Don’t go broke to get hitched
Savvy shoppers can find the perfect engagement ring without draining their bank account
After a home and car, the diamond engagement ring may be the most expensive purchase many consumers ever make. Even though diamonds are at some of the lowest prices in years, your bank account may not notice the difference. Since the desire (or demand) to get hitched doesn’t stop for a recession, here are some tips from Blue Nile, Lux Bond & Green, and Long’s Jewelers, on how to save money on the big ring.
Bundle the love
Buying the diamond and the ring as a complete package can easily save hundreds of dollars at the outset and much more if you need repairs down the road. And just as important, you want the jeweler to stand behind the quality of the diamond, the ring, and the setting work.
Consider other stones
Sapphires can make beautiful engagement rings with the bright blue stone being just as much of an attention grabber as a more traditional diamond. Young couples are also choosing a birthstone such as a garnet or an amethyst for an engagement ring and saving thousands of dollars.
Embrace eternity
If you’re on a tight budget, consider a diamond eternity band, instead of a diamond solitaire. A diamond eternity band has smaller diamonds that go all the way around the ring. Lots of smaller diamonds actually cost less than one large diamond of an equal weight. For example, a 2 carat total weight diamond eternity ring set in platinum at online jeweler Blue Nile costs $3,100, while a 2-carat diamond solitaire without the band starts at about $9,000.
Downsize diamonds
Diamond prices jump disproportionately at the full carat and half-carat because of greater demand and because they are more rare. To save money, look for diamonds just under these size marks. Because a carat is a measure of weight distributed across the entire diamond, visually it is next to impossible to tell the difference between a 0.95-carat diamond and 1-carat diamond, but the savings will be significant.
Ditch the designers
If you really want the look of a designer ring without the price tag, custom-design services can offer big savings. Customers frequently bring in sketches of a ring idea or photos of rings they like. Long’s Jewelers, for example, will use its design software and 3-D printing capabilities to build a one-of-a-kind ring that would cost hundreds or thousands of dollars more if made by a major designer.
Use the family jewels
Couples with an heirloom diamond that has been in the family for generations can save thousands because the only cost is the ring itself. Jewelers can help reset the family diamond into a more contemporary mounting.
Go vintage
Check out merchants that carry a sizeable estate jewelry collection and hunt for a vintage diamond ring. There are often bargains to be found in these vintage collections.
Comparison shop
The jewelry industry is among the hardest hit in all of retail, so savvy shoppers should go from store to store, online and off, and compare prices for the ring that’s just right for them.
Jenn Abelson can be reached at abelson@globe.com. 
