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James Allen

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Ideal Cuts

A long time ago, jewelry dealers came up with a marketing
 gimmick. The trick was designed to get people to buy engagement rings.
 Specifically, diamond engagement rings. The marketing ad was called the
 'two-to-three' months'&nbsp;salary rule. Diamond engagement rings were portrayed to
 be the epitome of all gemstones. A diamond ring for your engagement is still a
 status symbol. The bigger the stone, the bigger the status. The copywriting was
 so good that people got convinced. It's pretty simple. You put away three
 months' worth of your salary, which becomes the amount you spend on a ring. For
 instance, save three grand if you earn a thousand dollars monthly. That should
 get you a decent ring. Think about it. It's a great way to save up and buy a ring.
 But it's full of limitations.

One's obvious. You get hypnotized. Who says you have to
 save for three months to buy a ring? It wouldn't kill you to save up for six
 months, a year, or even a bit longer. Saving up and paying cash is
 the least expensive <a href="https://www.petragems.com/how-to-buy-an-engagement-ring-online/">way to buy an engagement ring</a>.
 The alternatives are tricky and require professional advice for a licensed
 financial planner. The earlier you plan for the occasion, the earlier you set
 aside the funds. Does it have to be a diamond engagement ring because there're
 other viable alternatives in the market?

What if you have a great job or multiple income streams and
 a big check at the end of the month, say a million dollars? Are you going to
 spend 3 million on an engagement ring? Not that anybody would stop you if
 that's what you want. But if you have that kind of income potential, you would
 rather spend a reasonable amount on the ring and the upcoming wedding.
 Prioritize the essential investments first. You can visit your bank and open up
 a certificate of deposit or set up a trust fund for your kids. Spending 3
 million dollars on a ring wouldn't make sense just because a rule convinced
 you. And if you do, it'll get you the 'status.' However, don't you think better
 personal financial management should come first?

The future is always uncertain. You have to think about the
 cost of living. Some money you're blowing on the engagement ring could go
 towards a solid retirement plan. Besides, people get engaged at different
 stages of life and in financial positions. Others are not salaried, so they
 move from paycheck to paycheck. The two-or-three month rule was an excellent
 promotional strategy while it lasted, but it wouldn't work for most people
 today. It has lost its practicality, so you need an
 informed budget — plan according to your financial capacity.

Make buying the engagement ring a smart purchase. Moreover, know that you should buy a <a href="https://www.petragems.com/unique-engagement-rings/">unique engagement ring</a> thoughtfully and not
 necessarily expensively. Remember, after the engagement, the marriage's equally
 important. The last thing you want to do is cause financial friction in your
 relationship. Plus, other milestone financial obligations await you: buying a
 house, a family car, and other substantial financial investments. Engagement
 ring budgets vary based on a couple of things; among them is the current market
 prices of different types of engagement rings. You'll also need money for stone verification and rating services when buying engagement
 rings.

The Budget Mystery

The other factors to consider are the setting and stone you
 want. Is it a diamond, sapphire, ruby, or pearl? Stone and setting are big
 influencers and form part of the preferences that dictate your spending on an
 engagement ring. An engagement ring is a relatively general term. A skilled
 artisan can make you a ring by carving wood or marble. Putting a gem on it
 would qualify it as an engagement ring. But in reality, you’ll find a ring made
 of gold, platinum, titanium, or silver in the market. The stone mounted on the
 ring could be anything from a diamond (natural or synthetic) or a different kind
 of precious stone. It could also be a&nbsp;&nbsp;<a href="https://www.petragems.com/blog/alternatives-to-engagement-rings-when-proposing/">diamond alternative</a>,
 such as spinel. Diamond engagement rings are the most common and sold
 by brick-and-mortar and online jewelers.<a href="https://www.bluenile.com/engagement-rings/gemstone/asymmetrical-diamond-infinity-halo-engagement-ring-with-pear-shaped-morganite-in-14k-rose-gold-8x6mm_99455?a_aid=5c83f22427304" target="_blank"><img src="https://admin.petragems.com/api/Images/Picture302.jpg" alt="pear rose gold ring" width="532px" height="333px" title="pear rose gold engagement ring"></a>Watch this ring in&nbsp;<a href="https://www.bluenile.com/engagement-rings/gemstone/asymmetrical-diamond-infinity-halo-engagement-ring-with-pear-shaped-morganite-in-14k-rose-gold-8x6mm_99455?a_aid=5c83f22427304" class="external" rel="nofollow">HD 360° here</a>.



