How to Save Money When Purchasing an Engagement Ring

An engagement ring is one of the most important items that people buy in their lifetimes. However, choosing a good proposal ring might seem a little daunting if you’re on a tight budget. Still, it’s possible to get a good bargain on a ring that you like by simply following these money-saving tricks.

1. Set Your Purchase Plan During Summer Season

June through August is known as the wedding season, which is why most of us think that it’s the worst time to purchase a proposal ring. Guess what? The exact opposite is actually true. Although weddings often take place during the warmer months, engagements occur pretty much evenly throughout the year.

Summer season is also a bit slow for the business, so jewellers are more likely to be flexible with their pricing just to push their sales. Plus, it’s the wedding season, which means there are not as many people buying engagement rings during that time.

2. Buy Shy

Shopping for a diamond centres on the “4 Cs” – colour, cut, clarity and carat weight. When it comes to carat size, buying shy will help you save a considerable amount money without significantly affecting the look of the stone. Diamond prices change considerably at carat and half-carat marks, which means that buying shy (say, purchasing 1.95 carats instead of 2) could result to 20 percent savings from the ring’s original price – and yet the difference in the stone will hardly be noticeable.

3. Be Strategic With the Ring’s Setting

Don’t worry if your budget isn’t enough to get that customized wedding ring you’ve set your eyes on. Expert jewellers in Singapore shared that creating an illusion of additional carat is possible by opting for a ring with a halo setting (a circle of small stones surrounding the centre stone). Apart from making the centre stone appear bigger, this type of setting will also give the diamond a vintage look, thus changing its appearance and making it stand out from other gemstones.

4. Opt for the Prong Setting

Less metal on the ring means lower cost, so choose the more minimal prong setting (secures the stone like tripod above the band) over a bezel one (a metal ring encircles the sides of the diamond to keep it in place) for your engagement ring. Opting for a prong setting will highlight the stone and make cleaning the ring easier. Just make sure that you choose platinum metal for the prongs so the stone will be firmly held in place.

5. Go for the Emerald Cut

Unlike the other diamond cuts, an emerald cut offers few facets (the surface that reflects light and makes the stone sparkle). It won’t be as shiny, but its shape will allow the diamond to cover more surface area. Plus, it’s a timeless style so your customized wedding ring will never look passé.

6. Consider Alternative Stone Options

It’s true that diamonds are every girl’s best friend, but if you’re in a pinch, it’d be best to consider having alternative stones like precious gems or even man-made diamond on your customised wedding bands instead. Non-conventional brides often prefer alternative stones to diamonds or use a diamond ring setting but with a different stone for the centre of the ring. Asian cultures, like that in Singapore and China, highly value the imperial green jadeite. It’s rarer than diamonds, but more affordable.

7. Choose Gold Over Platinum

Going for platinum-based ring offers several benefits: the metal is durable, its colour doesn’t change or fade, and it gives off a gorgeous silky polish and white shine. Sadly, these good qualities come with a hefty price. Still, it’s possible to get the same fashionable look as customised wedding bands from Singapore that platinum offers at a more affordable price by opting for white gold instead. This metal is resistant to corrosion, rust and tarnish, it looks pretty and it won’t make you spend over your allotted budget for an engagement ring.

8. Steer Clear From Brand Name Rings

Another way to save money when purchasing an engagement ring is to avoid brand names and branded designs. It’s now possible to custom-made or duplicate a ring design that looks as close to the original. You will get huge savings with these customised wedding bands, which is why expert jewellers recommend this option if the branded rings are outside your budget.

9. Purchase Online

We can already buy almost anything online these days, so it just makes sense that you’ll be able to find great deals on diamond rings from internet retailers. The price of an engagement ring and wedding ring are significantly less online – there’s a 20 percent price difference between in-store and online prices. Online jewellers are price competitive, which is why price mark-ups on rings rarely happen online. Purchasing a stone online and having it set in a ring locally is also a good idea to further save money on buying an engagement ring.

10. Buy it as a Set

This might not be a good idea if you are planning a surprise proposal, but it will work if you and your fiancé-to-be are going to shop for the ring together. Oftentimes, it’s easier to score a deal if you purchase the engagement ring and the wedding ring at the same time. You might even want to include your own wedding band in the set to get even more savings.

Aside from buying your car or home, an engagement ring is one of the biggest and most stressful purchases that you will make in your lifetime. It is filled with wrong choices to make and questions to ask. Don’t fret though, because putting these tips to work will surely help you find an engagement ring that she can’t say no to – and one that won’t break the bank.