12 Money-Saving Tricks to Know Before Buying an Engagement Ring

1. Buy Diamonds Just Shy of Critical Weights

Carat weight and size are important in the ring-buying process ? at least they are to your girlfriend ? and jewelers know it. That’s precisely why most diamonds are cut in half and whole increments, as pricing is based on those thresholds.

“Instead of shelling out for the full 1.00 carat diamond, try to find something around 0.95 carat,” advises Shah. “Manufacturers do everything they can to cut to critical weights because the pricing is tiered on those values. If a diamond is cut to less, the value is lost and therefore price can be significantly less.”

Novella agrees, calling this “the best tip of all.”

“Diamond prices increase exponentially for each carat,” she says. “So if you want one carat, buy a .97. If you want 2, buy 1.95. It’s essentially the same thing but much cheaper.”

2. Buy Diamonds Online

We buy everything else online these days, so it only makes sense that you can find great deals on diamonds at Internet retailers.

“Buy diamonds online, even if you want to browse in store,” suggests Anubh. “Prices are significantly less and selection is far larger. You can see upwards of 20% price differences between online and in-store prices. Online jewelers are extremely price competitive and so the markups are actually very low. Jewelers make their margins on the setting, so buying the diamond loose then having it set in a ring locally is also a great idea.”

There’s another important tip that you don’t want to overlook, and it can save you hundreds of dollars.

3. Plan Your Purchase for the Summer

“Summers are a good time to buy ? summers are slow for most jewelers and wholesalers so they’ll be more price flexible to try and push inventory,” says Anubh. “Pricing is volatile around Christmas and can either go drastically up or down. Avoid the volatility and buy during the summer days. Plus it’s wedding season so people aren’t generally buying as many engagement rings at that time.”

June through August is unofficially known as wedding season, so you probably assume that’s the worst time to buy an engagement ring. The exact opposite is true, in fact, because while the actual weddings are taking places during the warmer months, most engagements are established throughout the rest of the year.

4. Opt for a Non-Traditional Shape

Would your lady prefer a round diamond? Unfortunately for you, she’s in the majority, which drives the price up due to demand. To save some coin ? if it won’t leave you single, of course ? look into more non-traditional shapes.

“Fancy shapes (shapes other than traditional round) are significantly less expensive and more trendy ? why?” asks Anubh. “Because round is the most popular shape so it’s most in demand ? simple economics. Also, a diamond cutter’s job is to preserve the maximum amount of weight. Rounds lose much more carat weight than other shapes, so they carry a premium.”

5. Consider Alternative Stones

They say that diamonds are a girl’s best friend. But isn’t it interesting how there’s no famous idiom that equates diamonds to a dude’s worst enemy? If you’re feeling the pinch on the prospect of buying a diamond, perhaps you can consider alternative stones, like precious gems or even a manmade, eco-friendly diamond-esque stone. (Tough sell, I know, but it’s worth a shot.)

“Non-conventional brides might want to consider alternative stones to diamonds, or use a diamond setting but another stone for the center stone,” Novella suggest. “Asian cultures highly value imperial green jadeite, for example. It’s more rare than diamonds but still more affordable.”

(P.S. If your bride is non-conventional, consider yourself an even luckier man.)

6. Go for the Gold

Yellow gold went out of fashion for a while over the past couple decades, but its back with a vengeance now that it has an enviable price tag. And Novella wants you to hone in on it for investment’s sake.

“Gold provides the best value. Prices have steadily risen over the years so it’s a good investment metal, but more affordable than platinum,” she explains.

7. Look for 14k Instead of 18k Gold

While you’re concentrating your efforts on gold, you should also know that there’s a better value between one karat weight and another. It may seem like 18k gold is the best buy given the higher number, but that’s not the case.

“Generally, you can consider 18k like a brand name; it’s purer than 14k, but adds little to no extra raw value,” says Anubh. “The longevity of 14k is high, and simple ‘servicing’ (yes, like with a car) can keep it looking brand new. Just polishing out scratches or rhodium plating restores shine as if it were new. Do this once year ? it should only cost about $10 to $20.”

8. Steer Clear of the Brand Name Rings

“Avoid brand name rings and branded designs,” Anubh warns. “Any ring can be custom made and any design created as close to the original as possible. There are huge savings when custom making a branded design so I definitely recommend that route if you like something branded outside your budget.”

I didn’t have to buy an engagement ring because I married a dude (we’re simple like that), so I had no idea that there were brand-name rings. Now that you are enlightened, you should stay far away too.