A stunning engagement ring doesn’t have to break the bank. If you are careful with your selection, you can find a valuable, meaningful piece that meets your expectations. Here we look at some smart ways to save money and protect your investment.
Pick Value-Rich Gemstones Like Sapphires
Diamonds are the top tier of the engagement ring industry, but sapphires offer incredibly good value for a slightly lower price. At 9 on the Mohs hardness scale, sapphires are some of the toughest stones and can endure daily wear. Sapphire has less chance of chipping and requires fewer repairs, thus, extending your resale value down the road.
Sapphires come in stunning tones of deep blue, pink, yellow, and even white, so you have even more creative opportunities! A one carat sapphire ring generally looks larger, brighter, and has more color than a diamond in the same price range. If you are looking for that balance of beauty and budget, this elegant sapphire ring collection will show how much value you really can get without sacrificing quality.
Select Your Metal for Value and Longevity
The type of metal you choose will impact price and how long the ring will last. Platinum is a very durable and hypoallergenic choice, but it will be heavier on your wallet because of the weight of the metal.
You could also get a similar shiny look with white gold if you are looking for something more affordable. Just keep in mind that white gold will need rhodium plating to maintain that bright white look over time. Yellow and rose gold age beautifully and have less visible scratches. They’re usually less expensive than platinum, and there is minimal upkeep because there will be no plating required.
If you are seeking a ring for someone with sensitive skin, stick with platinum or higher-karat gold to avoid irritation.
Select a Classic Setting That Retains Value
Settings factor into the price point more than you may realize. Intricate designs mean more labor costs. Such designs are harder to re-sell as they may not appeal to buyers should trends shift. Designs like solitaires, halos, pavé bands or three-stone rings have traditionally held value. They are likely to hold value over time.
A clean, understated design will make the center stone stand out and thin bands help create the appearance of a larger stone. Symmetry will help to guide the eye where you want the visual focus to be. Sticking to timeless designs also feels like a wise investment if you ever want to redesign your ring and wish to keep its desirability.
Know When to Purchase
The jewelry industry actually operates in predictable patterns. From late October through February, during engagement season, rates are likely to be at their peak. If you’re shopping out of season, (spring or end of summer), you will enjoy better prices. In addition, you’ll find fewer crowds, and your shopping experience and customer service will be better.
Online retailers tend to have sales as they work around inventory cycles, quarterly promotional seasons, or annual promotional events. This is also the time to shop for a ring. If shopping locally, you may ask when new inventory will be in, or whether prices will change for certain stones.
Personalize With Purpose
Personalization adds meaning to a ring, but also adds cost. Personalizing rings is great. However, instead of changing the whole ring design, you can make little changes that add emotional value to the ring without fully adding labor costs.
Personalization may look like engraving the date, initials, a hidden gem, or modifying the design under the center stone in the gallery.
You may also consider a semi-custom approach, as opposed to designing from scratch. Find one design that you like, then simply change the details of the existing design, instead of designing a ring from scratch. This way, it has a personalized look without the costs of custom craftsmanship.
Strategic personalization strikes the balance between saving costs and having the personal detail you want. It allows you to leave room for options, and preserve future resale value.
Plan for Appraisals and Insurance
Your financial responsibility does not stop once the ring is paid for. You also need to get a professional appraisal to verify authenticity, document quality, and secure the right insurance coverage.
Insurance protects your investment for the long haul. Whether you get dedicated jeweler’s insurance or add it to your homeowner’s insurance, an appropriate policy gives you coverage from total financial loss if something goes bad. These small, recurring expenses are important to maintain the long-term value of the ring you’re buying. They are an important factor in your total cost strategy.
Endnote
When you look at engagement ring shopping through a value-based lens, you can purchase an exceptional piece, while still controlling your spend amount and preventing long-term value loss. From gemstone selection, to timing, and everything in between, it adds up. These six strategies help you maximize the balance of meaning, beauty, and frugality, allowing you to be just as excited about your purchase years from now as you were when it was first placed in your hands.
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