How Much to Spend on Engagement Ring
Each and every groom to be finds himself at a loss when it comes to buying an engagement ring. The reason for this confusion is that most of us have been brought up on a notion promoted by giant diamond companies that the ring should be worth one's two months salary. However, let me clarify that this is nothing but a means of increasing sales and earning more revenue by these companies. The decision regarding the money to be spent on the engagement ring, should be taken while keeping a lot of other factors in mind, which are given below.
How Much Should You Spend On an Engagement Ring
Ideally, the decision regarding the money to be spent on an engagement ring, should be taken together by the couple. After marriage, the couple will be setting up a new household, which will require lots of money. Looking at the high living costs and job insecurities due to recession, spending too much money, all at once, on an engagement ring, is something a couple should think twice over.
Another thing to consider when buying a diamond ring, is the current financial situation of the couple. If one or both of them are under some sort of loan or are not earning enough, then the amount of money to be spent on the engagement ring should not be too much.
The cost of the engagement ring depends on the quality of the ring, reputation of the jeweler, styles, and likes and dislikes of the bride to be. If the bride prefers a big diamond rock on her finger or if the groom is buying the ring from a big, reputed jeweler, it will definitely cost more. While buying the ring, some other costs that have to be looked into are shipping fees and ring maintenance costs such as resizing and cleaning.
Negotiation, Guarantee and Insurance
When buying an engagement ring from a jewelry store, make sure that you negotiate the price. Typically, the retail markup for an engagement ring at a jewelry store is hundred percent, i.e. double. So, never ever pay the retail price. A good deal while buying an ring would be if you would pay the jeweler anything less than half of the price he is offering. Besides this, increase your knowledge of the four C's i.e. Cut, Clarity, Color, and Carat Weight, before you set out to buy a diamond ring, as this will help you to seal a better deal.
When buying diamonds, always go in for the F.B.A. (Fully Bonded Appraisal) diamonds as they come with a lifetime guarantee and a buy-back exchange scheme. Also, F.B.A. Diamonds are the diamonds of topmost quality so the quality of the engagement ring will be assured, if you opt for them.
For people who have spent a lot of money on buying an expensive engagement ring or those who attach a lot of sentimental value to it, taking an insurance policy which protects it against any kind of loss or damage is a good option. There are different types of insurance policies such as homeowner insurance policy, replacement policy, actual value policy and valued at policy. Each of these insurance policies vary in terms of coverage and the maintenance costs. So, if you are opting for an insurance policy for diamond jewelry, study each of these in detail i.e. what kind of reimbursements they provide, how much and under what circumstances, before you actually purchase an insurance policy.
The cost of the engagement ring varies anywhere between $1000 to over a million. If you look at the current rates, you can get a decent diamond ring for anywhere between $3000 to $4000. Contrary to what fashion magazines and advertisers will have us believe, there is no relation between the price of the engagement ring and the love that a couple shares. But this does not mean that you buy an engagement ring as an investment. Under no circumstances should it be treated as your emergency relief fund. An engagement ring is a symbol of love and it should always remain so.
