There’s a saying that for every budget, there’s a ring and a diamond. However, if your budget is huge, you get more choices and a better setting for the ring and the centre stone.
While there’s no hard and fast rule on how much to spend on an engagement ring, the majority of surveys of ring buyers reveal the average engagement ring price to be in the range of $5,000 – $7,500.
However, couples who are high spenders are most likely to spend as much as $14,000 on a dream ring. This could be risky if you are not aware of certain things. If your budget permits you to pick an engagement ring that hits a five-digit sticker price, you need to keep a few things in mind.
When the engagement ring climbs a certain price benchmark, it crosses the threshold from being an emotional asset to an actual investment. As is the key with all high-end investments, an expensive engagement ring purchase requires serious due diligence and consideration. It’s best not to be hasty when you’re spending a significant amount of money on an engagement ring.
The key to shopping smart and buying the best ring is to know what to look for. Knowing what separates a high-end diamond from run-of-the-mill gemstones will help you set a budget and get the best bang for your money.
Here are 4 vital things to keep in mind when buying an expensive engagement ring:
1. Set Your Budget
Considering you’re a CEO, you might have a no-cap budget for the special lady in your life. If you have a bottomless bank account, discard this advice and move on to the next pointer. Everyone else, listen up! You need to sit down and decide what expensive means to you.
The general rule of thumb is that you should have a budget roughly equivalent to a three-month salary. However, an expensive ring might be worth a lot more than that, depending on what gemstone and cut you pick. Therefore, it’s wise to dig into your savings, bank account, and investments to figure out how much you’re willing to spend on a diamond and how to fund it.
2. Know Your 4Cs
Remember that each diamond is unique and is born out of time, place, and change. Every diamond has characteristics that establish its value. However, until the mid-20th century, there was no agreed-upon standard for measuring a diamond’s value.
The Gemology Institute of America or GIA came up with the first globally accepted standard for determining a diamond’s value – the 4Cs. These stand for colour, clarity, cut, and carat. Knowing the 4Cs ensures that you are getting a global standard diamond quality.
A high-quality diamond will have all 4Cs and will be expensive. A large and flawless colourless diamond with a well-cut finish will cost a lot more than a flawed diamond of the same carat. Each area of 4Cs can affect the price.
3. Find Out What Your Partner Loves
Before going ahead and investing a huge amount in an expensive engagement ring, find out your partner’s jewellery preferences. Unfortunately, expensive doesn’t translate to likeability. You can purchase the most expensive diamond in the world. But it may not necessarily be to your partner’s liking.
It’s also possible that your partner might not like the conventional ring designs and have a preferred design in mind. Considering you have the budget for it, you can opt to get your engagement ring with a custom design, which will make it one of its kind. If you’re wondering about what it takes to get a custom ring and want more information about it, you can find it here.
Since it’s a substantial investment, you must ask your partner what kind of ring she would like to ensure that the investment doesn’t go to waste.
4. Buy Only Certified Diamonds
As we have established, an expensive diamond is a big investment. When you’re looking for an expensive engagement ring and willing to spend more than a five-figure sum, make sure to buy only diamonds that have been certified.
An authentic diamond with certification ensures that the stone is of high quality and is authentic. In case a jeweller is not providing a certificate of authenticity, it could be a lower-grade diamond or, more likely, a replica.
While you might have more options because of your budget, these are a few things that everyone must know before investing in an expensive engagement ring. Take your time to do due diligence, make a selection, and buy only certified diamonds that pass the 4Cs check. Last but not the least, buy your ring from reputable jewellers.