Going to be buying an engagement ring in the near future but don''t know anything....

[Chris_Chris]

I have read through the tutorials here and some stories others had posted regarding their experience but still have some basic questions.

1) How much should be spent on an engagement ring? I always heard 3 months salary, is that correct (and is that pre or post tax

) I don''t want to seem like a cheap SOB, but then again really don''t want to spend $20,000 on a ring either.

2) From all my reading it sounds like the way to go is to get the diamond you want wholesale and then get it set on your ring. What does that usually cost do have done? I am assuming the rings cost about a grand???

3) What am I looking at spending on insurance, or even yet how do I get this insured? Would this go on my homeowners policy or is there a specific jewerly insurance I need.

4) If I were looking at spending approx 5000-7500 on a ring how much of that should be the diamond. ie a $3500 diamond, $1250 ring, $500 for the setting.

Thanks in advance for all your help, as you can see I am very lost currently and appreciate any help I can get.

 

[mrssalvo]

Hi chris_chris and welcome

1) how much you spend is however much you are comfortable with. John Q said once in thread: spend what you have and don''t spend what you don''t have...

2) there really isn''t wholesale pricing. online vendors offer the best prices around. i''d suggest purchasing from one of them. if you can get the stone and setting in the same place, much easier so i''d suggest that too. settings can be as low as a few hundred to thousands depending on the metal, the type of detail in the setting, the method etc. do you have a setting style in mind?

3) some people add them to their homeowners as a rider. others purchase Chubb insurance or Jewelers mutual. you can do a search on either and a ton of threads will come up.

4) most like to put the majority of the $ on the stone but if there is a special setting involved some will get a smaller stone to be able to afford the setting.

there really are no rules

 

[ephemery1]

Welcome, Chris! You will likely receive many subjective answers to your questions. Engagement rings are highly personal... maybe the most personal purchase you''ll ever make! There are statistics out there about the cost of an average e-ring (I believe around $3k in the US? Someone correct me if that''s wrong...), 3-months salary rule, etc., but the bottomline is that you need to think about two things:

1) What will make you, and probably most importantly, your future-fiance happiest...
2) The amount of money you feel comfortable spending at this point in your life.

I know of people who have gone into debt to purchase a ring (not recommended!). I know of people who''ve gone well under the 3-month salary "rule", and people who''ve gone over... it all depends on what the rest of your financial picture looks like (bills, loans, savings, other purchases, etc). I know of girls who''ve insisted on 2+ carats, at all costs... and others who prefer a more modest half-carat. Some have their heart set on a particular designer setting (can be $2k+), others just want a solitaire in the simplest $500 white gold setting. Personally, I like the idea of putting the vast majority of your budget into the stone, and keeping the setting simple. After all, that can always be upgraded later if tastes change. As for the process, we purchased our center stone through an online vendor, then had it set at a local B&M (brick and mortar). Some people do the whole thing at a B&M, others do it all through an online vendor.

Do you have an idea of what shape diamond your girlfriend likes? Or what size she prefers? If you know, it might help to play around in the "Pricescope your diamond" section at the top of this board, to get an idea of what an "average" diamond like that might cost. Or visit one of the popular vendor''s websites (Whiteflash, Good Old Gold, etc.) Typically, you don''t have to spend $20k to get a gorgeous ring. Good luck and keep posting... there are lots of experts on here to help you out!

 

[Chris_Chris]

As far as size goes, I know she wants nothing less than 1ct, and she wants either a priness cut or a round cut. As far as the setting goes she really didn''t like the prong so I have no idea what other types there are. I was looking at a ring with about .5 ct diamonds on the band as well but not sure if she would like something like that. We looked about a year ago but I am trying to surprise her as much as possible.

 

[ladykemma]

oooh, a 1.00 - 1.25 carat would be spiffy. and in your price range.

i like rounds, because they don't go out of style. in a plain solitaire setting.

does she like white metal or yellow metal?

how about this stone?
http://www.whiteflash.com/round_ideal_cut/round-ideal-cut-cut-diamond-2408706.htm

 

[phoenixgirl]

I have a rider on my homeowners for the ring. It costs $90 a year, which is steep considering that my homeowners is about $160 a year (but then I remember that I had a fire costing the insurance co. $20,000, so I guess they need to make their money somehow, and better safe than sorry).

As far as the amount to spend, I think your budget sounds good, although you''ll probably need to stick to the high end of that to get the carat plus diamond and a nice setting.

Re: side diamonds or not. Do you remember if she asked to look at or try on rings with side diamonds when you looked? Does she have other diamond jewelry that she wears on a regular basis? This might help you decide.

