When you have a good grasp of who or where you want to purchase your engagement ring from, gather a rough idea of what you want in a ring. Explore types of metals like yellow gold or platinum, different shapes and styles of bands, and natural and lab-grown stones. If you know your partner is a true diamond lover, ask your jeweler about the “four Cs,” which are cut, color, clarity, and carat weight. These factors come together to determine the overall look and value of a stone. For instance, a stone with a higher clarity may not have any inclusions apparent to the naked eye, while one with lower color might have a warmer tint. It’s important to determine which “Cs” matters most to you, as that can impact a ring’s price point. You also should ensure if the stones you are looking at are GIA graded, as these stones have true verification of their value.
Jewelers may be able to advise on how to find the best balance of the “Cs” to get a stone that’s within your budget. For instance, carat weight can often be one of the biggest factors in price markup. If you want a three-carat stone, finding one that’s just under that weight—around 2.8 or 2.9 carats—could cost you significantly less.
Consider Different Metals
Just as the price of diamonds can vary based on quality, so does the metal that holds the ring together. Platinum is the strongest, most durable metal and often has a slightly higher price tag thanks to its strength. But you might prefer the color of yellow gold for your partner’s ring. The price of gold can fluctuate based on the market, so it’s important to consider its current rate as you go shopping. “With the high cost of gold, metal choice definitely plays a larger part in price,” notes Landau. “Also, with chunky gold settings becoming very popular these days, the heavier the metal, the more expensive the ring will be.”
Consider Lab-Grown Diamond Versus Natural Diamond Pricing
If you are trying to get a larger stone on a budget, you might hear friends recommend you to look into lab-grown diamonds. These stones are near identical to a natural diamond—aka one that was naturally occurring in nature and mined—however they are produced in a factory setting at a fraction of the cost. While the value of a lab-grown stone is much lower than a natural diamond, you can find them at higher cuts and clarities for a much better price tag. Choosing between either a natural or lab-grown diamond comes down to a matter of preference in terms of its origin and value. If you prefer to have a natural diamond engagement ring, you should factor to spend about four times the cost of a lab-grown stone.
Don’t Be Afraid to Compare Prices
Don’t feel the need to say yes to the first, or even eighth, ring you see. Look at other wedding ring designs that vary in price, or ask multiple jewelers for their prices if you have a specific design in mind. Many well-known brands will have a higher markup, so working with a jeweler in your local diamond district could often provide you the best price for the quality. There’s no shame in educating yourself on high-quality jewelry, so why be afraid of educating yourself on price points? Although you’re aware of the national average people spend on engagement rings, that doesn’t mean it applies to you. Gather a reasonable price range for the type of ring design you’re interested in, and proceed with confidence.
Shop Jewelry Sales
It’s absolutely possible to avoid purchasing an engagement ring at full price. In fact, many jewelry brands will offer sales throughout the year corresponding with Black Friday or other big holiday weekends. It’s best to do a little research to see what jewelers have historically hosted sales at certain times or even ask your sales associate you’re working with if they have any on the horizon. When working with a diamond dealer, it’s also possible to do some light haggling on your ring pricing. After all, that incredible ring will look exactly the same with a 25% discount.
Consider Alternative Gemstones
FYI: An engagement ring does not have to have a diamond center stone. If you want a more original ring, you might look into gemstones other than diamonds, like rubies, emeralds, sapphires, or other colorful birthstones. These options can be equally stunning as a diamond ring, while also feeling absolutely unique. Before proposing with a gemstone, you may want to subtly run the idea by your partner to ensure they will be comfortable with this decision.
Look Into Vintage Rings
Don’t overlook vintage or antique engagement rings! These pieces of jewelry are not only beautiful and charming pieces of history, but they also tend to be less expensive than modern-day options. There are a number of aspects to take into consideration before purchasing a secondhand ring, like deciding on the era of preference or being made aware of any alterations the ring has had over the decades. Your perfect ring might just be a yellow gold band from the Art Nouveau era.
Meet the Expert
Olivia Landau is the founder and CEO of The Clear Cut, the largest digitally native only-natural diamond jewelry company in the U.S., specializing in bespoke bridal and everyday fine jewelry. A fourth-generation diamond expert and G.I.A. Graduate Gemologist, she started The Clear Cut as an educational blog before transforming it into a direct-to-consumer brand.
