Affordable Romance: How to Buy an Engagement Ring on a Budget

By Tiffany Moore

Many engagement ring buyers are under the impression that a high-quality ring must cost a small fortune, but budget-friendly engagement rings can also offer exceptional quality. It's important to spend an amount that you are both comfortable with and can afford. Ignore the outdated advice dictating you should spend 'three months' salary'—what matters is finding a ring that suits your budget and tastes.

A high-quality engagement ring doesn't have to be expensive. While quality definitely goes up with price, you don't have to break the bank. How much is the average cost of an engagement ring?

Tacori HT2580RD8 Founders Collection Solitaire Engagement Ring

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Our answer will always be, “It depends.” Engagement rings differ in price based on the quality, cut, color, and clarity of the diamonds, how many diamonds are used in the ring and their carat weights, and the metal chosen for the setting and the brand, among other factors.

The cost of an engagement ring should not break the bank, but it must be of high quality. Finding the perfect ring at an affordable price will be easier than you think with some research, determination, and expert help. Here’s our expert advice on how to shop for an engagement ring on a budget that your loved one will adore.

Do Your Diamond Research and Educate Yourself
How Much Should You Spend on an Engagement Ring?
Prioritize Diamond Quality and Cut, Not Size
Consider Lab-Grown Diamonds
Purchase From A Reputable and Expert Jeweler

Do Your Diamond Research and Educate Yourself

The first step should always be research. Among other things, consider the type of engagement ring you want, the type of setting, the size and quality of the diamond, and the type of metal.

With the Internet at our fingertips, today's smart shopper has access to the world. Your online diamond buying guide can be found by conducting a simple internet search. It is an ideal place to begin educating yourself on what to look for and how to shop for diamond engagement rings in your budget.

For example, some factors that can affect the price of an engagement ring. The price of a diamond depends on a multitude of factors, such as:

Diamond Shape
Diamond Carat weight
Diamond Cut Quality
Diamond Clarity
Diamond Color
Diamond Certification (or lack thereof)
The stability or volatility of the diamond market
The pricing given by specific merchants

The main thing to note when purchasing an engagement ring on a budget is that diamond quality is crucial. There are four characteristics that define a high-quality diamond— cut, color, clarity, and carat weight—these are known as the Four Cs, cut quality being the most important.

In order to have more flexibility with your choice of setting and to ensure the best quality, you might want to source the diamond first.

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How Much Should You Spend on an Engagement Ring

It's hard enough to pop the question for the average person. The perfect time, the perfect place, and the perfect way to propose are all things that you worry about getting just right. Furthermore, you shouldn't have to worry about spending too much on an engagement ring!

There is no doubt that your heart is in the right place, so you will be pleased to find out that there are a number of options available for those getting engaged on a budget. With a ring to be proud of, you can showcase your commitment to your future wife without jeopardizing your finances.

However, the price of a good quality diamond engagement ring will still lie in the thousands.

It's common for buyers to assume that high-quality engagement rings include the stone they're advertised to include, but this isn't always the case. Remember, when you purchase high-quality jewelry items such as these, you pay for two things: the engagement ring band, and the diamond. A setting and a central stone will be sold separately.

Another consideration is the metal used on the setting. Diamond engagement rings can be made from a number of different metal types, such as yellow gold, white gold, platinum, or even rose gold metal.

For example, platinum is the most expensive metal that engagement rings are made out of. This Platinum Verragio 4-Prong Twisted Shank Diamond Engagement Ring, is gorgeous, regal, intricate and has a truly organic design.

Yet, a design like this also comes in different metal choices. Its counterpart, the 18k White Gold Verragio 4-Prong Twisted Shank Diamond Engagement Ring is exactly the same design, yet is priced more affordably.

Each of these metals will come in different purities with their specific prices. And fine jewelry designers have individual preferences depending on the nature of their work. These are the most common alloys you're likely to encounter today, along with their important characteristics.

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Budget Engagement Ring Example

In order to give you a sense of what an engagement ring might cost, we've combined a gorgeous setting with a high-quality diamond.

The first choice is the center diamond, and we’ve gone for a 0.713 ct I VS1 A CUT ABOVE® Hearts and Arrows Diamond. This diamond is the perfect size for an affordable diamond engagement ring, as well as great overall quality with a spectacular cut.

With a VS1 clarity grade, this diamond is totally eye-clean, which looks the same quality as a Flawless diamond (the highest possible clarity grade) to the naked eye. Alternatively, for a similar cost you could opt for a lab-grown diamond like this 1.51 ct D VS1 Round Cut Precision Lab Grown Diamond instead. We’ve delved into the benefits and drawbacks of purchasing a lab grown diamond engagement ring for your budget further below.

