It’s proposal season and many future grooms were wondering how to pop the question without blowing their bank account (especially since the average engagement rings costs $4,225).
Debi Wexler, CEO of Whiteflash.com, is here to show you some recession-friendly engagement ring trends-after all, you’ll want to save that money for the Big Day.
Alternative Metals
• Platinum and gold are the go-to metals for wedding rings-but they come with a hefty price tag
• There are plenty of metals on the market that are still beautiful, elegant and less expensive
• Palladium is a growing trend that happens to have a similar look and feel to platinum, but can cost about 75% less
• If you’re more of a traditionalist, choose white gold over platinum. White gold costs 45% less than platinum
Simple Settings
• For the past couple of years there’s been a trend towards micro-pave diamond bands, diamond halos, etc., which can all add to the overall cost of a ring
• These days, some brides-to-be are opting for a more simple, subtle and chic setting
• Diamond Solitaires are less expensive than embellished options, like three-stone rings
• A simple, traditional prong setting or channel set band is also more cost-efficient than an elaborate tension or bezel setting
Double Duty
• Who says you have to have an engagement ring and a wedding band?
• One hot new trend is choosing a beautiful wide band with multiple rows of diamonds and making that your engagement ring and wedding band. Although the ring may cost more than a regular engagement ring, this double-duty ring can help you save more in the long run since you won’t need to buy a wedding band too
Colored Gemstones
• Call it hue-love, but brides are branching out of diamonds! Colored stones like topazes, sapphires, emeralds and rubies are becoming increasingly popular
• Luckily for grooms, they can get a more impressive-sized rock for their money by choosing a gemstone instead of a diamond
• If your bride-to-be loves colored diamonds à la Heidi Klum’s canary diamond then pop the question with a yellow sapphire. Or try a tourmaline if you’re looking to replicate a pink diamond look.
Note: Interesting price comparison for gemstones vs. diamonds using the Emerald ring below: Of course, it’s hard to compare a diamond to an emerald (like comparing apples to oranges), however A 1.59ct D IF emerald cut diamond sold on Whiteflash.com PLUS equivalent setting would be $19,500. VS. Emerald Engagement Ring – square halo diamond emerald (center stone)1.56 tcw with .79 Whiteflash ACA carat total weight in diamonds that is $9,000.
Buy Shy and Save
Shop for diamonds that weigh just under certain weight thresholds. You won’t even notice the difference in size• Buy a .90-carat diamond instead of a 1-carat diamond and save more than $1,000. Plus, the diameter of a 1-carat diamond is 6.5 millimeters, versus a .90-carat diamond’s 6.3 millimeters.
• A 2-carat diamond will cost approx. $19,000 to $20,000+, whereas a “shy” 1.90 diamond of the same quality will cost you $15,000 to $16,000. That’s at least $4,000 in savings!
Additional Money-Saving Tips
• Match Away: You’ll spend half as much if you buy a matching or coordinating ring/band set, as opposed to choosing individual rings. You’ll save even more if you buy a “trio” (engagement ring, and his/her band set)
• Negotiate: Many retailers dramatically inflate prices to make a higher margin-but there’s always room for negotiation, so don’t be afraid to go after a deal. Never settle on the sticker price unless you’ve shopped around and you know it’s already a fair price.
