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SETTING A BUDGET

CAN I  BUY A BEAUTIFUL DIAMOND ENGAGEMENT RING ON A BUDGET?

This is a question that we are always asked and the answer is ABSOLUTELY!  With a little planning you can buy that perfect engagement ring for that perfect lady.

Okay, first EVERYONE has a budget….some people have a smaller budget and some people have a larger budget.  So you have to decide what is most important to you – Size? Quality? Style? Price? Once you set your priorities, it will be easier for you to make a buying decision.

 

HOW MUCH SHOULD I SPEND FOR A DIAMOND ENGAGEMENT RING?

This is another favorite question of our customers and again there is no easy definitive answer. Couples have been asking this question for generations! There is no easy definite answer. Traditionally, two months salary was used as a guideline, but this isn’t necessarily the answer.  Everyone has to decide how much to put aside for this very important purchase and then balance how much you have to spend for your Diamond Engagement Ring with what you would like to buy. Here are some ways you can decide how much to spend.

 

PRE-SHOP FOR AN ENGAGEMENT RING

For most people, an engagement ring is their first purchase of fine jewelry and they have absoutely no idea of what it will cost.  Do  a little shopping.  It is very easy to do on-line.  Start by checking how much a 1/2 Carat Total Weight Engagement Ring or Bridal Set is selling for.  Check several sources.  At this point you are just looking for a "general idea" of cost.  Then do the same with a 1 Carat Total Weight Engagement Ring or Bridal Set.  Repeat the research looking at the size of the center stone  1/4 carat, 1/3 carat and so on. You are not really comparing apples to apples at this point - you are not checking out quality of the diamond or manufacturing. 

For example, on our website, you will find that 1  Carat Total Weight Bridal Sets range from about $1300 - $1500 and 1/2 Carat Total Weight Bridal Sets start at just under $800  to about $1000.

My guess is that just with this little bit of research, you know about where you should be looking.  It helps you to set realistic goals.

 

SET A BUDGET BEFORE YOU SHOP

We do suggest that you decide on a budget first and then shop.   Shopping for an engagment ring before you set a budget is like trying to buy a house before you get your mortgage approved or shopping for groceries without a list. You will get way off track if you don't know ahead of time how much you can spend.  This is especially true when you go into a store with commissioned salespeople who suggest you buy a ring a credit!  

If you decide on a budget before you shop, you will stay focused and won't spend more than you can comfortably afford. 

How do you know how much you can afford?  How much mooney do you have saved?  How much "extra" do you have in your paycheck every week? How much time do you have to pay for the ring before your wedding?

 

 

DECIDE HOW YOU ARE GOING TO PAY FOR THE RING BEFORE YOU SHOP!

Do you have the cash in savings to cover your costs?  Can you put it on your credit card?  Open a charge account?  Use a lay-away?

It is very easy to get carried away when you shop for a diamond engagement ring. You forget all the other expenses you will soon incur for the wedding, honeymoon, new apartment, etc. These are things you need to decide on before you shop.

We suggest that if you don't have enough cash available to fully fund your purchase, use our Extended Payment Plan...it is a simple lay-away plan that you can customize for your need. It is a short term plan that allows you to spread the cost of the ring over several pay periods.   Read more about our Extended Payment Plan>>

 

DON'T WAIT UNTIL THE LAST MINUTE TO BUY A RING! 

We see this all too often.  The customer is rushed to buy a ring and is not able to get exactly what they want. Sometimes you may need a ring size that is smaller or larger than is generally offered.  Usually, it is best to special order these sizes to preserve the integrity of the diamond setting and preventing trouble in the future. You may prefer an upgraded center diamond, which may take a bit longer...or want to engrave your ring...or special order a style that is not carried in stock. Although we offer overnight shipping, that doesn't necessarily mean you will receive your ring the next day.  There is usually a 3-5 day lead time for sizing, engraving or other handling of the ring. 

The last minute rush is when you tend to spend more than you are really comfortable with.