How Do I Not Get Ripped Off When Buying an Engagement Ring?

If you’re like most men, getting engaged and buying the engagement ring are two separate steps in your mind. You probably want to be sure you’re getting the best possible price, especially since it’s one of the biggest purchases you’ll make in your life (other than a house or car, perhaps). So how do you make sure you don’t get ripped off when buying an engagement ring? Here are five tips on how to buy an engagement ring without paying too much.

1) Do Your Research

When you’re looking to spend a lot of money on something, it pays to do your research. You’ll want to price shop and make sure you’re getting a good deal, but also find out how much other people are paying for similar rings.

The industry is somewhat unregulated in some areas, so it can be tough finding data points without doing interviews. If you can find a couple of stores that sell engagement rings and get their prices and compare them against online sellers, you should be able to determine if they’re ripping you off or not. If they are ripping you off, walk away; there are plenty of other options available.

When you’re ready to purchase a diamond, make sure to do your research. There are numerous reputable sources for buying diamonds, including celebrity diamond ring designers like Fergus James. Check reviews to see if the jeweler has a good reputation.

2) What to Look for in a Diamond Cut

In a perfect world, you’d buy your engagement ring from Tiffany & Co., or something like that. But it’s not just going to fall into your lap. You can save a few bucks (and still get a quality ring) by doing some research and shopping around at different jewelers and retailers.

Go for cut, color, clarity, and carat weight in that order when picking out a diamond. The size of a diamond is measured by its diameter, which should also be taken into account. The bigger it is, oftentimes, the more expensive it will be as well—but don’t always go for the biggest you can afford.

Many clients who have shopped with me over time have fallen victim to bigger-is-better thinking, but even my husband fell prey to that trap because he was so intent on getting me the biggest he could afford. We got married three years ago; I’m still wearing his 8mm princess cut solitaire engagement ring because I didn’t want him splurging on something better. However, I’d rather have him spend money on helping our family rather than upgrading my ring down the road.

Also, can read: How to Sell Your Gold During the Coronavirus Shutdown?

3) Consider Moissanite

Like diamonds, moissanite is a rare gem. However, unlike diamonds, it’s about half as expensive. It has also been shown to be a 9 on the Mohs scale of hardness (diamond is 10).

If your partner-to-be is more concerned with how their ring looks than how much it costs then moissanite might be your best bet when shopping for an engagement ring. You can find moissanite in retail jewelry stores and online vendors. There are plenty of reputable dealers out there too; just make sure you do your research first before making any purchases.

With that said, you may want to buy something with a bit more assurance so if you really want a diamond, look into buying one that was created using recycled or eco-friendly materials. Many sources will tout these as 100% natural but they aren’t; they usually contain up to 5% lab-grown material mixed in with 95% mined stone.

4) Double Check the Size, Shape, and Color of Your Stone

Quality matters, but if you’re on a budget, it’s going to matter even more. A 1-carat diamond will look a lot smaller and less impressive than a larger stone of equal quality.

Take your time and make sure you’re picking something that looks right for you and your budget. And remember that bigger isn’t always better; unless it’s what your heart desires, you should be able to see the characteristics of a small stone just as well as one twice its size.

It’s not about getting all you can afford; it’s about getting what suits you best. If there are any discrepancies in color or cut, ask about upgrading before committing to anything else.

5) Check the Diamond’s Certification

Diamonds come in all shapes and sizes, but there are very specific guidelines for grading them. The 4C’s of diamond certification (cut, clarity, color, and carat) are among some of its most important factors, as well as setting it apart from other stones.

If you’re interested in buying a diamond engagement ring and want to be sure your money is going toward a quality stone, look for a certificate that has been approved by either The Gemological Institute of America (GIA) or The American Gem Society (AGS).

Both organizations offer certificates that display identification numbers. Additionally, make sure to ask questions about what makes your diamond unique before purchasing it. 

6) Avoid Online Deals (It’s Too Easy to Get Ripped Off Online!)

The old adage goes if it’s too good to be true, it probably is. If you’re looking for a great deal on a diamond ring, your best bet is to go in person with a few trusted friends and family members. A local jeweler will have time to show you dozens of rings without trying to rush through them.

You’ll also be able to get more personalized service than what you’d get online (the size of a ring can really impact how expensive it is). Last but not least, when you do buy something locally, your money stays within your community–which means more jobs! After all, why would anyone want to save $500 only to make somebody else lose their job in the process?

7) Know What You’re Buying Before You Buy It (Fancy Storefronts can be Misleading!)

It’s tempting to buy your fiance’s engagement ring at a fancy jewelry store, but don’t let a store’s storefront fool you. Many vendors sell identical products but price them differently based on where they are sold. For example, some stores might try to charge higher prices by making their product look more expensive. If you don’t know what you’re looking for and aren’t familiar with specific terms, you can easily be tricked into spending more than you have to.