Some of you likely associate quality with high prices, but the truth is that high-quality engagement rings are the only rings that are worth your money. Quality is key whenever you’re spending hundreds or thousands of dollars. Keep these tips in mind when budgeting for your engagement ring.

1. Be Realistic

You may have heard that spending three months’ salary on an engagement ring is the way to go these days. Fortunately for you, we’re not going to tell you to spend three months' worth of your hard-earned money on a diamond. Because, if we're being honest, you don’t have to. The reliance on this arbitrary number proves that many consumers are a bit clueless about how much they should pay for an engagement ring.

2. Understand How Carat Weight Affects Prices

There are tons of affordable engagement rings out there. If your significant other has expressed interest in a huge rock, you probably think you’re going to have to spend big bucks on a ring. As it turns out, though, that’s not exactly true, primarily because the size of a diamond doesn’t factor into its price. It’s the carat weight that helps determine the price.

Though there is a connection between carat weight and diamond size, it’s possible to get a diamond with a low carat weight that appears to be large. Oval cuts, for instance, have an oblong shape which can make them look larger than other cuts of the same carat weight.

3. Know Your Options

Certain engagement ring settings can make the center stone look bigger and brighter, without increasing the overall cost. Keep an eye out for rings with clusters of diamonds or other gemstones when ring shopping, as tiny stones placed close together can look like one large center stone from a distance. You can also consider Three-Stone and Halo settings as they can boost the ring’s overall carat weight without significantly increasing the weight and price of the center stone.

4. Choose Your Metal Wisely

Certain metals can get pricey. The fact that platinum is more expensive than silver, for example, should come as no surprise to many of you. That said, stay away from the most expensive metals when selecting a setting if you’re on a tight budget. You could save hundreds of dollars by doing so.

We do, however, recommend that you don't go cheap here. Cheap metals degrade much more quickly than quality metals, and some people have metal sensitivities to them.

5. Consider Diamond Substitutes Such as Moissanite

Believe it or not, some women would be more than happy with a diamond substitute. One such substitute is moissanite, gemstones that look similar to diamonds. But there’s more than meets the eye: Moissanites often cost 70% less than natural diamonds that are mined from the Earth.

6. Stick to Your Budget

Set a budget and stick to it. You know what you can afford, so don’t try to fool yourself.

7. Be on the Lookout for Good Financing Platforms

Gage Diamonds provides better financing options for engagement ring shoppers who are on a budget. Not everyone has the luxury to spend 1 to 3 months of their salary on their engagement ring. Unlike other financing companies, we are sister companies with our financing partner. We make our “interest” by sourcing our products at wholesale prices and offering them at competitive retail prices, which means we can offer 4.95% APR financing to our customers. At Gage, we want to get you into a payment plan that you can pay back without putting a burden on your current finances.

Have a question? We can help!

Gage Diamonds is Chicago's premier jewelry showroom and online retailer of engagement rings, wedding bands, and fine jewelry. We offer a selection of dazzling handpicked diamonds, including certified natural diamonds.

We’re committed to helping you find the ring of your dreams. For inspiration, browse our website or set up an appointment with a member of our trusted staff at our in-person showroom.

We offer no-credit-needed financing – feel free to apply and get your approval within 24 hours!

Pay over time, because love shouldn’t wait.