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Step 1
Save, Don't Finance ~ Financing an engagement or wedding ring can double or even TRIPLE the cost. Even if your credit score is perfect, financing will cost you big. Start a savings fund ahead of time. That way, the price you see is the price you pay. If you can't save for the entire cost of the wedding or engagement ring with savings, use financing for a smaller portion.
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Step 2
Estate Jewelry ~ Buying a brand new ring may add an element of romance today, but it will cost you romance in the future. Instead, look for a fine jeweler who sells estate jewelry. Even if a ring has only been pre-owned for a few months, the cost of buying it second-hand will likely be less than half of the original retail. Let someone else take the depreciation hit. Estate jewelry offers a more diverse selection. You'll get a better quality and weight of diamond. And estate jewelry can be easily be sized to fit.
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Step 3
Stones, not Solitaires ~ Select a ring with multiple stones. Solitaires are not only more expensive, but because there are fewer facets than multiple stones, they sparkle less. Multiple stone rings also offer a more diverse selection of designs and the chance to add colored stones.
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Step 4
No Brand Names ~ Name brand rings are popular, but not a better deal. Similar and identical rings can be found in small jewelry shops for half the money. Don't be afraid to shop around. Remember, quality is what matters. Brand names may add appeal, but not value.
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Step 5
Shape Trends ~ This is the biggest waste of money in the ring business. Every few years, often sooner, the popular shape of diamonds changes. That heart shaped diamond may be popular and expensive on the day you buy it, but within a couple of years, the popularity and appraisal value will drop dramatically. Stick with classic shapes. They cost less, maintain their value, and lend themselves better to original design.
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Step 6
Get Appraised ~ Wherever you buy your ring, you should get an independent appraisal. When buying from a private party, get the ring appraised before paying a dime. DO NOT accept a written appraisal provided by the seller. These can easily be forged. Also, there's no proving that the ring hasn't been tampered with since the appraisal. When buying from a shop you will generally have thirty days to return or exchange the ring. After purchase, take the ring to a separate appraiser and see if the value lives up to the original jeweler's claims.
Comments
esector said
on 1/20/2009 http://www.DiamondPriceGuru.com allows you to compare more than 400,000 loose diamonds from 11 most reputable diamond stores. Try it and save thousands of dollars.
wcs40110 said
on 12/28/2008 LOVE your advice!!!!!
acole said
on 7/17/2008 Excellent tips!
Susanh said
on 6/29/2008 Fantastic advice Kate! I read recently that the "average" wedding costs between $15,000 and $30,000! I can't imagine beginning my new life with my husband with that amount of debt. The ring advice is sound and could apply to the rest of the wedding plans too. :)
luv2blog said
on 6/28/2008 I started saving for my wedding since I was in the 8th grade. When I didn't find Mr. Right by age 30, I had a great shopping spree!! (LOL) Great article with wonderful advice.