Whatever you decide, hire an expert to ensure you’re buying
 a genuine stone. The service is free, but you get results quicker with no
 mishaps. You could also work with a reputable jeweler, preferably one
 recommended by G.I.A. They usually provide the background information you need
 while selecting a stone. Other jewelers may be only concerned with making a
 sale and not pay much attention to the quality. By working with the right
 dealers, you’ll have the ring in good time and roll out your proposal plan
 sooner. If you are curious and insist on going alone, work with these reliable
 online sources.

They’ll give you a quick and simplified walkthrough to
 understand the basics of your ideal stone. For diamond engagement rings, the
 information concerns color,&nbsp;<a href="https://www.petragems.com/education/diamond-carat-weight-/">carat weight</a>,
 clarity, and cut. Cut refers to how the stone is faceted and the sparkle it has.
 Colorless diamonds have a higher value compared to light yellow ones. A diamond
 is better off clear with no impurities (blemishes or inclusions). Choose a diamond with a bit lower color and&nbsp;clarity grade as a cost-effective measure of&nbsp;<a href="https://www.petragems.com/education/diamond-clarity/">clarity grade</a>. Don’t
 go too low to avoid a stone with a yellow tint and glaring inclusions.
 Compensate for the&nbsp;<a href="https://www.petragems.com/education/how-compromise-diamonds/">compromise in&nbsp;color and
 clarity</a>&nbsp;with a bigger stone and brilliance. The quality check
 process is the same for other gemstones.

You can do a similar check for a setting you want to go
 with your stone. Although jewelers have what would be considered standard
 settings, customization is an option. Some couples want a gold or silver mount.
 Others want a platinum ring or an alloy of these commonly used metals. Jewelers
 have doubled down on the hunger for specially made settings by clients. An
 online lifestyle editorial in the United Kingdom recently published a report on
 the trends in engagement ring spending. They realized that most couples are
 financially cautious when buying engagement rings. Others still
 break the bank. Diamonds are more popular as an engagement ring stone over
 other gems.

A section of those looking to pop the question wants <a href="https://www.petragems.com/antique-vintage-engagement-rings/">antique engagement rings</a>,
 though most opt for made-to-order designs. Another interesting realization is
 that more couples are now concerned about the durability and practicality of
 the ring. They want a ring they can wear while handling a hands-on job or working
 out at the gym without taking it off. Most of the rings sold were
 yellow gold setting halo-style multi-stone rings. Diamonds are the dominant
 center stone, but very few clients settled for them as their accent stones.
 Also, a popular yet strange spending behavior was the purchase of temporary
 engagement rings. Walk-in clients frequent jewelry shops and get a ‘doable’
 ring for the proposal. Later, they return with their brides-to-be and pick
 out the engagement ring together. That’s a great way to cater to your partner’s
 preferences while exploring your options. The trends reflect UK engagement ring
 shoppers. The spending behavior could be different in the US and other parts.
 To play it safe, work closely with your jeweler, and have a maximum of three
 possible engagement ring designs that you think would win your girlfriend's
 heart. If she dislikes the first one, you already have two on standby to
 surprise her. She’s your wife-to-be, and you’re the one person who should know
 her best. Choosing a ring that fits her taste shouldn’t be a hassle.

Specifics of the Actual Engagement Ring

What’s your plan for buying an engagement ring? Other than
 a cash payment, several options exist. But the jewelry market could be
 confusing, with every jeweler and financier quick to offer you a purchase plan.
 What they don’t tell you is the consequences when you default. As usual, with
 most financiers, assume that you expressly understand the terms and conditions
 of such a contract. So, be careful with financing. Better yet, consult a
 financial planner. You might want to consider borrowing from a friend or
 family. They’ll be kind enough to lend you interest-free money if you assure
 them of repayment. The best part about this kind of loan is that there’re no
 credit checks, and you get the money fast. Just make sure you keep your word to
 your friend or family. If you let them down, you risk destroying the
 relationship you have. It’s only going to make it awkward every time you have
 to deal with them.

