How to Buy an Engagement Ring on a Budget

They say, ‘You can’t put a price on love.’ That may be true. So buying an engagement ring on a budget might not seem that romantic, but if you’re looking for an affordable engagement ring, where do you start? How much you choose to spend on the ring, or how much you are able to spend on that, is very much a personal matter.

Whether you are planning an all singing, all dancing Oscar-worthy proposal; or you have already established the wedding plans and you need to take a trip to the jewellers together, buying the best engagement ring that budget allows is top of everyone’s list. 

So, what is the acceptable amount to spend on an engagement ring? The general rule of thumb dictates that the equivalent of three month’s salary is around the right amount to spend. If you’re buying an engagement ring on a budget it’s not a good idea to add extra pressure to your finances by overspending. Be sensible with the budget you have and you could bag yourself a real bargain. Choosing an affordable diamond engagement ring doesn’t mean it needs to have any less of an impact. The sentiment is the same, whatever the value.

Visiting The Jewellers

It’s easy to get carried away at the jewellers. But be wary of the person behind the counter dangling huge ‘CARATS’ in front of you!

Being sure of your budget beforehand, and doing your best to stick to it, will help avoid unnecessary disappointment or embarrassment. The jeweller is there to help. They won’t want to waste your time, or theirs, by showing you a range of engagement rings you can’t afford. If they know what your financial limitations are they can work with you. That way, you’ll be getting the best deal possible, for the budget you’re working with. 

5 Things to Consider, When You’re Buying an Engagement Ring on a Budget

Personal Style - Firstly, is a diamond definitely for you, or would you prefer a coloured stone? Diamonds are the most traditional choice for an engagement ring; they never go out of style, and they compliment every outfit, clashing with nothing.

Even if you’re buying an engagement ring on a budget you can still personalise the stone and setting, to compliment your style. Think to the future when you’re selecting your design. Your tastes may alter over the years. You can’t go wrong with an elegant, traditional solitaire diamond, and this is the most cost effective style too. There are plenty of options that fit this bill, so you will still be able to play around with style and design.

Stone Shape and Size - Affordable diamond engagement rings come in all shapes and sizes. Try a selection on to see the difference on your hand. You have plenty of options; round, oval, pear, marquise, square, heart shaped…….. The list goes on.

Once you’ve established the shape, decide whether you want it set as a solitaire, or surrounded by other stones. Think about how it will fit alongside your wedding band, and how it integrates with other jewellery you wear. 

The size of the diamond you select may be the biggest factor that dictates the price. If you’re looking for the biggest stone you can afford, you may have to compromise on other aspects of the stone………..

The 4 C’s - Following on from shape and size, there are four other important things to consider, when buying an engagement ring on a budget. 

Cut - The cut of the diamond is very much related to the ‘sparkle’ quality. The more precise the cut, the more intense the display of colour from the stone. The cut is responsible for determining the reflected light bouncing off the stone. 

Colour - Diamond colour is rated on the International Grading System - the worldwide standard for evaluating the quality of diamonds. In basic terms, the more colourLESS the stone, the higher the value. Colour equates to cost!

Clarity- The fewer imperfections, or inclusions in the stone, the better the quality, and the higher the price.

Carat - This is the unit of measurement used to describe the weight of the diamond. Higher carat diamonds command a higher price tag.

Know Your Metal

Consider the colour and type of ring setting, to ensure it compliments your other pieces of jewellery, and even your skin tone. There are numerous possibilities, including yellow, white and rose gold, platinum and more. This will also influence the overall cost of the ring, but ultimately the stone will determine the bulk of the overall price.

Budget

Before you do anything, particularly if you’re buying an engagement ring on a budget, consider the maximum amount you are able to spend. 

Next, consider the things about the ring that are important to you, and prioritise these as you make your selection.

For example, if the size of the diamond is most important, you may find that some stone shapes appear larger than others. Pear shaped and marquise diamonds can look bigger than a standard solitaire, but they may weigh the same. 

If colour and cut are more important than size, your jeweller will be able to direct you along the right path. 

You will be encouraged to try on a selection of rings. This will help you determine the overall style, size and colour that you prefer. Even when looking for an affordable diamond engagement ring, a good diamond specialist will be able to meet your requirements, without having to compromise. They should have plenty of rings to choose from, with examples of different shapes, sizes, and colours of stone and metal. 

Getting engaged and planning your wedding are exciting times. Whatever budget you are working with, there is an engagement ring with your name on it! 

Being armed with all the relevant (if somewhat unromantic) information, will be imperative in ensuring you get the best possible bling for your buck. The secret is, to take your time and do some window shopping, before making your final decision.

Whether you choose a ring that’s already designed, or you prefer to get involved in the process at the early stages, there’s absolutely no reason why you shouldn’t get the diamond engagement ring of your dreams. You just need to know how, and where to look. So, what’s stopping you?