For the setting, consider this 18k White Gold Simon G. Fabled Diamond Engagement Ring, which is a stunning example of a pavé design that utilizes a twisted band for the utmost beauty.

Simon G. MR1394 Fabled Diamond Engagement Ring

In today’s diamond jewelry market, this is a very affordable investment, especially considering the feature stone is an A CUT ABOVE® Hearts and Arrows Diamond set in a designer setting from one of the finest bridal brands in the market, Simon G.

Prioritize Diamond Quality and Cut, Not Size

Diamonds with huge carat weights and stories of the 'biggest diamonds in the world' will make headlines, but size does not make a diamond. We believe that diamond quality is truly dependent upon its intrinsic characteristics, such as clarity, color, and cut.

If a VS2 is out of your budget, our recommendation would be to gain a thorough understanding of what 'eye-clean' refers to, which includes many SI1 diamonds.

The good news is that when it comes to understanding diamond clarity, technology is very much on your side. High-res photos, 360 video and advanced diamond imaging can tell you exactly how well a diamond handles light and identify any issues with light return.

An inclusion is an internal flaw within a diamond. Almost all diamonds have these, but most of them are too small to see with the naked eye. It is important to note, however, that they all have an impact on a diamond's light performance and value.

Therefore, someone might be tempted to buy a diamond with visible inclusions just because it's a lot less expensive. A diamond with visible inclusions, however, is just not going to be as beautiful and impressive as a diamond that is 'eye-clean' or without visible inclusions.

Yes, a diamond with visible inclusions may be less expensive, but is it good value for money? Probably not.

It is always recommended to look for diamonds that are 'eye-clean'. The first thing to keep in mind is that you do not have to spend an incredible amount of money to find one. In addition, you can be sure that the diamond you find will be better than a diamond with visible inclusions.

Learn More About Clarity

Consider Lab Grown Diamonds

With the improvement in quality and production of lab-grown diamonds, this sector of the industry has grown rapidly. The best part is that they are accessible to just about any budget to help upgrade to designer settings, bigger carats, and better cut quality - a big bonus!

A laboratory-grown diamond has essentially the same chemical, physical, and optical properties as a natural diamond. They are created using innovative technology mimicking natural diamond formation, which is a major advantage of lab-grown diamonds - especially over diamond simulants you may be familiar with.

Savvy shoppers will be pleased to know that using a lab-created diamond is possible in any jewelry piece as long as the design allows for a diamond - including the iconic solitaire engagement ring. We feature the finest Designer Engagement Ring brands including Tacori, Simon G, Verragio, Ritani, Vatche, Danhov, A.Jaffe and Benchmark.

There are some downsides, of course. In contrast to natural diamonds, they hold little resale value and are not at all rare. If you’re interested in learning more about lab-grown diamonds, read our detailed guide here.

Having mastered the art of cut quality, we stock only the highest quality lab diamonds. With superior light performance, color and clarity, Whiteflash Precision Lab-Grown Diamonds deliver outstanding value to consumers today.

Please inquire about anything you are looking for, no matter how specific or how different it is. To meet the needs of our clients, we offer a wide range of lab grown diamonds. Please feel free to contact us for any guidance needed or help placing an order, or if you would like to know more about Whiteflash diamonds.

Purchase From A Reputable Jeweler

When it comes to buying the perfect engagement ring on a budget, always buy from a reputable seller. Here at Whiteflash, we take pride in being one of the most trusted diamond and jewelry retailers in the market.

We will always be transparent when it comes to quality and costs. If you’re browsing online and a deal seems too good to be true, it most likely is. The thrill of finding something at low price fades with time, but any quality issues will remain.

A high quality product at a competitive price is not all that you need to feel confident when making an important purchase. This is why Whiteflash takes pride in offering the most comprehensive value proposition in the industry.

Start Your Journey On Affordable Engagement Rings Today

The best way to become familiar with the diamond engagement ring market is to browse it, be curious and do plenty of research - and you’re in the best place to start.

At Whiteflash, we offer a wide selection of high quality diamond engagement rings in a variety of designs, styles and price ranges to suit every budget and bride-to-be.

You can begin your journey towards finding the right engagement ring, with the best value for money, by perusing what we offer today.

This is a moment to familiarize yourself with what is available, and get to know exactly what qualities and styles are right for YOU. And if you need some help, do not worry - we’re just a phone call or message away to offer some expertise and advice. We’ve helped many partners pick out the perfect engagement ring for their loved one, and you could be next.

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