How To Buy An Engagement Ring Online – Info Money Manage

One of several money lessons I learned the hard way was just how much you can be ripped off buying a diamond engagement ring from a national jewelry chain.

When I learned how much you can save by buying your engagement ring online, I began writing about it to help others save thousands on this once-in-a-lifetime purchase.

Diamonds you buy online are the same quality and just as beautiful as any ring on display at your local mall. A diamond you buy online just costs up to 40 percent less.

My story—buying my wife’s engagement ring

Several Decembers ago, I bought my wife’s engagement ring from a big, well-known national jewelry chain. I really wish I hadn’t.

A few weeks earlier, I had decided how much I could spend and I knew exactly what style of ring to pick out—my only dilemma was where to buy it.

Obviously, I didn’t want to pay more than I had to, but with such a big-ticket item, I wanted to know I was purchasing the engagement ring from a retailer that would guide me through the process of selecting a diamond and would be there for me after the sale, as well. In the shopping process, I visited a big chain jeweler and also carefully considered whether to buy an engagement ring online.

I was almost ready to pull the trigger on a ring online. I had the ring designed. It was perfect. And it was a great deal.

Then, I chickened out. “But I can’t see it!” I thought.

Ultimately, I bought a ring from a national jewelry chain. I paid more—justifying the extra expense because I had a real salesperson to work with and because I could see what I was buying before it was shipped.

Unfortunately, I really regret not buying the engagement ring online.

My wife’s ring was beautiful, but after a few months of wearing it she noticed the diamond was set too high and was catching on things now and then. We went back to the store to see if they could reset it only to hear the jeweler say “yeah, we get this all the time with this ring; there’s nothing we can do, but we could sell you a different setting.”

We were pissed!

Not only did they never mention this potential problem with this setting, they wouldn’t do anything to fix it. Later, we found an independent local jeweler who reset the ring for less than the chain offered. Ultimately, the ring is even more beautiful, has a custom touch, and my wife finds it more wearable.

That’s a long story, but the moral is I should’ve bought the ring online! (Or, I at least should have bought the diamond online and then had a local jeweler create a custom setting.

Diamonds are so marked up in stores that you can save almost 50 percent buying online. Reputable online diamond jewelers will let you customize your engagement ring by style, setting, and all the four C’s so you get a ring that’s not only one of a kind but also in your budget. Best of all, they understand that buying a ring is difficult online, so they make returns and exchanges easy.

I ended up buying my wedding band with Blue Nile and exchanged it once—at no cost to me—for a different width. Super easy.

How to buy a diamond online

Is it safe to buy a diamond online?

As long as you go with a trusted online jeweler like Blue Nile or James Allen, absolutely. 

Obviously, many people are skeptical about buying engagement rings online. They think: “I’m more likely to get a fake stone or get scammed online”, “it could get lost/stolen in the mail” or “for something so important, I need to see it before I buy it.”

These are all valid concerns, BUT, any reputable online jeweler has these covered.

Reputable jewelers have their reputation at stake

Ergo, you will get a real diamond with a gemologist’s certificate. This may not be the case on some sketchy website or with an online auction. Wherever you buy your diamond (online or in a store), it’s a good idea to take the stone to an unaffiliated jeweler for an independent appraisal.

Reputable jewelers will insure your shipment

When you ship diamonds, you send them via FedEx or UPS with tracking, insurance, and a required signature. In the rare event that your stone gets stolen, you won’t be out a penny. But even that is unlikely. In 15 years of selling tens of thousands of diamonds a year—online—Blue Nile tells me they have never lost a single diamond!

Reputable jewelers have no-questions-asked return policies

As I mentioned above, when I bought my wedding ring on Blue Nile, I returned the first one I got for a larger size. I didn’t pay anything except the difference in price for the rings…no return shipping. Nothing.

Recommended online diamond jewelers

Before you buy, find an online jeweler you trust—preferably one that specialized in diamonds, like James Allen.

James Allen is an online jeweler featuring quality engagement rings and over 150,000 photographed diamonds to choose from. Blue Nile has been selling diamonds online since 1999 and is also an excellent choice.

