Purchasing an Engagement Ring

[Cyinthenorth]

What are some rules of thumb to follow?

Spend "x" months income? How do you decide your budget?
Shop at more than 1 store?
If you can't pay cash, how should you finance? What should a down-payment look like if so?
Do you need the jewelry insurance, or is this similar to the bogus warranties car salesmen try to push?

 

[Rabbuk]

I think the "x" month this is antiquated. Look online too

 

[Cyclonepride]

What are some rules of thumb to follow?

Spend "x" months income? How do you decide your budget?
Shop at more than 1 store?
If you can't pay cash, how should you finance? What should a down-payment look like if so?
Do you need the jewelry insurance, or is this similar to the bogus warranties car salesmen try to push?

Budget by what you can afford, not what some jewelry industry person says you should spend.

Yes, shop at several stores and get to know what cut/clarity/color means for value.

Jewelry is usually covered under your homeowner's policy (I think if it's over a certain amount, you need to get a rider for it).

 

[IcSyU]

If the person you're giving it to cares about number of months salary, run very quickly in the other direction and don't look back.

Either take her shopping or have her friend take her shopping and report back what she liked/didn't like/etc.

Financing an engagement ring makes me cringe.

Warranties aren't bad because they'll normally clean it for free every 6 months. It unfortunately does make the ring look better. Also unfortunately you have to go back in the store. Accidentally forget your wallet on the return trips.

 

[Knownothing]

Ask them if they have refunds after 5 years.... Just kidding

 

[Cyclonepride]

As an aside, my wife wanted platinum, so she got platinum, but got a smaller diamond initially. We went back and got her a rock for our 5 year I think.

 

[Cyinthenorth]

Budget by what you can afford, not what some jewelry industry person says you should spend.

Yes, shop at several stores and get to know what cut/clarity/color means for value.

Jewelry is usually covered under your homeowner's policy (I think if it's over a certain amount, you need to get a rider for it).

What if you aren't a homeowner?

 

[flynnhicks03]

The rule of thumb is three years' salary.
- Michael Scott

 

[Cyclonepride]

What if you aren't a homeowner?

Renter's insurance, I'd imagine, if you have it. Otherwise, I really don't know. Add on warranties are almost universally a waste of money IMO.

 

[cyyote15]

My opinion, go for clarity not size. Clarity gives it a better look. A friend of mine got one and he went for size and the diamond looked yellow almost.

 

[KnappShack]

I assume congratulations are in order!

When I married Mrs #1 we did the big ring so she could flash it to all of her friends. Do that move when the ladies hold their hand out to show off the rock.

Mrs #1 agreed with me that humble is ok. Not because of an affordability issue, but just to know that our marriage is between us and not just a flashy ring.

Cousin made his woman an engagement ring. Think his future wife loved it better because it had time and effort.

Shop, get comfortable with cut, clarity, carats, etc. Hold to a budget. You can always upgrade later.

 

[BirdOfWar]

 

[salennon07]

Spend "x" months income? How do you decide your budget? - I've always thought this was bogus, just get what you feel you can afford - I'm sure your future wife would be happier about this than putting you in debt (if financing like you stated below).


Shop at more than 1 store? - I went through Blue Nile and was very happy. When comparing an essentially identical diamond through Zales / Jared the diamond was almost 2x the price at the B/M store.


If you can't pay cash, how should you finance? What should a down-payment look like if so?
Do you need the jewelry insurance, or is this similar to the bogus warranties car salesmen try to push? - I tacked insurance on super cheap onto my home owners insurance.

One recommendation... if looking at a 1 carat diamond get a step below such as .9 carat and spend the substantial money you save on size on the other 3 C's. IMO you wouln't tell a huge difference in size at that level - but the other 3 could potentially make a huge difference.

 

[Knownothing]

What are some rules of thumb to follow?

Spend "x" months income? How do you decide your budget?
Shop at more than 1 store?
If you can't pay cash, how should you finance? What should a down-payment look like if so?
Do you need the jewelry insurance, or is this similar to the bogus warranties car salesmen try to push?

Whoa. Just read this whole thing. Jewelry is only covered up to a certain amount on your homeowners or Renters. Otherwise you need a rider on it. Say your ring is valued at 5k. You would need a floater on that. Home and renters usually will cover it up to around $2500 but you also have a deduct you have to pay. Just an FYI.

 

[RyCy04]

 

[BanjoCy]

15 posts in and not a single one of these?

 

[cyhiphopp]

Go with what you can afford.

Go with what looks good. Not with what's bigger/more expensive.

Find out what your future fiance likes. My wife preferred a square cut to a round cut. I actually got her a princess cut, which is similar to a square and she loves it. I didn't get a really expensive stone, but it looks very nice. The different cuts make the diamonds sparkle differently and I really liked the princess sparkle.



Side note: The diamond market is a big ****** scam. They set the prices for rocks that are way more common than you think, but unfortunately we still "have" to buy them. Oh well.

I didn't go overboard with the price so I can live with it.

 

[cyhiphopp]

15 posts in and not a single one of these?

 

[huntt26]

I had a great experience with Blue Nile. Just need to know the rough ring size before and you'll be all set. Clarity of the diamond makes a big difference. Wife gets compliments all the time, I lucked out.

 

[cyhiphopp]

Yeah, I "went to jared", walked in, saw the prices, and walked out. That place sucks.