How to save up to 50%
on engagement rings and wedding bands
Excerpts from article by David Wheeler in Money Under 30
July 24, 2018
A savvy buyer can save money on engagement rings and other diamond jewelry — up to 50 percent — by avoiding big box jewelry stores.
Getting married? The engagement ring and wedding rings you select for your fiancée and yourself will be symbols of your love and commitment for the rest of your life. Of course, the diamond industry knows this and does a brilliant job enticing consumers to spend a small fortune on engagement rings.
Although quality engagement rings and wedding bands (like all fine jewelry) come at a cost, there is no reason you should pay what the mainstream jewelry industry asks you to pay for these rings. It is very possible to save money on engagement rings — in fact, you may be able to save up to 50 percent off the retail price of a diamond engagement ring. Here’s how.
Do NOT buy from a chain jeweler
If you want to save money on an engagement ring or wedding rings, skip the chain jeweler.
Sadly, most people go straight for the mall jeweler without considering the alternatives. Before I knew better, I did, too.
It’s easy to understand why: Major jewelers like Kay, Zales, Jared, Tiffany’s, etc. spend millions on advertising, are easily accessible nationwide, and give most diamond-buyers peace of mind that they’re dealing with a reputable company. (I would venture to guess that when buying diamonds, many people would rather overpay than risk spending hundreds or thousands on a gem that is not the indicated quality or isn’t even genuine.)
There’s nothing wrong with shopping at these chain jewelers to get a sense for what kind of rings you want, but the simple fact is that these stores mark up diamonds to double their cost…or more.
Where can you save money on engagement rings?
You will get the best deal on an engagement ring at an independent jeweler, a diamond wholesaler (if you’re fortunate enough to live in New York or another major diamond market), or an online diamond retailer.
You might be surprised to learn you can save by buying from an independent jeweler over a chain jeweler.
If buying a diamond online isn’t for you, check out a small, local jeweler. You’ll get more bang for your buck than at chain jewelers.
Remember – the most important thing is to make sure you’re not bringing financial stress into your new marriage. Don’t spend more than you can afford. Compare prices between mall jewelry stores and small, independent jewelers.
How much can you save?
Quite a bit. Compare mall jewelry store prices with what an independent jeweler offers. The savings can be nearly half the price, and in some instances can be even greater. Depending on your budget, you can save hundreds or thousands of dollars.