Celebrities and other affluent individuals can afford to blow thousands and even millions of dollars on an engagement ring. Of course, these people only make up about less than a quarter of a country’s population and as such, almost all individuals will still have to buy an engagement ring that is affordable and within their budget.
Since your budget is the main factor influencing your engagement-ring buying process, there are several important tips that you can follow so that you can achieve your goal of purchasing the right ring without spending too much money. These helpful tips include the following:
Don’t choose a branded ring. Just like with other merchandises, jewelries sold by popular brands tend to be more expensive. This is because the name sells the item. Popular jewelry shops or brands may charge a price premium of 10% for the marketing and the experience. But although the stones they sell are often of high quality, the added price does not automatically translate to additional quality.
Settle for some lower C’s. A diamond engagement ring is made up of 4 C’s: carat, cut, clarity and color. These C’s affect the price of the ring. If you are on a tight budget, set your sights on a lower carat. In addition, many experts say that cut is the most important of the four characteristics since this is what brings out the fire and the brilliance of the diamond. Do your search well to find a well-cut diamond since this will give you flexibility on some of the other C’s. An expertly cut diamond will be able to mask less-desirable clarity and color of the whole ring.
Include estate jewelry in your list of options. Today, a lot of people who are rushing to clear out their possessions extend to their jewelries as well. There are plenty of good quality older diamonds on the market, which may be more attractively priced especially if the setting is less trendy or the diamond is an older cut. However, there can also be dangers of buying a ring in the estate market, particularly for the less informed consumers since rings may not come with a diamond grading report. As such, before buying a ring from this particular market, make sure the sale is dependent on having the ring value and qualities established by a trusted independent appraiser.
Finally, don’t be ashamed to negotiate with the seller. In general, summer tends to be a slow time for jewelers, which can help consumers a leg up when they negotiate on the price. If you do your research right, you can even find a shop that offer discounts for buying wedding bands as well as the engagement ring, or for buying the stone and setting together. Don’t be afraid to ask for discounts and to strike a bargain with the vendor.