Save Money on Your Engagement Ring: The Expert’s Guide

by Shannon Capri – Writer & Editor

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Save Money On Your Engagement Ring

The cost of an engagement ring can be a little overwhelming if you’re a first-time shopper.

It may seem like diamond jewelry will cost you far beyond your intended budget. But in all honesty, it doesn’t have to be as expensive as your window shopping may indicate. The truth of the matter is there are many different ways to save money on your engagement ring. The key is knowing exactly what to do.

Expert Tips for Saving Money on Engagement Rings

Follow our guide to save tons of money on an engagement ring when shopping

Don’t Shop At Boutique’s or Well-Known Brands

If the goal is to save money on your engagement ring, the first big mistake you could make is going to the mall or a jewelry brand that you are familiar with. It’s tempting to shop somewhere that looks familiar, but this may cost you thousands of dollars more for a ring than what you could be paying with affordable jewelry shops.

Where should you go to save money on your engagement ring?

Shop Online. There are a good variety of jewelry shops that are exclusively selling online, with the goal to provide budget-friendly diamond jewelry. For example, according to Diamondpro.com, the average price of a 2 Carat diamond ring is $20,000. But you can also find 2 Carat Engagement Rings for just $5,000 when you shop online.

Don’t Commit to a Perfect Diamond

It is most commonly advertised to go for the perfect diamond. These are colorless diamonds with excellent cut and clarity. These are also the rarest of diamonds and therefore, the most expensive in the market.

Perfect Diamonds are the most expensive. The truth of the matter is, natural earth-mined diamonds are flawed. They form in the Earth’s crust, in an uncontrolled environment. And perfect diamonds are actually quite difficult to come by, which makes them valued at a higher price in the market. Unfortunately, as the goal is to sell, the industry has often pressured shoppers to go for the ‘perfect’ diamond.

Flawed diamonds have better value. If you’re hoping to save money on your engagement ring, you can choose to shop for Eye Clean diamonds. These are diamonds with flaws that are not actually visible to the naked eye. These ‘imperfections’ can really only be seen under a microscope or by the eye of a trained professional. These will cost you far less than a perfect diamond on an engagement ring.

What to look for in an affordable diamond:

  • VVS1, VVS2, VS1 & VS2 Clarity
  • Color Grade G to H look colorless to the naked eye

Stay away from the words ‘colorless’ and ‘flawless’ as these will often mean the most expensive engagement rings in a collection. 

Consider an Alternative to Natural Earth-Mined Diamonds

It’s possible that you are hoping to shop for a large diamond for your engagement ring, somewhere between a 2 or 4 Carat diamond engagement ring, but you don’t have the budget above $8,000 for one. You want the big diamond, but you are hoping to only spend a fraction of its cost. The solution to this problem is considering an alternative to natural earth-mined diamonds.

There’s a growing market for affordable alternatives for diamonds as more and more people are looking for budget-friendly choices. Here are possible choices:

Lab-Grown Diamonds – Diamonds can now be made in laboratories. These are made with the exact same material and process as a natural earth-mined diamond. The difference is that it is almost 40% cheaper than a natural diamond.

Clarity-Enhanced Diamonds – Diamonds with significant flaws can be cleaned-up with specific procedures. Scratches, marks, and inclusions can be resolved with clarity enhancement. Clarity Enhanced diamonds are sold at more affordable prices than naturally cleaner diamonds.

Moissanite – The Moissanite Gem looks almost identical to a diamond, but costs more than half of a real diamond’s value. This makes it the perfect affordable alternative choice to a real diamond. In fact, its popularity has grown so much so that many jewelry stores offer a Moissanite choices for their engagement ring designs.

These alternatives will give you the opportunity to buy the ring with a bigger center stone, without worrying too much about its cost. You can stick to your designated budget, yet still get your partner her dream ring of a big diamond. 

Closing Thoughts

Take Your Time Shopping

The best thing you can do if you want to save money on your engagement ring is to take your time as you shop. With quite a large variety of choices to consider, a rushed purchase may not be the best choice. You’ll want to give yourself the opportunity to compare prices and guarantee that you are getting the best value for the engagement ring you want. Take your time shopping to save money on your engagement ring.

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