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how to save money on wedding engagement ring

Ready To Drop a Rock on Your Soul Mate? Save Some Cash in the Process

Updated on April 20, 2021

 Personal Finance

So, you've chosen the traditional 'I'll pick out the ring routine'. Are you sure you want to do that? Have you scoured the internet and Pinterest boards? Are you educated on the subject? Do you have the right ring size? The right setting? The right cut? Oh, you do? Well, let's move on and save some money, shall we?

Dropping A Piano On Your Beloved Might Be Cheaper

The engagement ring tradition goes way back to Roman times, or even further for all those fancy scientists know. But Diamonds didn't become the stone of choice until DeBeers copywriter, Frances Gerety, wrote 'A Diamond Is Forever' in 1947. It was a wildly successful advertising campaign. How successful? Today 75% of first time brides have diamond engagement rings and 67% get them on their second or third marriage engagement. Imagine that. You can also blame DeBeers that the average cost of a jewelry store diamond engagement ring is between 3 and 4 grand. In the 1980s their advertisements convinced quite a few people that an engagement ring should be worth two months’ salary.

Get Your C's In Order

Invented by De Beers in 1939, the 4Cs: Cut, Clarity, Color and Carat are the standards largely adopted by the diamond industry. You can scrimp on Clarity, Color, and Carat, but never Cut. Cut can represent up to 50% of the price of the diamond, but it's what makes a diamond a diamond. In case you were wondering, a round brilliant diamond from De Beers has 57 facets. They believe it's the most effective number to optimize the reflection of the light. Like Scatman Crothers said, 'You know, some rings are like people. Some 'shine' and some don't.' Now that you're hands-off on the cut, you can get a little practical about clarity and color. Color is rated according to a precise scale, running from 'D' (colorless) to 'Z' (saturated). You could consider a near-colorless (graded G-H) for the best value. Clarity shortcomings are invisible to the naked eye. VS1 and VS2 diamonds have minor inclusions that are seen under 10X magnification. A clarity grade VS2 (Very Slightly Included) diamond is probably your best bet if you don't want to pay for something you can't even see.

Shave That Carat

Carat weight has a big influence on price and only a few people can distinguish the difference between a 1-carat stone and an 0.8 carat stone. That alone will save you 30% on the price. Considering the average carat size for the center stone in an engagement ring is less than one carat, you can chew off a little while you're saying, 'What's up, Doc?'.

Spread 'Em

Multiple stones on the ring have become popular these days. A three-diamond ring can create a spectacular visual experience for less money. A one-carat diamond in a classic setting can cost twice as much as a ring containing three stones of similar quality with that combined weight. Settings that have the center stone encircled with smaller diamonds could also add to that 'wow' factor.

Ditch The D

Swap out a diamond for a gemstone if you're on a super tight budget. Diamond engagement rings were not even popular before the 1930s. Opals, sapphires, rubies and turquoise were considered much more exotic gems for tokens of love. Sapphires and rubies are almost on the same scale of mineral hardness as diamonds. Because an engagement ring is worn daily, you need a gemstone that is tough.

Getting an engagement ring isn't rocket science, but a little research and patience can prevent breaking your bank. If you've already bought a ring and you're going to be late on a payment, you could avoid the high cost of late fees and apply for a CASH 1 Payday Loan.

Feel free to check out our PowerPoint presentation on SlideShare.