Save Money on Cheap Engagement Rings

A diamond is a girl’s best friend… or is it? Engagement rings can be really expensive. You pay not only for the diamond itself, which is overpriced, but in many cases you pay a premium for the designer setting. If you want platinum, forget it. The cost is going to soar even more. Fortunately, there are some options that will allow you to save money on even cheap engagement rings, making the rings more affordable.

New Engagement Ring Deals

My  husband and I have been married 26 years and I really wanted a new ring. When we got engaged, we were young and he couldn’t afford much. While I love that ring and still have it for sentimental value, it no longer fits my fat fingers anyway. I wanted a replacement and I knew I wanted white gold this time around.

Thus began our hunt for the perfect engagement ring / wedding ring. First stop was a local jewelry store, where even the smallest of diamonds started around $5,000. Of course, the ring I was drawn to and adored was not a $5,000 ring. No, it was about $10,000. I have one of those personalities that when I see what I really want nothing else is going to do. But, no way was I paying $5,000 let alone $10,000 for a ring.

Ouch! Diamonds Are Expensive!

You see, while researching diamonds to learn more before shopping (also my Type A personality), I discovered that they drop their value the minute you buy them. The price is severely overflated on diamonds for many reasons, mainly because of advertising campaigns that cause it. You’ve probably heard that cars lose their value when you drive them off the lot. Well, diamonds are like cars on steroids when it comes to value. I just couldn’t justify it. At the time, we still had two girls in college, we have a mortgage and retirement looming in 5-10 years. $10,000 for that ring was not in the cards.

Cheaper Options to a Diamond Engagement Ring

I also was having some misgivings over supporting the diamond industry for that valuation thing and also child labor in some countries. So, I started to search for alternatives to buying a new diamond ring. My hope is that these ideas will help you save a little money and still wind up with the ring of your dreams.

  • Buy used. Unless it has been severely abused, a diamond will still be beautiful. You can always have it reset if necessary. Try pawn shops to start. You may also find one at an estate sell. Just make sure you are actually buying a real diamond. Have it appraised by a jeweler if needed.
  • Buy a loose diamond and have it set. You can typically buy diamonds a bit cheaper this way.
  • Choose an option other than a diamond. However, understand that some gemstones are more fragile and may not last forever. There is a reason they say that diamonds are forever. They are hard. They rate a 10 on the Mohs scale.
  • Go with a metal band with intricate metalwork but no gemstones.
  • Choose a Moissanite ring. This was my choice. I researched this man-made diamond and found that the newest cuts look so much like a diamond that jewelers can just barely tell the difference. It is hard, at about a 9 or 9.5, so close to the durability of a diamond. It will not fade and become cloudy like Cubic Zirconia engagement rings.

The photo with this post is my beautiful ring. It is exactly like the ring I fell in love with that was $10,000. I paid about 80% less for this particular ring. I am in love with the ring. No one knows it is a Moissie unless I tell them, but I always do because I am so excited about my discovery and not supporting the diamond engagement ring industry.

I won’t judge anyone who goes for a real diamond. They are a beautiful gemstone and I understand the draw. However, if you’re looking to save money on a diamond and you want a cheaper engagement ring, then these solutions will help you with your search. You can read my complete review of Moissaniteco.com and my Moissanite ring over at Crabby Housewife.


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Crabby Housewife

Crabby Housewife

Lori is a full-time housewife and writer, living in the Midwest with her husband of 27 years - they have two daughters. They have a house full of pets and her house is never quite perfect.