When you're getting ready to pop the question, it's time to start looking for a beautiful engagement ring. Despite this being one of the most important purchases you'll ever make, you don't need to spend a fortune on an engagement ring to find something your partner will cherish.
Fortunately, there are some clever ways to save money when buying an engagement ring. From compromising a bit on size and colour to being flexible with the diamond shape, here are five tips that will save you money when buying an engagement ring.
1. Size doesn't have to be a round number
It's common knowledge that people generally love round numbers, and things are no different when talking about carats (the size of the diamond).
The "magic" 1-carat mark is indeed tempting, but the truth is that you can get a 0.95-carat diamond that looks virtually the same while being significantly cheaper.
Even when the weights of two diamonds of equivalent cut, colour, and clarity are not far apart, the carat weight might cause a substantial price difference.
Often, a 0.90-carat diamond will be far less expensive and look exactly like a 1.00-carat diamond, and a 1.90-carat diamond will look exactly like a 2.00-carat diamond without the cost.
Carat weight, cut, and size all have a role in determining the value of a diamond, but many people don't realize this. Defining 'biggest' is often important because the most typical request from jewellers is for them to give the largest diamond that the buyer's budget would allow.
It's possible to get a diamond with a substantially larger appearance without spending much more on the carat weight if you select a diamond with an unusual shape. When viewed from above, a diamond appears to be larger than it really is, so if you're gazing down at your piece of jewellery, you can assume it's of a specific size.
A diamond's carat size, which measures its weight, is not the same as the diamond's measurements, which are measured in millimetres or inches. Even if the carat weights of two diamonds are quite near, you should look at diamonds with different dimensions and different cuts if you want to achieve a specific aesthetic.
2. Make a small compromise on colour and clarity grades
The cut quality of a diamond is typically the most important of the four C's of diamonds. Colour, clarity, and carat weight can all be sacrificed to some extent without having a significant impact on the aesthetic of the diamond.
Overpaying for a diamond with the highest Clarity grade is rather common, as a diamond with a slightly lesser grade will not have much of a difference.
Looking for an “eye clean” diamond is always a good idea. Aside from the precise grade you choose, the diamond's appearance is more important than its grade. Look for flaws and imperfections while inspecting the stone in person or online. Look for a diamond that doesn't have any visible imperfections or inclusions.
3. Be flexible about diamond shapes
You can save a lot of money by comparing different cuts and dimensions to each other when purchasing a diamond.
When a diamond is cut, it can appear to have a larger carat weight because of the way it's sized relative to your hand.
Your ideal diamond may be less expensive because it has a smaller carat weight or a lesser cut, but it still has the aesthetic you desire.
Furthermore, some diamond shapes can be less expensive than others, depending on the amount of waste that occurs throughout the cutting and polishing process. For example, a round brilliant stone is generally more expensive than an oval cut stone of the same quality.
4. Consider a different ring metal
Just like in the case of the stone, the metal you opt for will influence the price of the ring. The biggest difference is between platinum and gold. Since platinum is more durable and stronger than gold, it's often the metal of choice for jewellers because they can create stronger prongs with it.
Before deciding on the metal, you should consider durability, maintenance requirements and scratch resistance. If you're on a budget, you may want to choose a titanium ring over an 18-karat white gold band.
5. Go for a halo setting
It's possible to have an impressive look with a smaller diamond by using a popular design of an engagement ring — the halo. Diamonds with larger carat weights are more expensive; therefore, some people opt for a dazzling halo setting instead.
Since the brilliance and shine of your ring will be significant, this makes the diamond appear much larger. To save money, many people opt for a halo setting instead of a larger diamond because the ring will still appear to be big, but without the high price tag.
The bottom line
Now that you've learned how to save money when buying an engagement ring, you should be ready to pick a fantastic ring to surprise your loved one with.
Once you've decided on the perfect ring, you'll want to protect its value. Get in touch with us as JewelCover for a quote for comprehensive engagement ring insurance.