Video:What You Need to Know When Buying an Engagement Ring

Transcript:What You Need to Know When Buying an Engagement Ring

Besides knowing your significant other’s expectations, there are actually some other things that are good to know before you rush out and pick out that engagement ring.

Information About Buying an Engagement Ring

While you are not only investing in a long, happy life with someone else by asking for their hand in marriage, you are most likely also plunking down some pretty serious dough. As my best man once said, "You can’t even drive it." Start by taking a realistic look at your budget. Remember that you are NOT placing a value on your relationship in doing so – in fact, selecting a ring that you can afford is likely to start you and your spouse-to-be off on a good financial footing.

Buying an Engagement Ring

A traditional, average size ring can run around $3,000 to $4,000 as a very general ballpark. There are many jewelers that have layaway plans as well as other financing options if you choose to go that route. Be forewarned though that the jewelry store wants to sell, sell, sell. They often use all types of emotional tactics to get you to upgrade or go for that "investment that lasts a lifetime." Stick to your guns and the budget you’ve set before entering the store. Be sure to look online and actually go to a jewelry shop to browse. Get to know the types of diamonds and prices currently available. There are two primary factors that set the price of a diamond.

Information About Buying an Engagement Ring

These are the four C’s of diamond selection and whether or not the diamond is ASG/GIA certified. The four C’s are color, cut, clarity and carat. Carat refers to the size or weight of the stone, cut refers to the shape (round, princess, and oval are common ones), color refers to the stone’s whiteness, and clarity refers to the number of the stone’s imperfections. Researching these factors and the current prices ahead of time will help you negotiate at the store.

More Tips for Buying an Engagement Ring

Don’t assume that buying an expensive diamond is your only option for buying an engagement ring. There are other places to shop that can offer selections that are more affordable and perhaps that even offer a deeper meaning. Options that can keep the price down might include using an alternative main stone to a diamond. Even celebrities have been seen breaking the norm with other precious stones. If a diamond is a must, consider a setting that uses many small stones instead of one large one. There are many people who might want to select an engineered diamond, which can look very close to the real thing but costs a lot less, and is potentially more humanitarian. Other options include using a family heirloom as your engagement ring or picking up a ring from a pawn shop, antique dealer, or auction.

A jewelry mart also can deliver some deep discounts. Plus, you might end up with something that really stands out from the standard engagement ring setting. Depending on your relationship, it might help to do some casual ring shopping with your significant other to see what she has her eye on, and to get her finger measured so you don’t have to guess on the setting size. But, the essential thing here is knowing what’s important to you both, and taking the time and effort to give her something that is truly a symbol of your lifelong pledge to her.

I'm Jonathon Stewart, with About.com.