With an average price tag around $6,000, engagement rings usually require a significant amount of money to purchase. However, not everyone has thousands of dollars that they can freely spend on a ring. If you’re one of those people, don’t worry. You can still find a gorgeous ring that’s within your budget. Here are some tips to consider when searching for an affordable engagement ring.

Choose a simple, solitaire setting. Having multiple melee diamonds (set either on the actual band or surrounding the center gemstone) can significantly add to the total cost of the engagement ring. If instead you choose to feature only one gemstone, you’ll save some extra money while also making this gem the center focus of the ring.

Consider a less traditional diamond cut. You may be tempted to select a round diamond, given that it’s the most popular diamond cut, but be forewarned that it will cost you more than other cuts. If you wanted to save yourself a few dollars, consider other diamond cuts, such as princess, emerald, cushion, or oval.

Select a prong setting. Prong settings require less metal compared to other settings like channel or bezel. And since less metal means less cost, you’ll save quite a few dollars if you decide to go with this type of engagement ring setting.

Avoid diamonds that are exactly a certain number of carats. Diamond prices increase drastically at the whole carat and ½ carat marks. For instance, a one carat diamond will cost a lot more than a .97 carat diamond. They’ll essentially look the same but will have different price tags.

Select an affordable metal. The two most common types of precious metals used for engagement rings are gold and platinum. There are several benefits of selecting platinum over gold, but one downside is that it will cost you more. If you select gold instead, you’ll save a significant amount of money (while also having more color options – yellow, white, and rose). To save even more money, select 14 karat gold over 18 karat or another higher amount. Not only is 14 karat gold less expensive, but it’s also more durable, ensuring that your engagement ring can handle daily wear.

Consider alternative gemstones. Who says that all engagement rings have to feature a diamond? There are many other gemstones that look just as good and don’t cost nearly as much. Consider selecting a sapphire, ruby, emerald, or another gemstone instead of the traditional diamond.

Avoid brand names. When you purchase a brand named engagement ring, you’re typically going to pay more. Custom designing your own engagement ring may sound expensive, but when you consider the high markups placed on brand name engagement rings, you’ll be getting a much better deal if you can apply all of these money saving tips and design your own engagement ring.

If you have any questions about engagement rings or would like to schedule an appointment, please contact us at 414-276-2457 or info@kloiberjewelers.com.