Princess. Marquise. Round brilliant. Cushion.
It’s no mystery that diamonds come in a variety of shapes and sizes. The question is, which one is right for your budget?
True love doesn’t come with a price tag, of course, but a romantic proposal doesn’t necessarily have to break the bank. With young workers today earning 5.5 percent less, after adjusting for inflation, than they did four decades ago, according to U.S. Census data, the adage of spending two months’ salary on an engagement ring may not be an option for everyone. Couples are finding new ways to save money on rings, whether through careful stone selection or by choosing an alternative to a traditional diamond.
“Millennials are making getting engaged all their own,” says Brooke Brinkman, VP of marketing and communications at Simon G. Jewelry, a luxury jewelry brand that specializes in engagement and wedding rings. “While traditional engagement rings still make an appearance, new trends are on the rise.”
Before popping the question, here’s an expert take on how you could save money on the ring of all rings.
1. Size Down and Shape Up
Round brilliant cut diamonds are the most popular stone for engagement rings, and even on a budget, they’re still an option.
Diamonds, like other gemstones, are measured in carats, and their price generally rises with their size. So you could cut costs by purchasing a slightly smaller diamond, and in some cases, the difference will be almost imperceptible.
“A 0.9-carat diamond will look very similar to a 1-carat once it’s in the setting,” says Mehul Sompura, CEO and founder of Diamond Hedge, a diamond price-comparison company. “To the naked eye, you can’t really tell the difference in size once set. But there’s a large jump in price when you get to the whole numbers.”
Another trick? Change the shape.
Since round brilliant cut diamonds are the most sought after, they tend to be the costlier choice. A shape like princess, oval, marquise, or cushion could help lower the cost while keeping the carat size within your ideal range.
Oval diamonds can appear larger than round diamonds of the same carat weight because of their elongated shape and larger face-up appearance.
You can compare different loose diamonds by shape, carat, price, and other specifications to find a diamond that fits your budget.
2. Take a Small Step Down in Color and Clarity
Carats measure weight, but diamonds have other grading scales too.
Diamond color is graded from D, which represents colorless, to Z, which indicates more noticeable yellow or brown color. Diamond clarity is graded according to the presence of inclusions and blemishes, with grades ranging from Flawless to Included.
The differences between certain grades can be difficult to see with the naked eye, while the price difference can be substantial.
“The best value can be found by choosing a stone that is G or H in color and SI in clarity,” says Brinkman. This can give you a stone that looks beautiful while helping you avoid paying a premium for characteristics that may not be easily visible.
When comparing diamonds, remember that diamond cut can have a significant effect on how brilliant and sparkly a diamond looks. A well-cut diamond may appear more impressive than a larger diamond with a lower-quality cut.
3. Buy More Diamonds
It sounds counterintuitive, but a ring with multiple small stones can sometimes be a more affordable option than one with a single large gemstone.
A popular choice is a mosaic setting, Sompura says, which consists of tiny diamonds arranged closely together in an oval, heart, or other shape so that they create the appearance of a larger design.
Another favored setting using multiple stones is the halo. By surrounding a center stone with smaller diamonds, a halo setting gives the head of the ring a greater surface area and can make the center diamond appear larger.
If you’re considering different styles, explore engagement ring styles to see how different settings can affect the overall appearance of your ring.
4. Skip Diamonds Altogether
Diamonds haven’t always been the traditional choice for engagement rings. Before World War II, many proposals did not involve diamond engagement rings. By the 1990s, however, diamond engagement rings had become extremely popular.
Today, new trends such as colored gemstones compete with the classic diamond ring more than ever before.
Stones like sapphires, rubies, and emeralds can be beautiful alternatives to a traditional diamond center stone. Some couples choose an alternative center stone with diamonds surrounding it or set along the band, while others choose rings that feature no diamonds at all.
The most important thing is to choose a ring that reflects your partner’s personality, style, and preferences.
5. Know Your Metals
Just like the stone itself, the metal you choose can influence the cost of the ring.
“The biggest price difference is between platinum and gold,” says Sompura. “Platinum is stronger and more durable than gold, so if you want stronger prongs, then you should go with platinum.”
Beyond color and appearance, shoppers should consider longevity, upkeep, durability, and scratch resistance before settling on a metal.
Classic 18-karat white gold can cost more than some alternative metals, while a band made of titanium, which is usually a darker shade of silver, could potentially result in savings.
When choosing an engagement ring, consider how the metal complements the center stone as well as your partner’s everyday lifestyle.
Diamond Hedge is an augmented reality diamond price comparison platform where people can shop and compare more than 1 million diamonds from leading diamond companies.
Whether you’re looking for a diamond engagement ring or a loose diamond, Diamond Hedge makes it easier to compare diamonds based on carat, color, clarity, cut, shape, and price so you can make a more informed buying decision.
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