The Dos and Don'ts of Buying an Engagement Ring
According to Bankrate statistics, on average, Americans spend $6,000 on an engagement ring, and 86% of all engagement rings purchased in 2021 feature diamonds as the preferred stone. Clear diamond engagement rings are priced 63% higher than gemstone rings, with an average price of $6,800 compared to $2,500. In recent years, yellow gold engagement rings have gained popularity, with an 11% increase since 2017.
Buying an engagement ring is a big deal. It's the symbol of your love for each other and a promise that you'll spend the rest of your lives together. That's why it's important to do it right.
Here are some do’s of buying an engagement ring:
1. Do Set a Budget Before Shopping for an Engagement Ring
Setting a budget is a crucial first step in buying an engagement ring. Without a budget, you could easily overspend and find yourself in financial trouble. Determining how much you can realistically afford to spend before you start shopping is important. Consider your income, expenses, and any other financial obligations you may have.
According to Yahoo! Finance, In the 1930s, De Beers Group's marketing campaign suggested that a man needed to spend three months' salary on an engagement or wedding ring to demonstrate his commitment. However, many ring buyers opt for more conservative spending habits in contemporary times.
If you are considering how much to spend on an engagement ring, CNBC suggests allocating only 5% of your income toward the purchase. For example, if your income is close to the median household income of $70,784, this would result in a reasonable budget of around $3,539 for a ring.
2. Do Some Research on the Recipient’s Preferences and Style
The best way to ensure that you're making a good purchase is by knowing what your partner wants and likes in an engagement ring. If possible, ask them directly about their preferences before purchasing one for them.
You could also look at photos of rings they have liked in the past or even ask friends who have been married recently for advice on what kind of ring styles are popular right now (and which ones aren't).
3. Do Consider Alternative Gemstones
While diamonds are the traditional choice for engagement rings, it's worth considering alternative gemstones as well. Gemstones such as sapphires, emeralds, and rubies can make for unique and stunning engagement rings. Not only are they often more affordable than diamonds, but they also come in a range of colors, making it easier to find a ring that suits your partner's style.
One popular option is a halo ring set with colored gemstones. Halo ring sets by Leibish feature a center gemstone surrounded by a halo of smaller gemstones, creating a striking and distinctive look that is sure to impress.
The smaller stones may be diamonds or alternative gemstones like sapphires or emeralds and can be in a variety of shapes and colors. These rings can be customized to fit the wearer's preferences and budget and can be a great option for those looking for a unique and personalized engagement ring.
4. Do Buy From a Reputable Jeweler
You may have heard the saying, "If it seems too good to be true, it probably is." Well, when it comes to buying an engagement ring, this couldn't be more true. If you're having trouble finding a reputable jeweler that can provide certification and documentation for your diamond, then you're likely dealing with an unethical seller who can't be trusted.
A warranty or insurance policy is also a great way of knowing that your money isn't going down the drain if something goes wrong with your purchase.
5. Do Consider the Practicality of the Ring’s Design
When buying an engagement ring, it's important to consider the practicality of the ring's design. The ring will be worn every day, so it should be comfortable and durable enough to withstand everyday wear and tear.
It's also essential to consider the lifestyle of the person wearing the ring. For example, if they have an active lifestyle, a ring with a high setting may not be the best choice as it could get snagged on clothing or equipment. Additionally, it's important to consider the ring's maintenance requirements to ensure it can be properly cared for over time.
Next, let’s cover the don’ts of buying an engagement ring:
1. Don’t Go Into Debt or Overspend on an Engagement Ring
While an engagement ring is an important symbol of love and commitment, it's important not to go into debt or overspend on a ring. It's essential to set a budget and stick to it to avoid financial stress.
Don't feel pressured to conform to the societal expectation of spending a specific amount on an engagement ring. Instead, prioritize your financial stability and consider alternative options such as lab-created diamonds or alternative gemstones.
Harpers Bazaar notes that to establish a more ethical and sustainable presence. Several jewelers are selecting lab-grown diamonds over natural ones for their designs. Lab-grown diamond brands prioritize accountability, resulting in a lower impact on our planet. This is why many celebrities opt for lab-grown diamond brands.
2. Don’t Assume That a Larger Diamond Is Always Better
When it comes to diamonds, bigger is not always better. A larger diamond may have a lower quality cut or may not be as clear, making it less valuable than a smaller diamond with a higher quality cut and clarity. Additionally, larger diamonds come with a higher price tag.
Instead of focusing solely on the size of the diamond, consider the overall quality and beauty of the ring. A well-cut diamond with good clarity and color can still have a stunning impact, even if it's not the largest diamond available.
3. Don’t Ignore Any Red Flags About the Jeweler
When shopping for an engagement ring, it is essential to only deal with reputable and trustworthy jewelers. Beware of deals that seem too good to be true, and don't hesitate to ask for certifications or appraisals to verify the authenticity of the diamond or gemstone.
Additionally, pay attention to any red flags, such as a jeweler pressuring you to buy a particular ring or not being transparent about the ring's origin or quality. If something feels off or suspicious, it's best to walk away and find another jeweler.
4. Don’t Choose a Ring That Might Not Stand the Test of Time
When selecting an engagement ring, it's important to consider timeless designs that will never go out of style. While it's tempting to go for a trendy or unique design, it may not age well over time.
Additionally, it's important to consider the recipient's personal style and tastes. Avoid choosing a ring solely based on current trends or personal preferences. The ring should be something that the recipient will cherish for a lifetime, and classic designs are often the best option for achieving this.
Conclusion
In the end, buying an engagement ring is a big decision. You want to make sure that it's right for your partner and that both of you are happy with it. It's also important to consider how much money you're willing to spend on this ring because, in some cases, too much can be a bad thing.
The most important thing is to do your research before going into any store so that when it comes time for shopping, whether online or off, you have an idea of what kind of ring would be perfect for both parties involved.
