How to Save Money on Your Engagement Ring
Have you ever wished you had a tip or two from an insider before you went shopping for something important? At Lauren B, we want to make sure everyone gets exactly what they want without going way over budget. With that in mind, we’ve put together a list with several ways to cut down on engagement ring costs—shop smarter, not harder.
Shopping for an engagement ring is similar to shopping for a new car: you start with a base model and add features as you deem necessary to achieve the product you desire (enhanced engine performance, trim, leather interior, etc.). Not all new car features are created equal, however; some enhancements simply are not worth the money while others are non-negotiable to the overall enhanced function of the car.
Engagement ring shopping is the same: you start with your preferred setting style or center stone, then build your engagement ring around the features that best suit your partner’s preferences.
The tricky part? Figuring out which features are worth the money and which features are not as important without compromising the integrity of your ring? We discuss the many ways you can save money while shopping for an engagement ring. These insider tips will allow you to save big bucks while presenting big time bling to your partner on proposal day.
Tip #1: There’s Beauty in a Solitaire Engagement Ring
One of the first decisions you will need to make regarding your partner’s engagement ring is setting style. You can choose between a solitaire engagement ring (center stone with a plain band), a pavé setting (tiny diamonds lining the band), a halo design (small, pavé diamonds surrounding the center stone), or a three-stone engagement ring.
While pavé settings and three-stone engagement rings have a real “WOW!” factor at first glance, they are not for every bride. Solitaire engagement rings are timelessly beautiful in their simplicity, focusing solely on the center stone. This effect can be quite dramatic, especially if you opt for a larger carat lab-grown diamond.
Solitaire engagement rings are the least expensive setting style, starting from $1,500 for a white, yellow, or rose gold metal band to $1,800 for a platinum band. This price range only includes the setting and is very generalized; the final price is largely dependent on center stone size.
1.51ct Radiant Cut Diamond Solitaire Engagement Ring
1.01ct Cushion Cut Diamond Solitaire Engagement Ring
1.80ct Oval Diamond Two-Tone Solitaire Engagement Ring
Tip #2: Lab-Grown Diamonds are Real Diamonds
If your partner has their heart set on a diamond center stone, or you personally prefer the look of a diamond as opposed to a color gemstone or moissanite, you can opt for a lab-grown diamond.
Lab-grown diamonds are real diamonds with absolutely no difference but their origin and price. Natural diamonds are romantic in that they are formed over the course of billions of years and are in limited supply. Lab-grown diamonds, however, have the same chemical composition, hardness score, and physical appearance as natural diamonds at only a fraction of the cost.
Lab-grown diamonds are priced 50-70% lower than natural diamonds, which allows you to select a center stone with a larger carat weight for a glamorous engagement ring while saving major cash. With natural diamonds, a jump from one carat to two carats comes with an exponential increase in the final price tag. Lab-grown diamond pricing from carat to carat is more linear with a stable increase in price from carat size to carat size.
1.68ct Lab-Grown Radiant Cut Diamond Three-Stone Engagement Ring
1.55ct Round Lab Grown Diamond Engagement Ring
1.55ct Pear Shape Lab Diamond Signature Wrap Ring
Tip #3: You Can Compromise on Color or Clarity…
If you choose to go with a natural or lab-grown diamond for your center stone, there are a few workarounds regarding color and clarity that can save you a pretty penny.
While there is certainly merit to choosing a colorless diamond with very very slight inclusions, these are not necessary features for a stunning center stone… especially if you are trying not to spend all the money in the bank.
D-F color grades are considered “colorless,” revealing a pure white diamond with no traces of a yellow tint. If you choose a “near colorless” diamond, G-J color grade, it will have a nearly imperceptible difference in color to the naked eye from a colorless diamond. Depending on the diamond in question, you could save between 5% to 20% if you opt for a near colorless diamond vs. a colorless diamond.
Additionally, diamond clarity has some wiggle room when it comes to maximizing your budget. Obviously, you want an eye-clean diamond with no visible blemishes. You also want to avoid inclusions that make a diamond appear cloudy, hazy, or scratched. At this point, with an eye-clean diamond, clarity grade is less important, especially if you have a brilliant-cut gemstone, which effectively hides imperfections.
Tip #4: Fluorescence is Your Friend, Not Your Foe
via GIA Institute
Diamond fluorescence occurs in approximately 30% of diamonds and refers to their tendency to reveal a blue glow when exposed to ultraviolet light.
Fluorescence rarely impacts the overall appearance of a diamond. In fact, diamond fluorescence with lower color grade diamonds (notably I-K color grade) will actually make a diamond appear whiter by counteracting the yellow hue.
Diamonds with medium to strong fluorescence can be priced as much as 15% lower than diamonds with no fluorescence simply because of consumer misconception. Just because a diamond has fluorescence, does not make it any less beautiful; unless you plan on clubbing under black lights every night, there isn’t anything to worry about!
Tip #5: Avoid Round Cut Diamonds
Round brilliant cut diamonds are the most expensive diamond shape, pricing up to 25% higher than other diamond shapes, including the popular oval shape and the increasingly coveted radiant cut diamond.
Why is this? During the cutting process of round cut diamonds, much of the raw diamond is lost to achieve the perfect symmetry we know to be characteristic of this timeless diamond shape. As a result, round brilliant cut diamonds have higher markups to compensate for the loss of the rough natural diamond.
Trust Your LB Design Consultant
Our design consultants are well-equipped with the knowledge and expertise needed to ensure you leave our showroom with a perfectly designed engagement ring within your personal budget. You can trust our design consultants to guide you through every step of the engagement ring shopping process with full transparency and clear communication.
Schedule a virtual appointment below or visit our showroom at 44 East 46th Street, New York, NY 10017.
