According to tradition, you should spend at least two months’ salary on a diamond engagement ring. Following tradition can be pricey. But if you shop smart, you will find a quality engagement ring that won’t break the bank.
Diamonds inflate the cost of an engagement ring. Colorless diamonds are rare and expensive. Consider purchasing a lower grade white diamond to save money. Colored diamonds are also an option since they are typically cheaper than white diamonds. A yellow, brown, black or pink diamond also offers unique style.
Smaller carat sizes are cheaper. Jewelers charge more for a 1.0-carat ring than a 0.9 -carat ring. So if you want to buy a 4.0-carat ring, for instance, purchase a 3.9-carat ring instead. You will save money, and the difference in size will probably go unnoticed.
Precious metal bands increase the cost of an engagement ring. Platinum bands are stunning, but come with a hefty price tag. If you want the platinum look for a cheaper price, purchase a 14K or 18K white gold ring instead.
Antique and family heirloom rings are budget-friendly options. Since the rings have been passed down from several generations, they have storied histories and sentimental value. Have the ring inspected by a licensed jeweler to ensure that it is in good condition.