Engagement Ring Savings

Question: Hi Steve & Annette, I'm planning on asking my sweetheart to marry me. But I want to find an engagement ring first. Do you have some ideas for saving money when shopping for jewelry? Thanks. Frugally Love Struck.

Answer: Getting married is an awesome thing. And saving money in the process makes it even sweeter.

Saving money on jewelry is time versus money. Finding a bargain on a ring will take time, but could potentially save you a huge amount of money.

Here are some suggestions:

Buy New
Go to several jewelers and get competitive prices. This will also give you an education on what the different stones, metals and settings cost. In the process you may stumble upon a jeweler who gives you a bargain price or has a used ring. You may also find online coupons or discounts for the larger chain jewelry stores.

Buy Used
Check these sources:

1. Find a jeweler who resells estate jewelry and who also does appraisals (if you find a ring somewhere else this would be a source to help you determine a fair value and authenticity).
2. CraigsList
3. Pawn Shops
4. Estate Sales
5. Estate Auctions (google your city and the words “Estate Auction”)
6. Consignment Stores
7. Thrift Stores (like Savers, Salvation Army and Goodwill, but don’t neglect the smaller local stores)

We like the idea of used only because of the number of people who either call off a wedding or get divorced and need to liquidate a ring. The likelihood of finding a bargain increases when you’re looking for a used ring.

BUT . . . You’ve also got to consider if your “intended” will have a difficult time with the idea of a used ring . . . If so, then your only option is to search for a bargain for a new ring.

Let us know how it turns out!