An engagement ring is a significant purchase because it represents the start of a new milestone and is a financial investment. Handling the process responsibly from the start saves you from stressful debt and allows you to make an informed decision about your purchase.
Although engagement rings can often be expensive, there are ways to reduce the cost without compromising on quality. A little bit of financial planning can help you find the perfect ring on a budget.
Determine Your Budget
Setting a budget before looking at Sydney engagement rings is a great way to make a reasonable investment and avoid overspending. It is essential to consider your financial status and affordability when setting a budget, as it can help you make better decisions.
Try to avoid the widely cited “rule” suggesting you spend three months’ salary on an engagement ring. This tradition came into practice after a 1930s De Beers advertising campaign convinced buyers to spend roughly one month’s salary on this purchase. This outdated rule can lead to financial burdens and make the process stressful for you and your partner.
Consider Alternative Gemstones
Although diamonds are timeless, many couples today choose alternative gemstones to accommodate the purchase within their budget better. According to studies, some brides prefer the non-traditional route and choose a ring with an alternative gemstone nearly 13 percent of the time.
Moissanite is a top choice for many due to its brilliance and strong resemblance to a diamond, both visually and compositionally. The gemstone is composed of silicon carbide, a rare and naturally occurring mineral that is now produced in laboratories and often used as a diamond substitute.
You can find affordable moissanite rings in various shapes and sizes, just like diamonds. Typically moissanite is chosen based on its millimeter dimensions and ‘diamond equivalent’ carat weight. Speak to a knowledgeable custom jeweller that commits to every project and individually crafts each ring with close attention to detail. Building a relationship with your jeweller will enable you to collaborate better and be involved in every step of the fabrication process.
Understand the Basics
It is vital that you have adequate knowledge about diamonds, including a basic understanding of the 4Cs (cut, colour, carat, and clarity). The 4Cs allow you to classify and grade diamonds based on the most important variables that ultimately tell you if the diamond is clear, white, and brilliant. With this understanding, you can prioritize what’s most important to you and balance that with your budget. If quality is important to you, you can bring down the carat weight to stay on budget, if you’re after something larger, consider going lower on colour or clarity – it’s all about balance.
Another fundamental concept you should add to your knowledge list is the 5th C, which stands for Certificate. The diamond certification, also known as a grading report, is a document that contains important information on the diamond’s characteristics like the 4Cs, fluorescence and additional comments.
Customize a Ring
Customizing a ring allows you to control the fabrication process and make decisions about the diamond depending on your budget. Build trust with your jeweller by having an open discussion about your budget and comfort. The open dialogue will enable the jeweller to recommend the best options for you, helping you create a ring that your partner will love without hurting your wallet.
You can purchase an affordable engagement ring by being mindful of your steps, from the planning to the execution stage.