweler needs to do. Whatever you do, don’t mention anything about customizing the heirloom or having a new diamond set on the heirloom. You can kiss your chrome goodbye and find yourself in the price range you’re trying to avoid in the first place?

Buy Your Diamond on Wicked Cheap

Diamonds are always expensive and if you know when to buy them when the demand is low, you can save a moderate amount of money. Proposals in the winter months are the most popular and therefore, it makes sense to buy them in the off season. Summertime is the best time for saving money on diamonds due to lower consumer demands. You can find better discounts and incentives during the summer months and the prices are more stable during this period.

Buy your diamond a little smaller in terms of weight. Instead of buying a 1.50k diamond, buy a 1.25k diamond. The size will only be a tad smaller and the savings could be significant depending on the 4C’s of the diamond. You can do this on the low-down by asking the jeweler to see a 1.25k carat diamond. You’re significant other will think you know a lot about diamonds and chances are you might get away with it.

Look before you buy the diamond. Do your homework online and in stores and get educated on diamonds. Look for variations in the diamond’s color, cut, and clarity. We already took care the 4th C, the carat. Learn the 4C’s and apply that to your skills. You’ll get a better diamond in the price range that best suits your needs. Is wicked cheap still too expensive? Read on.
Bottom of the Barrel Cheap

This is a road less traveled and has cliffs. You might want to check with your significant other on this one. Bottom of the barrel cheap is replacing the diamond with another gemstone. Replacing the diamond can save thousands and there are a lot of options to choose from.

Synthetic Diamonds: are lab created diamonds that have the same chemical properties as diamonds mined from the earth and cost a lot less. They can be a great choice for consumers trying to avoid blood diamonds and ones that are conflict-free.

Moissanite Synthetic: gems are harder than diamonds and some pass diamonds on the clarity and color scales. A gemologist or jeweler will never disclose this information if they’re trying to sell you a diamond. It’s not a very valuable gem, however, it looks amazing and could be what rock bottom cheap is all about.

Alternative Gemstones: Jade and Pearls are very popular choices in other parts of the world. Topaz and Garnet are gaining more popularity in the states over the past decade. Cubic Zirconia is the most popular gemstone for consumers, when it comes to replacing a real diamond with something more affordable.

Credit Options

There are a lot of various ways to pay for a diamond. You can also use a credit card or ask for in-house financing options with your jeweler. You can also do it the old fashioned way by saving some money. We hope you enjoyed these tips on how to save money on a diamond engagement ring! Leave a comment with your thoughts!

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