When it comes to buying your dream engagement ring, the primary aspect is how to find an affordable engagement ring that fits within your budget.
While there is a myth that says an engagement ring should cost at least two months of your yearly salary, that is simply not true and nor is it practical for many people. So we have come up with a list of tips to help you find something you and your partner love within a budget you feel comfortable with.
Define Your Priorities
How important is it for you and your partner to know without a shadow of doubt that you are not inadvertently supporting human rights abuses or have caused some damage to the environment by buying a diamond that has been responsibly mined? While most of the natural diamonds are conflict-free one can never be 100% sure as it is impossible to track every diamond from the mine to a jeweller. Jewellers’ and Retailer’s that offer ‘conflict free diamonds’ or ‘diamonds that have adhered to Kimberly Process’ are limiting themselves to conflict diamonds that finance rebel movements against democratically elected governments.
They omit a significant number of diamonds that are tainted by human right abuses and violence purported on the people who work in these mines as well the extreme poverty and exploitation of the mine workers. We may appear biased but buying a lab grown diamond is a sure-fire way of ensuring you are not inadvertently supporting any such act.
Firstly, to begin with the most important part is the research. Do a little research to see how much an average engagement ring in your preferred style costs. When selecting the perfect ring setting style, there are several design features to consider. Take into account today’s most loved design elements, as well as those that suit her style and personality. Of course, rings featuring large, high-quality natural center diamonds will be the most expensive. Some precious metals will also cost more compared to others due to factors like strength and rarity. Mainly while selecting the Engagement ring look for the long term care costs and not just the initial price.
A simple search on these metals and different diamond options will give you a good view for how much to spend on your preferred design. You can also speak to our Jewelry Expert on the contact details provided below. Our jewelry experts are always happy to provide diamond, metal, and ring setting information, as well as budgeting tips!
Set a Budget
Equally if not more important is having a budget in mind on how much you want to spend on your engagement ring. Never buy into the myths that say an engagement ring should cost at least two to three months of your yearly salary. This is simply not true and should be completely ignored. The reality is you should buy an engagement ring that is realistic for you and you should spend only what you are comfortable with. An engagement ring is a sign of love and should fill your heart with joy and not dread on how you are going to make next month’s instalment on your purchase. Next we need to understand your partner style choice. Do they prefer a ring with a big stone or are they willing to compromise on the stone size in order to get a better quality of diamond?
Do they like the classic and vintage round diamond or do they prefer opting for elongating fancy shapes like ovals, marquise, pear or radiant cut diamonds? When budgeting for an engagement ring, it’s important to create a list of which characteristics are most important to you and your partner so that you are aware of the areas that you can compromise. From precious metal type, ring style, diamond carat weight, shape, color, and setting type, talk with your partner about which elements matter the most and begin your planning. Again, we may sound biased but if you are going in for a lab grown diamond engagement ring the budgeting becomes much easier. Lab diamonds cost significantly less than naturally mined diamonds of comparable quality and carat weight. Center diamond carat weight can be one of the biggest contributors to the cost of your engagement ring, so lab diamonds are a great choice for couples who are set on getting a particular carat weight at a great price.
Tips and Tricks to make your Ring Dazzle
Most couples to want to maximize their purchase by getting their center diamond as big as possible. Being aware of a few design tricks that help accentuate the size of your ring is important so that the ring you decide to buy for your significant other melts their hearts and not your wallets. One trick is by choosing a ring with a Halo setting. A halo is a circle of smaller diamonds encircling a larger solitaire thus enhancing its look.
Another popular trick involves the use of smaller diamonds on the shank to accentuate the sparkle of your ring. Other unique details like metal beading, a twisting band, or hand engraving can also add to the visual interest and beauty of your ring without dramatically increasing the overall price. Still confused? Reach out to our Jewelery expert here
Consider a Ring With No Centre Stone
Another way to make an engagement ring more affordable is to opt for a diamond band ring that does not feature a center diamond. Eternity rings, five stone rings, or other bands can give you quite a gorgeous and dazzling look without the additional cost of a center diamond. Some couples prefer this style because no raised center stone means that their ring is less prone to damage. These styles are also easy to stack with other bands, such as future wedding or anniversary rings.
Sparkle From All Angles
Many couples want their center diamond to be elegantly shining while still fitting in under a certain budget. One way to create an affordable diamond ring that is still incredible is choosing a ring setting that will help add to the overall sparkle of your look. Styles like 3 Stone, Halo Rings or Pavé set bands, like mentioned on our “How to speak Jewelry” blog; will add more sparkle to the center stone and overall ring. Halo settings add a circle of diamonds around the center diamond to add sparkle and make the center diamond appear larger. Other unique details like metal beading, a twisting band, or hand engraving can also add to the visual interest and beauty of your ring without dramatically increasing the overall price.
Look for Something Fancy
Opting for elongating fancy shapes like ovals, marquise, pear, and elongated radiant diamonds can make the diamond you choose appear to take up more space than a round diamond of comparable carat weight and make your engagement ring look fashionable.
Consider Lab Created Diamonds
Lab Grown Diamonds are an excellent choice for couples who want to get a larger center diamond that fits within their budget. Lab grown diamonds are real diamonds and have the same physical, chemical, and optical properties as naturally mined diamonds. Other than gemologists or jewelers using special equipment, no one looking at your ring will be able to distinguish whether you’ve chosen a lab grown or a natural diamond. However, because they are slightly easier to source, lab diamonds usually cost less than naturally mined diamonds of comparable quality and carat weight.
Center diamond carat weight can be one of the biggest contributors to the cost of your engagement ring, so lab diamonds are a great choice for couples who want to get the best price they can and are set on getting a carat weight.
Pick The Perfect Ring Size
The most accurate way to determine ring size is to have your partner’s ring finger measured by a professional jeweler. Ask your partner’s parents or close friends about her ring size. But if that’s not possible, don’t worry, we have made it easier for you sitting at home. Try borrowing one of your partner’s existing rings. Using our online Ring Sizing Guide, you’ll be able to determine the ring size she wears. Our online ring sizing guide contains some additional hints on ring size as well.
Opt for Online Purchase
This might sound biased saying this, but it’s true! Research shows reputable online jewelers will have much more variety and inventory than a typical brick and mortar seller. Having more of a selection will always mean that there are more choices for you, and therefore more opportunities for you to find something you love within your set budget. Looking to an online seller is one of the best ways to get the most value for your diamond engagement ring. If you are nervous about buying your engagement ring online, keep in mind that most established online jewelers will have a return policy. La Joya offers complimentary 30-day returns.
While it might seem overwhelming initially using a few tips as mentioned here you will find that the process can actually be great fun without breaking the bank and you will end up getting the perfect ring which says ‘happily ever after’.