Planning to Buy an Engagement Ring? Do your Homework First
Are you thinking of making your significant other a permanent part of your life by getting on one knee and popping the question? If so, you will need a ring - or maybe not. And if you need one, what kind, style, and price is right for your lady and for your budget?
Not all women want an engagement ring (they do want the proposal, however). Some women feel an engagement ring is ostentatious or it may interfere with an active profession or lifestyle. (You won't see many firefighters or landscapers wearing a large diamond ring.) Your lady love may prefer only a simple wedding band or no ring at all. (Some women consider a wedding ring to be a sign of "ownership.") If she wants a ring, she might prefer a ruby, sapphire, emerald, or her birthstone rather than a diamond. And do you know her preference for the setting? Does she prefer yellow gold, platinum, silver or something else?
Once you have decided to purchase a ring and you know what type, it is off to the jewelry store where you should be prepared for sticker shock. According to a recent industry survey, the average engagement ring costs a little over $5,000 and the price can go much higher depending on the size and clarity of the center stone and the number of side stones. The majority of a ring's cost is for the stone/stones, not the setting, so focus on them. You can always purchase a diamond and design your own setting.
If you haven't saved enough to cover the cost, most jewelry stores offer financing (if you have good credit) and some offer it interest-free for the first few months, giving you time to pay it off. Miss a payment, however, and you could be in real trouble. Having the engagement ring repossessed is not the way to start a marriage.
If the sticker shock is too much to handle, there are ways to reduce it, though you won't be able to avoid it entirely. One option is to purchase just one ring that serves as both the engagement and wedding ring. Another option is to purchase a less expensive "starter" ring with the promise of upgrading it in the future. Also, consider the size of the stone. If you are thinking of purchasing a 1 carat diamond, you can save hundreds by purchasing a .9 carat. The size difference is negligible, but the savings can be huge.
Where you purchase the ring may also affect the cost. It isn't necessary to purchase at a traditional jewelry store. If you or your significant other works for a large department store with a fine jewelry section, you may get an employee discount if you purchase the ring there. Department stores also tend to have more frequent sales than traditional jewelry stores. You might also get a temporary part-time job and save for the ring (as well as for the wedding and honeymoon costs).
There is more to getting engaged than just the proposal, so be sure to do your homework before making a costly mistake. Your fiancee will love you for it.
Not all women want an engagement ring (they do want the proposal, however). Some women feel an engagement ring is ostentatious or it may interfere with an active profession or lifestyle. (You won't see many firefighters or landscapers wearing a large diamond ring.) Your lady love may prefer only a simple wedding band or no ring at all. (Some women consider a wedding ring to be a sign of "ownership.") If she wants a ring, she might prefer a ruby, sapphire, emerald, or her birthstone rather than a diamond. And do you know her preference for the setting? Does she prefer yellow gold, platinum, silver or something else?
Once you have decided to purchase a ring and you know what type, it is off to the jewelry store where you should be prepared for sticker shock. According to a recent industry survey, the average engagement ring costs a little over $5,000 and the price can go much higher depending on the size and clarity of the center stone and the number of side stones. The majority of a ring's cost is for the stone/stones, not the setting, so focus on them. You can always purchase a diamond and design your own setting.
If you haven't saved enough to cover the cost, most jewelry stores offer financing (if you have good credit) and some offer it interest-free for the first few months, giving you time to pay it off. Miss a payment, however, and you could be in real trouble. Having the engagement ring repossessed is not the way to start a marriage.
If the sticker shock is too much to handle, there are ways to reduce it, though you won't be able to avoid it entirely. One option is to purchase just one ring that serves as both the engagement and wedding ring. Another option is to purchase a less expensive "starter" ring with the promise of upgrading it in the future. Also, consider the size of the stone. If you are thinking of purchasing a 1 carat diamond, you can save hundreds by purchasing a .9 carat. The size difference is negligible, but the savings can be huge.
Where you purchase the ring may also affect the cost. It isn't necessary to purchase at a traditional jewelry store. If you or your significant other works for a large department store with a fine jewelry section, you may get an employee discount if you purchase the ring there. Department stores also tend to have more frequent sales than traditional jewelry stores. You might also get a temporary part-time job and save for the ring (as well as for the wedding and honeymoon costs).
There is more to getting engaged than just the proposal, so be sure to do your homework before making a costly mistake. Your fiancee will love you for it.
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