When you propose to your significant other and they say yes, the second thing on your mind is probably not how you’re going to afford an engagement ring. But the right ring, like any other luxury purchase, isn’t cheap. Even a small diamond can set you back several thousand dollars. As with most things in life, there are ways to get what you want without breaking the bank.
Check out these tips on how you can save money for a diamond engagement ring.
Know Your Markup
When you decide to buy a diamond, you need to understand that almost all of that cost comes from the markup. Diamonds are incredibly rare and difficult to source. Cutters have to be extremely skilled to turn a raw diamond into a sparkling gemstone.
And then there’s the marketing, distribution, and sales staff. All of this adds up to a massive markup. If you know how much you’re paying for the diamond itself, the rest of the budget becomes much easier to manage. You can focus less on the price tag and more on the design you want.
Shop in Advance
Unlike many other types of jewelry, you don’t want to buy a diamond ring on a whim. You need time to research designs and decide what you want for your future bride.
To give yourself enough time to research and shop around for a diamond engagement ring, you need to start planning at least six months ahead of time.
Negotiate with the Jeweler
When you’ve found the right ring and it’s time to buy, you’re going to want to negotiate a lower price. When it comes to diamonds, you can do this by playing the large markup game we mentioned earlier. You can also use another trick to get the price down. If you’ve found a specific ring that you want to buy, try to find out how many they have in stock.
If they have a lot of pieces left over, you can ask for a lower price. The jeweler probably has a certain amount of profit that they need to make on each piece. If they have a lot of unsold inventory, you can negotiate the price down.
Aside from these tips, you can increase your budget by using finotive funding alternative and review. This would open you to a much larger opportunity of making money and not worry about the cost of a diamond ring.