An engagement ring is a significant investment that holds sentimental value, but what most people don’t know, is that an engagement ring doesn’t need to break the bank.
Every person has a different budget to consider, which is why not every person will opt for a traditional diamond ring. The good news is, diamonds are not the only option when it comes to engagement rings, and there is a wide variety of affordable alternatives and approaches that are just as elegant and beautiful.
Spending on an engagement ring can often be stress-inducing for ring buyers due to societal pressures, and tired, outdated approaches like the three-month salary rule which traces back to the 1930s. It’s important to find a ring that works for you, your lifestyle, and your budget.
Consider the affordable ring options that will allow you to select a ring within your budget, without compromising on quality.
Consider Alternative Gemstones
Although diamonds remain a classic engagement ring gem choice, many couples choose alternative gemstones based on the desired aesthetic, and make the most of their budget. In fact, studies show that brides will choose a ring with an alternative gemstone nearly 13 percent of the time.
One of the top alternative gemstones for diamonds is moissanite, but what is moissanite and how does it compare to a diamond? Moissanite is a lab-grown ‘silicon carbide’ that boasts a striking resemblance to diamond. Both gemstones possess similar characteristics in terms of appearance and performance.
Besides its own beautiful characteristics of sparkle and brilliance, the most significant benefit of choosing moissanite while shopping on a budget is that it allows you to opt for a larger carat weight without a huge price jump. By choosing moissanite, you can maximize your budget with a large, diamond-like stone within a lower price range.
Keep the Design Simple
The design of an engagement ring can contribute to its price tag, especially when you are custom designing a ring. Adding more designs to the piece can increase its cost, and keeping the design simple will allow you to be more cost effective.
Use inspiration from timeless pieces or family heirlooms to design your ring. You don’t have to compromise on the design when you keep it simple. Even a simple design can stand out if you explain your expectations to your custom jeweller.
Focus on One of the 4Cs
The four C’s of diamonds are carat, colour, cut and clarity. To make the most of your budget, have reasonable expectations within each category. For example, ‘near-colourless’ diamond will have a very similar hue to a colourless diamond but can often save you thousands. When it comes to the clarity of the diamond, a Flawless diamond (FL) and a Very Slightly Included (VS) may looks the same to the naked eye.
Save Some Sparkle for Your Wedding Band
Sticking to a budget during your engagement ring purchase will also allow you to have a more significant budget for your wedding band. Keep your design simple and defer spending on additional accent stones now to give yourself more time to save up.
Buying an engagement ring may be stressful due to the societal pressure people face due to old traditions, and preconceived notions of how much should be spent on a ring. You can combat that stress by focusing on purchasing a ring that won’t become a financial burden on you or your partner. Consider the factors above to craft a beautiful ring on a budget.