It’s no secret that engagement rings and weddings are costly – and there are many reasons that couples will want to save pennies wherever possible. We reveal eight ways to save money when buying an engagement ring.
Without sacrificing the experience of creating your dream ring, we spoke to experts Queensmith who have revealed eight small details that can be changed in order to save money on your engagement ring.
1. Have a Set Budget in Mind
Engagement rings can vary in price dramatically so by setting a budget can be realistic about what designs can be incorporated into your ring.
A way to calculate your budget could be by deciding how much money you can realistically put aside every month. A more expensive ring may take longer to save for but it could be worth it.
2. Save Thousands with a Lab Grown Diamond
The most effective way to cut down the price is to be open to choosing a lab grown diamond instead of a natural one. The differences in their appearances are minuscule but the change in prices is dramatic.
3. Forget Ancient ‘Rules’
An old, rather manipulative rule emerged in the 20th century that you should spend at least three months of your salary on your engagement rings. This rumour was started by a jewellery company and should by no means affect your decision when choosing your dream ring!
4. Avoid Flawless Diamonds
Flawless diamonds are incredibly rare and will therefore be expensive. There is no need to find a diamond that is completely flawless. Imperfections will be almost invisible and they will only help make your ring more personal to you.
5. Stop Fixating on Round Diamonds
They’re beautiful, but round diamonds are 20% more expensive than any other shape! This is due to the high demand and that cutting it to the shape wastes more of the natural diamond than any other shape.
Ovals, pears or marquise often appear larger than other shapes of the same carat weight which will make them feel like better value for money.
6. Consider a Solitaire Ring
A solitaire ring is one that has a central stone and no extra embellishments which makes it by far the cheapest design. The effect is a timeless and elegant engagement ring.
7. Choose Less Diamond Coverage on the Band
The intricate pattern of having diamonds embedded all along the band may sound appealing but it is a pricey option for engagement rings. Not only are you paying for more individual gems but also for the craftsmanship that is required for this design.
Consider only having diamonds on the top and visible half of the ring, or just a few set around the central diamond.
8. Find an ‘Underweight’ Diamond
See if you can find a diamond just shy of the carat mark for your engagement ring; they’re harder to find but can save you a lot of money.
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