It’s no secret that engagement rings and weddings are expensive – and there are many reasons couples want to save pennies wherever possible. We reveal eight ways to save when buying an engagement ring.

Without sacrificing the experience of creating your dream ring, we spoke to the experts at Queensmith, who revealed eight small details that can be changed to save money on your engagement ring.

1. Have a set budget in mind

Engagement rings can vary widely in price, so setting a budget allows you to be realistic about what designs can be incorporated into your ring.

One way to calculate your budget might be to decide how much money you can realistically set aside each month. Saving may take longer on a more expensive ring, but it might be worth it.

2. Save thousands with a lab grown diamond

The most effective way to lower the price is to be willing to choose a lab grown diamond over a natural one. The differences in their looks are tiny, but the price changes are dramatic.

3. Forget old “rules”

In the 20th century, an old, rather manipulative rule surfaced that you should spend at least three months of your salary on your engagement rings. This rumor was started by a jewelry company and should in no way influence your decision when choosing your dream ring!

4. Avoid flawless diamonds

Flawless diamonds are incredibly rare and therefore expensive. There is no need to find a perfectly flawless diamond. Imperfections will be almost invisible and they will only help to make your ring more personal.

5. Stop obsessing over round diamonds

They’re beautiful, but round diamonds are 20% more expensive than any other shape! This is due to the high demand and because more natural diamond is wasted in cutting than any other shape.

Oval, pear, or marquise often appear larger than other shapes of the same carat weight, making them feel like better value for money.

6. Consider a solitaire ring

A solitaire ring has a central stone and no additional embellishments, making it by far the cheapest design. The effect is a timeless and elegant engagement ring.

7. Select Less Diamond Coverage on Band

The intricate pattern with diamonds embedded along the entire band may sound appealing, but it’s an expensive option for engagement rings. Not only are you paying for more individual gems, but you are also paying for the craftsmanship required to create this design.

Consider only having diamonds on the top and visible half of the ring, or just a few around the center diamond.

8. Find an “underweight” diamond

See if you can find a diamond for your engagement ring that’s just under the carat mark; They’re harder to find, but can save a lot of money.

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