While it’s true that engagement rings and wedding bands are frequently worn as symbols of you and your fiancée’s undying love and commitment to each other, this doesn’t mean you have to go broke when buying them. It’s true that high quality engagement and wedding rings come at a cost, as does any fine jewelry, but contrary to the message being sent by the diamond industry, it is possible to purchase these rings at a reasonable price. In fact, when you opt to purchase from wholesalers, it’s possible to save as much as 50% off the retail price.
If you are in the market for an engagement or wedding ring, use the following information to help you purchase the best possible ring at an affordable price.
Stay Out of Chain Jewelry Stores
It’s easy to head to the first jewelry store you see in the mall with a familiar name, such as Zales, Kay, Tiffany’s, or Jared. In fact, I assume that many people are happier to overpay than risk spending thousands of dollars on a ring that isn’t the indicated quality or even worse, is fake, which is why they run to these reputable chains. Unfortunately, these are not the places to go if you want to save money. There’s a simple reason for this. These stores tend to markup diamonds to more than double their cost or more.
There is absolutely nothing wrong with going into chain stores to get an idea of what you like, but you should be aware of salesmen who immediately start slashing prices when you show an interest in a particular piece. This is usually a good sign the ring is way overpriced already. On the other hand, some high-end jewelers with a brand to protect may be willing to negotiate the list price, but you’ll have to ask.
Where to go to Save Money on Engagement Rings and Wedding Bands
The best prices are usually available through an independent jeweler or diamond wholesaler, if you live in a major diamond market. This is also the best place to go if you want to truly customize your ring. With good negotiation skills, you may be able to save even more than you originally thought.
If you live outside of a major diamond market, you’ll need to go online to a diamond retailer, such as http://www.michaelhill.ca/ or http://randor.com/. These internet jewelers, who both have impeccable reputations, are the ideal place to start your online search.
Online Diamond Jewelers
During my personal ring-buying experience, I was amazed by the huge selection of diamonds online stores offered. I simply chose my price range, size, and quality specifications. Then, I would scan through thousands of gems with dozens of setting options to find the perfect one. I was also surprised by the price. In addition, to being priced much lower than comparable rings in retail stores, these sites offered free shipping and free returns.
If you’re just not comfortable buying a diamond online, look for local jewelers, but be prepared. These rings will cost more than the ones you find online, but you’ll still get more bang for your buck over chain jewelers. As an added bonus, you may be able to find a more unique option and the craftsmanship tends to be superb. They can usually custom design settings for less than you would pay for a generic setting at a chain store.
This isn’t quite as simple, but it could say you a ton, especially if you are an expert negotiator. At a diamond wholesaler, you can purchase a loose stone and then take it to a jeweler who can design a setting. However, you’ll only find wholesalers in major cities, such as Toronto, and you may find that they try to take advantage of a naïve buyer because they are used to working with professional jewelers. Additionally, they deal almost exclusively in cash, so you’ll have to make sure you have the money you need in your pocket.
If you’re on the hunt for an engagement ring or wedding band, do yourself a huge favor and use the information discussed above to get a high-quality ring at the best possible price.