If you’re planning to buy an engagement ring in the near or semi-near future, you likely know that these small treasures can cost a modest fortune. In fact, the average cost of an engagement ring in the United States currently runs around $5,500, with prices going up from there to tens of thousands of dollars. The price you pay for your fiancé’s ring will vary according to the size and quality of the diamond as well as other factors. However, the time of year you make the purchase can strongly impact its price as well. Diamonds never go out of style, so if you anticipate needing to purchase an engagement ring within the next few months or even the next year, it can be worthwhile to buy the ring when it’s discounted and hold onto it until you propose.
Here’s when to buy an engagement ring and tips for ensuring you get the biggest bang for your buck on this purchase.
August
Prices on engagement rings tend to drop during the summer, particularly in August. This is off-season for engagements, so fewer people are buying rings this time of year. Retailers are eager to bring in business and often host sale events featuring drastically reduced prices. It can be worthwhile to check out these sales if you plan on purchasing an engagement ring within the next year.
Presidents’ Day weekend
February is another slow time of year for the jewelry industry. With the holidays long gone and the spring proposal season still months away, they can be desperate to attract customers. Take advantage of this by shopping Presidents’ Day sale events for a discounted engagement ring.
Holiday season
Like all retail, the jewelry industry can be affected by the holidays. You likely won’t find deep discounts on high-quality diamonds on Black Friday, but you can score a small price cut by shopping inside the holiday season. You may also find additional perks offered at this time of year, such as expedited shipping and free gifts that come with your purchase.
However, do take note that some experts warn against shopping for a diamond ring during the holiday season precisely because it’s the biggest shopping season of the year. With retailers busy servicing droves of customers, they may not have the time to give you the service and attention you need for such a large purchase.
Tips for purchasing an engagement ring
Engagement rings cost a pretty penny, even when purchased at a discount. Here’s how to save on your purchase no matter when you buy it and ensure you’re getting good value for your money:
- Be mindful of the four Cs. Diamonds are graded according to four Cs: Cut, clarity, color and carat weight. Diamonds with better grades will cost a lot more, but be sure to ask about your diamond’s grades to get a feel for its value before finalizing the purchase because a higher price does not guarantee a higher-quality diamond.
- Know the brand’s reputation. When making a large purchase, like a diamond, it’s important to choose your brand carefully. You want to buy your ring from a reputable retailer, but it’s important to note that well-recognized, established brands often charge more than smaller independent retailers. Your best choice may be a small retailer with an excellent reputation.
- Consider a lab-grown diamond. You can save a significant amount of money without compromising on your diamond’s quality or beauty by choosing a man-made stone.
- Think outside the jewelry box. Another way to save big on your engagement ring is to think beyond the traditional. For example, if your bride-to-be is willing, you can buy a cheaper gemstone, such as a sapphire or emerald for your ring. You can also choose an already-owned antique or vintage ring for big savings.
An engagement ring is an expensive and emotional purchase. You may need to drop thousands of dollars on this small piece of jewelry, but it will be treasured by your partner for years to come. Use this guide to learn when to buy engagement rings and how to ensure you get the biggest bang for your buck.
Your Turn: Have you scored a great deal on an engagement ring? Tell us about it in the comments.