With the cost of living crisis forcing Brits to tighten their purse strings, now may seem like the worst possible time to start planning a proposal.
However, finding the perfect ring and getting engaged is a huge milestone that many couples refuse to cut corners on. In fact, most people are still willing to put aside an average of £4,500 for their engagement ring!
To help take the financial stress out of what should be an exciting time, Joanna Wyganowska, Gemmologist & Design Consultant at the award-winning engagement ring jewellers, Queensmith, has given her expert advice on eight ways you can save money on an engagement ring – without sacrificing the quality or your dream design:
1. Have a set budget in mind
Setting a budget you’re comfortable with is the best place to start when it comes to your engagement ring search. As rings can vary so drastically in price, having a budget will really help to set the parameters of your search and give you a realistic expectation of what your ring could look like. Prices for a quality ring will start from £1,400 or so, but you could look into cheaper options if you’re willing to sacrifice quality and not having a real diamond.
When it comes to finances, never fall into the trap of comparing your situation with anyone else’s – forget about keeping up with your friends or colleagues, and do what feels right for you both.
First things first: break down your monthly income and outgoings – how much can you realistically put aside every month without having to drastically change your lifestyle? If it’s a small amount, then it may take a little longer but it’ll be well worth the wait.
2. Save thousands with a lab grown diamond
The best way to save significant savings is by choosing a lab grown diamond ring. Compare an identical natural and lab diamond, and you could notice hundreds if not thousands between the prices. Lab diamonds are usually between 60-80% cheaper than identical natural diamonds.
Lab diamonds are authentic diamonds, just grown in controlled environments. Other diamond simulants, which are fake diamonds, are cheaper – like Moissanite or cubic zirconia, however they do tend to look fake. So I’d always recommend a lab diamond over anything else, because it is entirely identical to a natural diamond.
3. Forget ancient old ‘rules’
There’s an old but very prevalent myth that you should spend three months of your salary on an engagement ring. Maybe this is a good guide for some people, but it’s unrealistic for others.
It’s worth noting that this ‘rule’ was invented as a marketing tactic by a jewellery company in the 20th century when the cost of living was an entirely different story, so don’t feel pressured by it! If you’d like to benchmark your budget against your salary, one month’s salary is a much more realistic figure for most people, but even this can take a long time to save so don’t put too much pressure on it.
4. Avoid flawless diamonds
Reality check: there’s no need to buy a flawless diamond, or even a near-flawless diamond. The closer you get to flawless diamonds, the rarer and more valuable it will be – but the truth is, you don’t need to splurge your budget on finding a diamond without any marks. Anything above VS2 will look clear to the naked eye, and come at a lower price tag.
5. Stop fixating on round diamonds
They’re beautiful, but round diamonds are a little more expensive than any other shape! This is because of their high demand and the fact that more diamonds are wasted during the cutting process compared to any other shape.
Since the increase in the cost of living, jewellers have seen alternative shapes soar in popularity, like oval diamond engagement rings. Also, elongated diamond shapes like ovals, pears or marquise often appear larger than other shapes of the same carat weight, and offer great finger coverage – making them feel like better value for money.
6. Consider a solitaire ring
A solitaire engagement ring is very simple, refined and incredibly timeless. There are no extra diamond embellishments, so a solitaire ring setting is by far the least expensive and means you can dedicate more of your budget to the central diamond.
7. Choose less diamond coverage on the band
You may like the look of a ring with tiny diamonds set along the band but these come at a cost (quite literally!), as you’re paying not only for the diamonds themselves but the craftsmanship required to set each little diamond too.
Also, there’s really no need for a full eternity diamond band, as most of the time you’re viewing your ring from the top and the back of the band isn’t visible.
8. Find an ‘underweight’ diamond
See if you can find a diamond just shy of the carat mark – they’re hard to find but can save you a lot of money. For example, you might see a big price difference between a 0.97ct diamond versus a 1.00ct diamond!
