Money Saving Tips
February 9, 2015

How to Save Money on an Engagement Ring

Simple. Thrifty. Living.

Valentine’s Day is considered one of the four biggest marriage proposal days of the year, the other days being Christmas, Thanksgiving and New Year’s. Are you one of the many who is looking to make this Valentine’s Day extra special? Or maybe you’re looking for some bling for yourself. Regardless of the reason there is no need to overpay for a brilliant sparkler, no matter your budget.

Although buying an engagement ring online doesn’t scream romance, it will get you the best possible price. In fact, rings purchased online are significantly more valuable than those purchased in a store. According to experts, online retailers have more competition and less overhead costs, so prices tend to be lower.

Worried about purchasing online? Seek out online retailers whose gemstones have been evaluated by gemologists. Additionally, make sure the site can provide a number of images of the ring from different angles, and have the capability to answer all of your questions via email, phone or chat. Still skeptical of buying a ring online? Choose a store that has both e-commerce and retail locations.

Generally speaking, most women say they would like a 1-carat diamond ring, however if you subtract just a tenth of a carat you could be looking at a 25%-30% decrease in price. Allowing for this tiny difference in weight will yield you big savings and the naked eye won’t be able to tell the difference between a 1.0 and .90 size stone. If you are on a tight budget, look at rings that are less than a 1/2 of carat.

Want a lot of bling without breaking the bank? Look to purchase rings with a pave setting or even a pave center (Pave settings are made up of lots of small gemstones, typically diamonds which are set very closely together). Due to the fact that the diamonds are small you can increase the overall weight (carats) of the ring and create more sparkle even if the center stone is on the smaller side.

The center stones aren’t the only thing that can run up the price. The four most common metals found in an engagement ring are platinum, gold, silver, and palladium. Gold (yellow, white or rose), tend to be the most popular and range in price. Platinum tends to be the most costly, while palladium and silver rank among the least expensive. There is rarely a need to pick the costliest metal, especially when you can put those savings towards the center stone.

Found “the ring” but it happens to be set in platinum? See if the setting can be changed out, this will reduce the overall cost.

There are a number of beautiful gemstones out there besides diamonds, and recently non-diamond engagement rings have been increasing in popularity (thank you Kate Middleton). If your bride isn’t dead-set on a diamond this may be a good option for you. Rubies and sapphires tend to be most popular, with sapphires the least expensive of the bunch.

Regardless of your price point, there is no need to overpay for an engagement ring.
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