There’s an old saying that you need to spend at least two month’s salary on an engagement ring. However, this was a made up guideline created in the 1940’s as part of a marketing campaign for a major diamond producer. Today, there are ways to find the perfect ring while staying on your budget and keeping out of debt. To save money, choose which aspects of the ring truly matter. Is it the size of the stone? The cut? The stone itself? The perfect ring takes some effort but it doesn’t have to break the bank.
1. Gem
Diamonds are the classic gem for an engagement ring. They are also expensive, depending on the 4 C’s (cut, color, clarity and carat). There are diamonds that fit within a smaller budget; however, they may not be the exact size or color you’re looking for. A gorgeous (and popular) alternative is using a gemstone in place of a diamond as the center stone. A popular example is the late Princess Diana and her sapphire and diamond engagement ring. While diamonds were used as accent stones, a deep blue sapphire was the main attraction. (Added bonus: rubies and sapphires are both durable and dazzling alternatives to a diamond!) Perhaps use your partner’s birthstone as a sweet gesture instead of the traditionally expected diamond.
2. Cut
The cut of a diamond sets the tone for the entire ring. There are several cuts, each with its own style; a classic round, a trendy princess, a glamorous emerald, a romantic cushion, etc. The round brilliant cut is the most popular, and as such, the most expensive. Going for a different cut like an Asscher or pear cut may bring down the price a little.
3. Color
Color is another important factor in choosing a ring, but it’s not the end of the world if you go with a diamond and it’s not completely colorless. Color is graded on a scale, from D (colorless) to Z (light color). A yellow tint is somewhat noticeable at K, but for some, the yellow tint offers a desirable vintage look. Also, when put next to similar colors, the yellow is not as noticeable. For example, a slightly colored diamond would not look as colored on a yellow gold band as it would on a white gold one.
4. Clarity
Contrary to popular belief, clarity does not refer to how sparkly a diamond is – a diamond’s clarity is found by the minute imperfections within the diamond itself. The less imperfections, the more flawless the diamond. Obviously, the diamonds with the least inclusions (another word for flaws) will be more expensive. Slightly included diamonds are more budget friendly and while they do have slight imperfections, they aren’t really visible to the naked eye.
5. Carat
Carat is usually used to refer to the size of the stone but it actually means its weight. The average engagement ring is about .85 carats but, depending on the cut, can look the same as a diamond weighing 2 carats. You don’t want to ring to overpower the rest of their hand; for a more delicate look, a smaller carat is in order. If size takes preference, you might have to skimp on the clarity a bit to get a larger diamond that’s in your budget. Keep in mind though that a gem weighing several carats can have the same appearance as a gem with smaller carats, and only you and your partner (and an expert!) could truly tell the difference.
6. Setting
The perfect gem can look awful with the wrong setting, which is where the gem sits on the ring. The setting is also another place to show off your partner’s personal style if you end up going for a classic round cut diamond. A solitaire setting is perfect for the minimalistic look, showing off just the diamond itself, which is ideal for a bigger diamond. A halo setting is a budget-conscious choice; instead of splurging on one big diamond, you surround a medium sized diamond with smaller accent diamonds, giving the appearance of a bigger gem. Whatever the setting, make sure it fits your partner’s style. (Someone with very minimal jewelry may not want to wear a ring that has a cluster setting.)
7. Metals
Every woman has a preferred jewelry metal whether it’s silver, gold, rose gold or even platinum. When choosing a metal, pay attention to what they wear on a daily basis because you don’t want to spend a ton of money on something that will not work with their skin tone or other jewelry. (Yellow gold may be a classic choice that is nice to your bank account, but it wouldn’t be that flattering for someone who prefers silver or a lighter metal.) White gold is a beautiful choice for those who prefer silver jewelry and rose gold is climbing in popularity for its soft look and vintage feel. An alternative to gold would be platinum, but this is an expensive change. The benefits are that it’s durable and hypoallergenic, so if that would be the best choice for your partner, splurge for the platinum band instead of the giant gem.
When it comes down to it, budgeting for a ring means choosing the things that matter the most to your partner, such as size of the gem over quality, and compromising to find the perfect match. With these tips in mind, go forth and find the best ring for your love (and wallet).
To get an idea for what kind of ring you might want and what fits within your budget, check out our Ringbuilder and put together your dream ring!