Choosing an engagement ring for that special someone can be an exciting albeit daunting experience. So how can you see through the sales pitch and ensure you get the best ring for your money?
If you are considering popping the question and want to surprise your loved one, finding the perfect ring within your budget is essential.
Here’s how to ensure that you get the best ring possible without breaking the bank.
Set a budget
Knowing how much you can spend on an engagement ring before stepping foot in a jewellers is a good way to ensure that your spending doesn’t end up spiralling out of control.
With the average engagement ring costing somewhere between £1,500-£2,000 (depending on who you ask) most people choose to spend a substantial sum of money.
If you’re unsure how much you should spend on an engagement ring, the current guidelines offered by the jewellery trade is somewhere between 1 month and 3 months’ salary – although the high street jeweller has a vested interest in making you push your budget as high as possible.
Remember, while an engagement ring is a very special purchase you still need to ensure it remains affordable, after all with the expense of a wedding on the horizon the last thing you need is a financial hangover from your proposal.
Decide how you’ll pay
As an engagement ring is likely to represent a major expense it is worthwhile considering how you’ll pay for it before beginning your search.
Here are some payment options worth considering depending on your circumstances.
Savings
If you have several months before you actually need a ring then saving up the cash in advance is a good way to budget for the cost.
Doing this will ensure that you avoid having to borrow to buy it (something that could prove costly) and will ensure that you aren’t still paying for the ring when you start planning the wedding.
Having the cash in hand to pay for a ring can also often mean that you can negotiate a discount directly with the jeweller – again making the ring more affordable.
A cash back credit card
Even if you have saved up for to buy an engagement ring you may want to consider using a cash back credit card to complete the actual purchase.
There are two main benefits to doing this, firstly you would benefit from section 75 protection should there be a problem with the ring and secondly that you will earn some money back from the card company on your purchase. Depending on how much you spend on the ring the cash back you get could represent a fairly substantial sum.
You may also be able to benefit from the ‘cash’ discount offered by a jeweller even if you choose to pay using a credit card as you’re not taking a finance option. You can look for the best cash back card using our cash back credit card comparison table.
A 0% credit card
If you are unable to pay for the ring up front and don’t want to wait to save up the money, using a 0% purchase credit card could be a good way to spread the cost.
As with using a cash back credit card you may also be able to negotiate a discount with the jeweller if you opt to pay up front using a 0% purchase card.
The top 0% purchases credit cards are listed in our 0% purchase credit card comparison table.
The alternative would be to buy the ring using a regular (or even a cash back credit card) and then moving the balance to a 0% balance transfer credit card so you can spread the cost without paying interest (aside from the balance transfer fee).
A 0% money transfer to your current account from your credit card would be another interest free alternative to consider, although you would need to pay a handling fee.
0% finance deals
Many jewellers now offer 0% finance on the vast majority of their engagement rings allowing you to spread the cost of an engagement ring over anything as long as 3 years for little no cost.
However, if you choose to take out a 0% finance deal then you are unlikely to get any discount on the label price from the jeweller, so paying using a 0% credit card instead could be a better choice.
Find out what she wants
Even if you want to keep a your proposal a surprise it still makes sense to get an idea of the type of jewellery that your loved one likes and whether there is anything you should avoid.
The easiest way to do this is to look at the type of jewellery she likes to wear. Does she prefer gold or silver jewellery, do they have a favourite jeweller and do they prefer ornate or simple items.
If you are concerned about giving the game away you could ask a close friend or a relative to find out on your behalf.
Make sure you find out which ring size she wears too – the easiest way to do this is to either borrow a ring that she wears on the 4th finger of her right hand to take to the jeweller to size, or measure the inside of the band yourself instead if she would notice if the ring went missing.
Where to get the best price
Traditionally a high street jeweller was the only place to buy an engagement ring; however in recent years there are now many more options available to source your ring.
An online jeweller
Over the past 5-10 years more and more people are choosing to purchase their engagement rings online.
