Jewelry Expert Shares Top 5 Tips for Navigating Engagement Ring Prices – and Budgeting for Their Dream Ring

Buying engagement rings can come at a price – and often a big one.

According to The Knot’s 2023 Jewelry and Engagement Study, the average price of an engagement ring is currently around $5,500. Now, Amanda Trevizo, jewelry expert and buyer at Shane Co., offers information to help you navigate the expensive rings and get the ring of your dreams at a reasonable price.

“It’s common to hear that you should save at least two months of your salary or a certain percentage of your annual income before buying an engagement ring, but we all have unexpected expenses or life changes that can affect that goal,” Trevizo, who is in the wedding ring space five years, says PEOPLE.

When looking at the price of engagement rings and starting to plan your purchase, she shares with us five key aspects that can guide your pricing decisions and help you find a ring that fits your price range.

Couple holding hands with engagement ring.

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Do your research

Treviso’s number one tip? Do your research.

“Make sure you understand the ‘four Cs’ before you start shopping—cut, color, clarity and carat,” she says. “All of these factors affect the cost of the stone and can help you determine in advance which variations fit your budget.”

“At Shane Co., we sell our diamonds over the counter because we want to give our customers complete insight into the diamonds they are purchasing and how they fit into the overall cost of the ring,” she continues.

Explore financing options

“Most jewelers offer financing options that allow you to gradually pay for your dream ring,” the jewelry buyer also shares. “At Shane Co., for example, we offer many monthly financing options with our Shane Co. Credit Card.”

A person examining an engagement ring.

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Laboratory grown diamonds

Another savings option is to buy a ring made from a lab-grown diamond.

“Laboratory-grown diamonds are a great option for getting a bigger, bigger-looking diamond for your budget,” Trevizo says. “Lab-grown and natural diamonds look the same to the naked eye. However, lab-grown diamonds tend to be priced lower than natural diamonds because they are less rare. For example, the Woodland Wedding Set is an option with a lab-grown center stone.”

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Check out other gems

While diamonds are the classic engagement ring, Trevizo says alternative gemstones like sapphires can offer the same amount of brilliance and beauty at a more affordable price.

She explains: “They’re also a great option for the unique bride-to-be, who might want to show more of her personal style in her engagement ring – for example, the Showstopper 1ct Pear Engagement Ring.

A person holding an engagement ring.

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Upgrade your ring later

If your dream ring doesn’t fit into your budget, Trevizo explains how you can always upgrade your ring later.

“It’s better to stay within your budget when shopping for an engagement ring rather than splurge right out the door,” she says. “As the years go by, you can then save up to a day to upgrade to your dream ring. Whether you’re celebrating a milestone or just want to switch things up, an engagement ring is worn every day so there’s nothing wrong or unusual about wanting something new.”

Additional tip: Don’t forget to check the warranty

“Most jewelers offer a limited warranty or one that you have to pay for,” Trevizo says. “The Shane Co. offers a free, lifetime warranty that covers cleaning, maintenance, polishing, unlimited resizing and a center stone. And insure your ring after purchase against total theft or loss.”

Categories: Trends
Source: HIS Education