When you’re ready to pop the question to your beloved, you will want to have the best ring you can buy in hand. Shopping for an engagement ring is more complicated than it appears and selecting the perfect ring can take time. By using these five do’s and don’ts, you can select a ring your girlfriend will love.
Do Set a Budget
Although you may have heard you should spend at least two months’ salary on an engagement ring, that advice is incorrect. You should plan to buy the best engagement ring you can without going into debt. Before you start shopping, crunch the numbers to find out what you can afford to spend and set a firm budget.
Engagement rings are available at all price points, so you should be able to find a great ring without taking out a second mortgage. In 2016, an average of $6,163 was spent on engagement rings, which demonstrates you don’t need to go broke to get her to say “yes.” Set a budget and stick to it before you start looking at diamonds and settings so you’re not tempted by something you cannot afford.
Don’t Buy Last Minute
Don’t plan to propose without buying a ring and don’t expect to find the perfect ring a few days before your proposal. Finding an engagement ring takes time because you will need to decide which gemstone to buy if you don’t want a diamond. Then you will need to decide on the cut for the stone and find a setting for it.
Once the diamond, or another gemstone, and the setting have been selected, it will take about two to three weeks before the complete ring is ready. So, you should plan to select and purchase the ring about six to eight weeks before proposing.
Do Buy Insurance
When you purchase a diamond engagement ring, you should also buy an insurance policy to cover it in case it is ever lost, stolen or damaged. Most policies will pay to repair or replace the ring, so insuring it can help put your and your fiancée’s minds at ease. Just as you would protect any other investment, you should also protect the ring.
If you have renters or homeowners’ insurance, then the ring will be partially covered by those policies, but an insurance policy can cover the rest of the costs to replace or repair it. The cost of insuring a ring is nominal, only about one to two dollars for every $100 of the ring’s value. So, if the ring is valued at $5,000, then a policy will only cost about $100 per year to protect your investment.
Don’t Overlook the Importance of Cut
The diamond solitaire engagement ring is only one style from which you can choose when selecting a ring. In fact, the gemstone doesn’t necessarily need to be a diamond if you have a girlfriend who doesn’t like them. If you decide to be traditional and buy a diamond, be aware that the diamond and setting are sold separately.
The shape of her hands and length of her fingers are important considerations when buying a ring which will look good on your fiancée’s finger. The cut, or shape, of the diamond is important because it can enhance or detract from her hand’s appearance. For instance, the princess cut diamond, which is a square shape, can make shorter fingers look chunky, but an oval or marquise cut can appear to elongate them.
Some of the more popular diamond cuts are:
Do Ask for a Report
Every diamond is graded by the GIA, the Gemological Institute of America. If you’re buying one from a retailer who claims to sell certified diamonds, you should always ask to see the report, called a Diamond Dossier. It can confirm the diamond’s authenticity, plus it gives an analysis of the diamond’s quality based on the “4 C’s:”
When you purchase a diamond, request a copy of the report for yourself as you will need it when it is appraised for an insurance policy.
These five do’s and don’ts should help you find a great engagement ring with which to propose.