A major advantage of ordering your engagement ring online is the cost. By cutting out the middle man you can often get a better price than is available on the high street.
If you are concerned that you will be unable to view the actual ring itself before you order then there is no reason why you can’t visit a high street jewellers to find a ring you like before looking online.
You’ll also be protected by distance selling regulations that mean you’ll have a cooling off period during which you’ll be able to return the ring for a refund should you wish – for most retailers this will be 7 days.
The high street
The high street jewellers still remain the most popular place to purchase an engagement ring.
One of the major benefits is that you can speak to a jewellery expert who can guide you through selecting a ring, suggesting suitable options for you to choose from.
You will also be able to see the exact ring that you decide to buy before parting with any cold hard cash.
Haggle
If you are looking for an engagement ring in store then it is worthwhile attempting to negotiate over the price, especially if you are willing to pay upfront.
Many jewellers have the flexibility to offer significant discounts, often into the hundreds of pounds, on engagement rings if you are willing to pay in full rather than spread the cost.
Looking for the best diamond for your budget
Although you can choose whatever precious stone of stones you feel your fiance-to-be would like, by far the most popular choice for an engagement ring is a diamond.
A diamond is also likely to constitute anything up to 90% of the ring’s value so picking a ring is likely to centre on choosing the diamond.
When you come to comparing diamonds you will need to carefully examine the 4 Cs - Carat, Clarity, Colour and Cut.
1. Carat
The carat is essentially the size of the polished and finished diamond.
It likely to come as no surprise that the larger the diamond the more it will cost, however as larger diamonds are much rarer than smaller stones, if a diamond is twice the size it will be considerably more than twice the cost.
However, while it may be tempting to plump for the biggest rock within your budget you need to remember that your loved one will be wearing the ring on a daily basis - a large stone may also not suite everyone, especially if your partner has slim, petite fingers.
So, instead look for a stone size that will suite your loved one and look for a top grade diamond of that size in your budget.
2. Clarity
Every diamond is also graded according to their clarity which will fall into five main categories:
- Flawless/Internally Flawless
- Very Very Slightly Included (VVS1 & VVS2)
- Very Slightly Included (VS1 & VS2)
- Slightly Included (SI1 & S12)
- Included (P1, P2 & P3)
Flawless/Internally Flawless diamonds are very rare and as a result very expensive.
However diamonds that fall within the VVS & VS categories will be almost flawless to the naked eye, with flaws in the SI category likely to only be visible in larger carat stones.
Most of the diamonds sold by high street jewellers will fall into the VVS, VS & SI categories - ask to compare different grades side by side to decide if you want to pay the extra cost.
3. Colour
The colour of a diamond can play a major part in determining its cost.
As with clarity the grades for a diamond’s clarity fall into five main categories:
- colourless
- nearly colourless
- faint yellow
- very light yellow
- light yellow
The majority of diamonds sold on the high street will fall in the nearly colourless category, which to the untrained eye will appear to be the same colour as higher graded diamonds.
You can also purchase colour diamonds from everything from red, green and blue, however these tend to be very rare and as a result much more expensive than a standard colourless diamond. For this reason if you are considering a colour diamond you may want to consider an alternative precious stone instead unless you have a sizeable budget.
4. Cut
If a diamond is cut well then it can actually hide flaws (called inclusions) and make the diamond appear of a higher quality.
The majority of diamonds are cut with 58 facets to make the diamond reflect light and sparkle.
Before making any decision you should ask each jeweller about the cut quality of each diamond to ensure that it is to a certified standard.
When looking for a diamond you will need to weigh up all the 4 Cs listed above and look for a stone that meets your needs in each area which still falls within your budget.
Engagement ring insurance
Once you've bought the ring you need to think about how you'll protect it.
You can get specific engagement ring insurance policies, however you may be able to cut the cost of cover considerably if you simply add the ring to your contents insurance policy as a specified item. Most insurers will let you do this for a small charge at any point throughout your policy year.