These sites have amazing customer service. They both offer:

• 24/7 customer service
• Lifetime warranty
• Free shipping and returns
• A 100 percent refund policy within 30 days—no restocking fees or return shipping

A note about buying diamonds on eBay

Diamonds are a popular item on eBay and other online auction sites, and for the experienced buyer can get some really good deals. But you can also get ripped off. Before you buy a diamond in an online auction—on eBay or elsewhere—you should:

1. Know a bit about diamonds so you know exactly what you’re getting and
2. Be familiar with online auctions, escrow payments, and recourse in case something goes wrong.

How to shop for your ring

OK, you’ve decided to save a ton of cash and buy online. You’ve found a jeweler you trust. What next? Basically, you want to do your homework.

My focus here on Money Under 30 is to guide readers through large financial decisions—paying down debt, starting to invest, and making big purchases like a home and, yes, an engagement ring. As this is a particularly unique subject, I even created a separate website called Diamond Buying School, which teaches what you need to know when buying a diamond engagement ring. Here are the basics:

Budget

There is some crazy debate in the comments of this post on how much you should spend on an engagement ring.

Here are my two cents: Throw that old adage about “two month’s salary” out the window. Spend enough to show your future wife that you value what this ring symbolizes, but do not spend more than you can afford.

If you’re struggling to pay off credit card debt and want to marry a woman who is expecting a $20,000 ring, you can’t afford that and would be stupid to try. It’s so important to make sure you’re not bringing unnecessary financial stress into your new marriage – more important than getting an expensive ring. But I’m also not going to tell you to skip the ring or buy something really cheap or fake. On a budget? You can find a meaningful engagement ring that isn’t a diamond for a fraction of the cost.

But the tradition is in place for reason. A diamond ring is a symbol that you’re able to save and willing to sacrifice a little bit for the woman you love. If you can have an honest conversation with your girlfriend and you’re both on the same page about skipping diamonds, that’s fine. Otherwise, expect to participate in this tradition.

Whatever your engagement ring budget, stick to it, and don’t use credit cards to “stretch” what you can afford. The engagement ring is only the first of many expenses coming your way when you get married. This is no time to go into more debt.

Ring style

If you haven’t figured out your girlfriend’s tastes already, it’s time for some detective work. Ask one of your girlfriend’s girlfriends for guidance if you trust her, or ask some general questions the next time you’re passing by the jewelry displays at the mall.

The reason? No two diamonds are the same, but you can narrow down your choices by determining what shape diamond to buy as well as what style ring. Does she want a solitaire (one stone) or multi-stone ring? Does she like round, pear, princess (square), or emerald diamonds? What style band does she want—yellow gold or white gold/platinum?

Diamond size (carat weight)

When it comes to diamonds, size matters, but not as much as you might think.

A smaller diamond that is a higher-grade color, clarity, and cut will be more brilliant than a larger duller stone. These “4 C’s of diamonds”—color, cut, clarity, and carat (size)—determine how much you’ll pay. Knowing your budget, it’s time to determine what’s most important to you.

I opted for a smaller diamond that was as high a grade as possible in cut and color. One last time, James Allen has a helpful search tool that lets you browse diamonds in your price range by size and other characteristics; it’s the best way to pick the perfect diamond.

Consider buying a loose diamond online, then getting a custom setting

Does your girlfriend have something specific in mind? Or do you want to add a personal touch to your ring? You can save big bucks by buying the diamond online and having a local jeweler craft a setting.

James Allen, Blue Nile, and others sell loose diamonds, any of which jewelers can use to build the ring of your dreams. You’ll pay a bit more for the jeweler’s time, but still save a bundle buying the loose diamond online.

Summary

Buying an engagement ring online can save you 40 percent or more on a diamond ring when compared to a brick-and-mortar retail jewelry store.

You can shop with confidence at well-known diamond jewelers—Blue Nile and James Allen are two I can vouch for. Stay away from diamonds on eBay or other second-hand vendors unless you know how to authenticate a diamond.

Take advantage of online guarantees and return policies to check the ring out. Leave enough time before you’re hoping to ask her in case you change your mind! Also, keep in mind that most return policies are long enough to take into account the slim possibility she’ll say no, so you can still get your cash back, if not your heart. But that’s not going to happen!

Good luck!

Shop now: Visit James Allen, our recommended diamond jeweler »

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