How to Buy an Engagement Ring Without Breaking the Bank

article by Foster I. author
Congratulations on your decision to pop the question! Now you are in the market for a beautiful diamond, and you want to get her a stone that is (almost) as beautiful as she is.

But be warned that once you begin shopping around, you might start seeing that diamond prices are a lot steeper than you expected. Before you start digging in the cereal box or playing the mechanical claws, check out a few of these budget-friendly ways of getting a shockingly beautiful diamond without sending your bank account into the red.

Set Things Straight

Big stones are gorgeous of course, but they’re also a hefty price to pay. One easy, budget-saving trick is to pick out a small diamond and supplement it with a circle of even smaller diamonds surrounding it. Called a ‘halo setting’, this style makes the stone appear bigger, and it also looks more expensive because of all those tiny diamonds enclosing it.

Go for a Cut Below the Rest

While most of the time you aim to be a cut above the rest, when dealing in diamonds, the opposite is true. Because diamonds are valued in a tiered pricing system, every tier raises the price tag considerably. Buying a whole carat is markedly more expensive than buying a diamond that is .8 of a carat, and you’ll save considerably if you buy just under the carat mark you’re looking at. The same holds true for the levels of clarity and grade.

Pay Gradually

Making such a big payment all at once can be a huge financial strain. Unfortunately, few jewelers will actually let you pay off your diamond in installments. That said, you can manage a gradual payment structure by taking out a personal loan to pay for the ring. With a convenient online loan, aka an unsecured loan, you don’t need any collateral, and you can give the jewelry store all the money upfront, while you comfortably pay back the loan over time.

Opt for Fewer Prongs

Some jewelers offer customers another easy way to save a bit on their engagement rings. Instead of going for a setting that encircles the diamond, opt instead for a prong setting. It still secures the stone to the ring, but it takes much less metal (which means fewer greenbacks) to create. This option is not ideal, however, especially if your fiancé is more active or likely to lose the diamond. Still, if you are confident in your loved one’s dexterity, this is a viable solution for saving cash.

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Choose Your Metals Wisely

Another foolproof way of saving money is to choose white gold over platinum. Platinum is approximately 30x more expensive than gold, and the price you pay for your setting will certainly reflect that difference. White gold offers the same resilience, beauty, and subtlety without the substantial price burden.

From online personal loans to smart metal shopping, you can give your girl the ring of her dreams and still have something left over to make a wedding with!