Purchasing an engagement ring for your loved one is an emotional experience. You’re getting them something to symbolize the love and commitment you have for one another. But for many, this is also a stressful period. The average engagement ring cost is the equivalent of two weeks’ pay, which is a lot, considering you’ve also got a wedding to plan.
However, you don’t need to break the bank to get the perfect ring for your loved one. We’ll make sure you get a discount with these ten tips.
Choose the Timing of the Purchase
Most folks decide to purchase an engagement ring around big public holidays, such as December or Valentine’s Day. But wedding retailers know how popular engagement ring shopping is around this period, which is why you’ll never get much bargaining power. Instead, the best time to buy an engagement ring and to propose is in the fall season, or right before or after the holidays.
Of course, if you do choose to propose during these times, make sure to take advantage of the massive promotional discounts that are always being offered around this time. Sometimes those promotions will be a lot stronger than anything you could of possibly bargain.
Get a Vintage Gem
If your partner loves all things vintage, you’re in luck! It’s easier to get a discount on an antique engagement ring than on modern bling. And the great thing is that an artistic ring can have a stunning setting and cut you don’t usually see these days. In a nutshell, you could get engagement ring jewelers rarely make for a fraction of the price.
Choosing vintage jewelry will be eco-friendly and a lot healthier for the environment, it will also completely avoid the issues related to blood-diamonds and child labor.
Consider Something Other Than a Diamond
It’s said that diamonds are a girl’s best friend. But this doesn’t apply when it comes to your budget. Other gems are equally long-lasting and can withstand daily wear. But they don’t cost a fortune. In the past, a sapphire, ruby, or an emerald engagement ring was once standard. Whatever gem you choose, know it will grab everyone’s attention as a centerpiece of the engagement ring.
Here are some of the up-and-coming center stones that people are using:
- Aquamarine
- White Sapphire
- Tourmaline
- Moissanite
- Morganite
- Pearl
Get a Pre-Owned Engagement Ring
It’s a common misconception that pre-owned engagement rings are of inferior quality to new bling. In fact, these rings are of the same quality but cost much less. Moreover, if cleaned and polished properly, pre-owned engagement rings can look as good as new.
Many jewelry retailers offer huge discounts on second-hand engagement rings. So go to a local vendor and see if they have some pre-owned gems in their collection.
Shop Online
Retailers may also offer discounts if you purchase an engagement ring through their website. If you went to a brick-and-mortar store, you’d be surprised by the difference in prices. Shopping online for an engagement ring isn’t only good for your budget, it’s also more convenient.
You don’t need to go across state to get the ring you like. With a few clicks, it will arrive at your house.
A lot of companies will also offer home-viewing options and live-video appointments options.
Buy Light Carats
It’s possible to save a lot of money and get fantastic discounts on diamonds if you get light carats. For instance, instead of getting a 1.0 carat diamond engagement ring, consider the bling shy of two or three points (something like 0.97-carats). Both gems look the same to the untrained eye, but the difference in the price is very significant.
Pay in Cash
Vendors offer a discount if you pay for the engagement ring in cash. When customers don’t pay with a credit card, retailers avoid credit card fees. It’s a win-win situation for both the customer and the vendor. Before making a purchase, make sure to check this information.
You can also ask for a discount if you wire the money directly. They may sometimes take off the 2.5% or so that the credit card would have charged.
Negotiate
Although it seems straightforward, asking for a discount can work. And if you’ve got good negotiation skills, use them to your advantage. You might be able to negotiate a better deal on your engagement ring. Ask for about 5-10% off and you will usually get something off. Telling them that you plan on getting your wedding bands from them as well, will usually make them very interested in accommodating you.
So long as you’re very respectful and polite, most jewelry companies will be very open towards a small negotiation.
Just a word of warning, if you ask for too much of a discount, they will think that you’re not serious and they may not budge from their original asking price. Each scenario will require a different approach, but this is the overall idea.
Skip the Chain Stores
Getting a discount won’t be possible if you go to a chain store. Check online and local vendors first. They usually have hidden gems for a fraction of the price.
The best deals are usually going to be online. The overhead for these companies are usually a lot lower and they can therefore afford to give you a much better discount.
Avoid a Lab Grown Engagement Ring
Some people think that if you really want a diamond engagement ring but are struggling to afford it, you should just consider a lab-created rings. They’re a much cheaper solution for someone who doesn’t want to spend a small fortune on an engagement ring, but they also have massive shortfalls.
The most notable problem with them is that they’re almost impossible to sell. The second you walk out of the store, no one wants to buy them back. They were made in a lab and the price was artificially generated to be worth about 60% of a regular diamond.
If you want a cheaper alternative to a diamond, it is a much better idea to just go for a Cubic Zirconia. They will cost about $5 per stone. When/if you’re ready to go for something more expensive, you can skip right towards a real diamond.
A Word of Advice
If you don’t want to spend two weeks’ salary on an engagement ring, you can refer to the tips we’ve provided in this guide. Whether that’s getting a vintage or a pre-owned engagement ring or buying light carats, there are many ways to save a few bucks.
Wherever you decide to purchase an engagement ring, make sure it comes with a certificate. It will give you peace of mind that the gem you purchased is authentic. Plus, it enables you to sell the ring at a later date, if you ever decide to do so.