Other couples may opt for a personal loan. It’s okay to
 incur manageable debt, especially with a good credit score. Getting a loan,
 however, should not be a reason to buy an engagement ring that’s out of your
 budget. Here’s where most people go wrong. They mistake a loan for their own
 money. A loan is a credit facility that you’ll have to pay back. Whether cash
 payment or loan, maintain a budget. You can even combine finances (part savings
 and part loan) to make a hybrid purchase. Save up what you can based on your
 income and saving potential, and top up the remainder with a short-term
 personal loan to fill the engagement ring budget gap. A few people also put the
 engagement ring purchase on their credit cards. That’s because interest rates
 on credit cards are exorbitantly high. Only go for credit card debt if you’re
 sure that you can afford the cost of such financing. Keep up with the payments
 promptly to avoid hefty penalties. Or pay off the outstanding balance as soon
 as possible. Some credit card companies give bonuses upon signing up or purchasing
 your initial credit. Others give a grace period after your first credit
 transaction. During that grace period, the card attracts zero interest. You can
 use such a credit card to leverage the nil-interest payments if you can repay
 the engagement ring loan within that window.<a href="https://www.petragems.com/education/comparing-diamond-prices-seven-important-factors/" target="_blank"><img src="https://admin.petragems.com/api/Images/Picture5.jpg" alt="Best Stores for Diamonds" width="479" height="375" title="Best Places to Buy Diamonds"></a>

Jewelers, especially online-based ones, offer their
 engagement ring clients payment plans. If you have bad credit, such a jeweler
 can allow your kin to sign your loan contract to guarantee you’ll pay back. The
 kin must attach some collateral (property, salary, etc.). The jewelers also
 have their version of credit cards that they issue to clients willing to take
 this engagement ring spending route. The cards tend to be a modified version of
 credit cards as you know them. Credit cards attract a zero APR (annual
 percentage rate) for a specified period after you purchase the ring.

Other jewelers offer zero APR and defer the first payment
 to a later date, say a few months after you buy a ring. The credit card offer
 on the engagement ring is designed to hook you because jewelers want to win
 your business. Carefully monitor that extra time you get because once it
 lapses, jewelers charge you high-interest rates. Alternatively, find a jeweler
 that accepts layaway. It should be a deposit of at least 30 percent of the
 purchase price of the ring. You pay the rest gradually and pick up the ring on
 completion. The deposit method is efficient in keeping you focused and
 disciplined toward spending on an engagement ring. Plus, you lock down the ring
 by blocking purchase offers by other clients. That’s if you honor the
 prepayment agreement and remain consistent.

Spending on an engagement ring varies from couple to
 couple. It’s a personal affair; you should be decisive enough not to be
 persuaded to deviate from your budget. Note that combining the benefits of
 customization and a substantial budget gives you the most bang for your buck.
 Almost all top jewelers now offer the customization option. You can start by
 customizing the stone or laying the setting out first. Timing the purchase of
 an engagement ring can also help you out. Special offers are available at
 specific times of the year. Summers are usually slow for jewelers, and you can
 get attractive discounts around that time. After receiving tax refunds,
 jewelers may offer deals to capitalize on that cash influx among engagement
 ring shoppers. Jewelry promotional sales during Black Friday and Amazon Prime
 days could also cut down your engagement ring tab by a couple of dollars.
 Online jewelers give the best customer service. That includes return policies
 and upgrade programs. Depending on the jeweler you work with, you can have one ring
 for the engagement and a new one for the wedding at no additional cost.

You can choose to shop alone, or you can involve her. Spending
 time on an engagement ring without her knowledge requires you to be mindful of your
 taste and her expectations. It’s one of the most important gifts you’ll ever
 have to give. So, make it count. You can also involve your girlfriend and have
 a conversation on the subject. Let her tell you what she has in mind. Discuss
 your financial position and draw a clear line between what’s possible and extravagant.
 Spending money on an engagement ring is such an emotional, financial
 investment. But what you can afford is your capacity. Don’t make it a thing that
 will pressure you into having a negative outlook on your relationship. Being on
 the same page with your significant other makes it easier.&nbsp;

Cash Purchase vs. Financing

Shopping for an engagement ring calls for extreme caution
        and critical thinking. That’s one purchase you don’t want to get wrong. It’s a
        s

What is the Average Spend on Engagement Rings?

Sharif Khan

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