I don''t like the look of plain prongs either -- it makes the diamond sit too high for my liking. Some other options are:

a trellis setting

a bezel or semi-bezel setting

a halo setting

With platinum (you might choose gold instead), you probably need to budget $1-$2k for the ring itself unless you''re getting something very simple. So that would leave about $5 to $6k for the diamond. Here are some ideas:

1.15 G SI1 ACA H&A diamond price is a little high on your budget but you''ll receive 5% off by mentioning PriceScope

1.02 G SI1 H&A

1.01 G SI1 ideal cut Again, mention PS for a 5% discount.

I just sort of picked G SI1 arbitrarily for your stone. I think with a budget and a size requirement you just at least avoid the highest color (D-F) color and clarity (IF-VS1). My sweet spot is I SI1. Others will rave about their J SI2''s. Most people here stress cut quality above all else.

 

[Lorelei]

Welcome to PS

Don't be too daunted, buying a diamond can take some research but can also be fun! A carat is a great classic size and shouldn't be a problem with your budget, but might take most of it. Indeed, to maximise size a clean SI1 or SI2 clarity can be a terrific choice, as for colour that is more personal, but to be on the safe side, maybe a G or H might be a good middleground. Some here have fantastic J's which are very white, but colour can be a tricky one as what is best is in the eye of the beholder. With the budget, some companies have marketed the 2 months salary rule, but spend what you can afford and feel comfortable with. You have a nice budget and should be able to get what you want with that.

Alway make sure that cut is your top priority as this is what makes a diamond beautiful. If you would like, study up on the tutorials and learn about cut proportions and the best ones to look for, I promise you it will be time well spent.

For insurance, it can be best to get an independant appraisal to map and record your diamond accurately so if the worst should happen you can replace like with like. I am in the UK, but it seems some go with Jewelers Mutual or Chubb here for their insurance, you can get a separate rider on your home insurance I believe but see what way offers you the most protection, also that damage to the diamond is covered too, not only theft or loss - rare but damage and accidents can happen. Regarding the setting, your GF doesn't like prongs, maybe a bezel setting might be what she wants or a half bezel?

As to allocating the budget, it depends...whether you want a more elaborate setting which will cost more or a simple solitaire to showcase your diamond, have a look at the search by cut tool to get a feel for prices, also sites such as Good Old Gold, Wink Jones, Whiteflash, James Allen etc have lots of different settings and prices you could look at.

Whatever you do, get a great cut diamond, you won't regret it and your GF will be overjoyed with it!

As an example and well within budget, check this one out.

http://www.whiteflash.com/round_ideal_cut/Round-Ideal-Cut-cut-diamond-2045516.htm#

Could be a winner if it is eyeclean.

Best of luck!

 

[Regular Guy]

Lorelei''s pick was my first thought; best wishes!

 

[Chris_Chris]

Well during our visit to Pottery Barn

, I suggested the next thing she wanted to go shopping for would be a ring. Her reply was a round solitare ring, so I guess that will narrow my search a bit. Anyone know a good site to buy just the ring, or is it better to get the ring adn diamond at the same place so they can set it.

 

[mrssalvo]

I''d suggest gettting the stone and setting at the same place. It''s just easier and the vendor will take responsibility for the stone while they are setting it.

 

[diamondseeker2006]

Your life will be faaar simpler if you get both from one place. I''d recommend WhiteFlash or Good Old Gold. Both have excellent quality stones and nice settings. As others have said G-H color is a good value in that they are in the near colorless range but lower priced than D-F. I prefer VS clarity personally, but many here like the value of an SI1 stone. Here are a few nice examples of stones for you:

http://www.whiteflash.com/hearts_arrows/A-Cut-Above-H-A-cut-diamond-2433962.htm#

http://www.whiteflash.com/hearts_arrows/A-Cut-Above-H-A-cut-diamond-799218.htm#

http://www.goodoldgold.com/diamond/1423/

 

[Regular Guy]

Chris Chris,

Yes, I''d recommend going to one place for both ring & diamond, to make things easier.

Diamond seeker, has Chris Chris''s budget changed?

Otherwise, with the above gone, check a couple out at James Allen, including this one, perhaps!

Regards,

 

[Chris_Chris]

Well with all the information I have taken from this and other sites I think I am looking for...

Shape - Round Ideal Cut

Color- F-H

Carat - .95-1.05

Clarity - SI1-VS2

With a decent Table and Depth numbers. I think I could acquire one with these specifics for mid 4''s. Am I missing anything when I go to look?

 

[Regular Guy]

How about HCA score from 0 - 2?

Since you''ll want to consider only certs from GIA & AGS, this should be easy enough to run.

 

[JulieN]

Date: 8/7/2006 3:49:58 PM
Author: Chris_Chris

Well with all the information I have taken from this and other sites I think I am looking for...

Shape - Round Ideal Cut

Color- F-H

Carat - .95-1.05

Clarity - SI1-VS2

With a decent Table and Depth numbers. I think I could acquire one with these specifics for mid 4's. Am I missing anything when I go to look?

For mid 4K, more like 1 ct I SI1, so maybe staying just under the 1 ct mark would be helpful.