The average amount of money being spent on an engagement ring has gone down by 19 per cent over the last decade, largely due to the fact couples are making more decisions together and prioritising their big spends.
Claire Beatson, General Manager of independent and ethical jewellery brand, Nightingale explains the reason for the shift in consumer attitudes: “With the pandemic showing how fragile the economy can be, couples are choosing to be more cautious and savvy with their money pot.
“Saving for a first home as well as a pension is more likely to take precedence over a £10,000 engagement ring.”
However, a lower price point doesn’t have to mean a less dazzling ring - it simply takes a little more creativity, and a little more wising up on the small adjustments you can make to yours or your partner’s ‘dream ring’.
To help anyone planning to make that big gesture on February 14, Claire has shared five money-saving tips which could reduce the price tag of your engagement ring by up to £8,000 - without compromising on the ‘wow’ factor.
1. Consider a lab diamond as your centre stone
Lab grown diamonds have seen a significant surge in popularity in recent years, largely thanks to their eco credentials. Despite common misconceptions, they aren't diamond imitations, they are legitimate diamonds chemically indistinguishable from diamonds extracted from mines.
Commenting on their cost-saving benefits, Claire said: “As well as being much kinder to the environment than mined stones, lab grown diamonds can make your budget stretch much further as well. You’ll save around thirty to fifty percent on a lab grown diamond, meaning you have more financial freedom to go with a higher quality or larger diamond for the same price.”
2. Plan for longer-term maintenance costs
When purchasing an engagement ring, many buyers tend to overlook the fact that with such a delicate and precious piece of jewellery comes many longer term costs such as regular ring cleaning and stone replacements.
Which means it’s crucial to think ahead.
Claire advises: “When choosing a ring metal, it’s wise to plan for the long-term maintenance costs alongside your initial budget.
“Platinum is the most expensive metal choice for rings in most circumstances, however it requires very little maintenance compared to gold variants. This is particularly true for white gold, which needs its rhodium plating redone at regular intervals. This can cost upwards of £200 each time, which over the years adds up significantly.”
3. Remember, it’s not all about size
Some buyers can have a tendency to fixate on the carat size of the diamond they’re buying and while carat size is important, it’s not the only element that makes a beautiful diamond.
Claire explained: “A higher clarity diamond sparkles more, which can help not only increase the perceived size, but also lessen the effects of a lower colour grade.”
4. Consider yellow gold or lower carat gold
Yellow gold has become a more popular choice recently among younger generations. Before, gold was seen as too ‘blingy’ and almost like costume jewellery, but now, it’s adorned for its timeless and classic look.
“Yellow gold is generally cheaper than other metals. If you are using yellow gold you can compromise on the colour of your diamond more so than you can with other metals as there will already be an element of yellow reflection in the diamond,” said Claire.
Another option is to choose lower carat gold instead.
Claire continued: “At Nightingale, we use 18ct gold as standard, but a strong argument can also be made for 9ct if you’d prefer to spend more money on the gemstone.
“This cost saving comes from the fact that 9ct gold only has 37.5% pure gold, compared to 75% in 18ct. Whilst you will lose some of the signature gold shine, you will save a significant amount on material costs.”
5. Use a non-diamond alternative, such as Moissanite
Moissanites and diamonds share many similar qualities, but they are in fact two completely different materials with some small, but very noticeable differences.
Naturally occurring moissanite is one of the rarest minerals on earth, with only a handful of deposits being found throughout history.
The knowledge to synthesise moissanite was uncovered over 100 years ago and as such, all moissanite sold today has synthetic origins, therefore making it a more eco-friendly and budget-friendly centre stone.
Claire explained the appeal of moissanite for an engagement ring, she said: “Diamond prices can vary depending on the 4 Cs (Cut, Carat, Colour and Clarity) whereas moissanite prices are typically only influenced by the carat of the stone. Overall, moissanite is universally cheaper than diamonds when comparing similar carat sizes and nearly as durable too.”
However, she added that you will not be able to get the same colour quality in a moissanite than in a diamond.
Claire explained that this is due to the fact that moissanite can shine with a slight yellow or grey tinge in certain lights, whereas a quality diamond has no trace of colour and will always display a dazzling white appearance.
And if you’re still wondering how much to spend on an engagement ring, Asda is selling a novelty £1 sparkler which comes in a very swanky red velvet box - perfect if you want to give your loved one something special and discuss the bigger spend together after celebrating that life-changing moment.
Fin out more about saving money on engagement rings at www.nightingale.co.uk.
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