Beginner's Guide to Buying an Engagement Ring Online
There's a certain amount of risk involved when you get down on one knee to pop the question. There could be even more risk if the ring you have in your hand was purchased online. Will you be able to return it if you get a "no"?
If you're gearing up to propose marriage, take a look at our buying guide before you hit "confirm purchase."
SETTING YOUR BUDGET
Diamonds don't come cheap. On average, guys spend just over $5,200 on an engagement ring. While that's a pretty far cry from the $5 million Jay-Z shelled out for Beyonce's 20-carat rock, it's not small change either. The first thing you need to work out is how much you can afford to spend on your bride-to-be's bling.
So what should you be willing to part with? According to the 3-month rule, which has become the accepted norm in the jewelry industry, you should aim to spend at least 3 months' worth of your salary on an engagement ring. That means if you take home $5,000 a month, you'd be looking at a $15,000 ring—which is probably a little unreasonable for the Average Joe. Committing to spend just one month's salary instead may be more in line with your budget.
BUYING ONLINE VS BUYING IN STORE
Not sure whether it makes sense to shop online or to go to that jewelry store in the mall you used to always pass by as a teenager? In recent years, online retailers have made it easier, cheaper, and sometimes even more fun to purchase engagement rings through them rather than sweating out the decision at the jewelry counter. Consider the following pros and cons.
Pros of buying online:
You get a wider selection: If you're looking for a specific type of ring or you want more control in terms of the customization, you may have better luck online.
You could get a better price: The other big plus is that prices tend to be lower when you're buying online, since the company doesn't have the same overhead costs that go along with maintaining a physical location. Many online jewelers also throw in free shipping or offer discounts so you have a chance to save even more. No matter what, it’s much easier to comparison shop online than it is to go to several physical stores.
There’s no pressure: Online, you won’t have a pushy salesperson tagging around, trying to convince you to spend more money than you can afford. Not having to deal with that pressure allows you to take your time and choose a ring on your terms. Browse to your heart’s content: 60% of brides and grooms do their ring-buying research online, and you may even find that you have more customization options when you order from a website.
Cons of buying online:
You have to take a slight leap of faith: Buying a ring online means you're essentially taking the vendor's word for the quality of the ring. You can't examine the ring up close to check the clarity or color. Sites like Blue Nile let you custom build a ring but again, you won't know what the finished product actually looks like until it arrives on your doorstep. Knowing the return policy is critical for any ring purchase, but especially one made online.
You may want to split the order: If you’re not feeling 100% secure about making an online purchase but you’re swayed by the convenience and prices, you could compromise and purchase the diamond online and then have it mounted with a local jeweler. This way, you're still in a position to save some money on the stone itself, but you're not flying blind when it comes to the ring's final appearance.
You’re more likely to be dealing with an unknown company: Unless you’re a serial proposer, chances are you are new to the more well-known sites out there and you may not be familiar with the some of the brands. Be aware that not all online jewelers are on the up-and-up. If you're going with a smaller company versus a well-known brand, you need to do your homework before you buy to make sure you're not getting scammed. Retailers we’re partial to are James Allen and Blue Nile.
FINANCING THE PURCHASE
Another plus about buying online: you don’t have to listen to the spiel from a store salesperson about your financing options. The options are totally in your control. And a low interest credit card is usually the way people go. It can increase your buying power if you don't have a lot of cash on hand, and it can give you some time to pay it off. Be smart about which card you use.
Look into protection: Consider whether the card issuer will help you out if the deal doesn’t pan out, or if the retailer doesn’t send you what you ordered or sends you nothing at all.
Think about how long it will take you to pay off the ring: It’s always wise to avoid interest charges if you can. You could look into getting a 0% promotional deal on a new card before you make your purchase—and be sure you can pay off the full balance by the time the deal ends.
See if you can get anything extra out of your purchase: Why not get something in return for your ring buying? A smart move is to use a card that offers rewards on your purchases. The Blue Cash Preferred Card from American Express (a CreditDonkey advertiser), for example, pays 3% back at select department stores, including Bloomingdales, which sells engagement rings. If you spend $5,000 on a ring, you'd earn the equivalent of a $150 discount.
Consider the retailer’s financing option: You could get a nice deal by financing through the retailer, but it will take some math to figure out whether you’d pay more under their terms or your credit card. It can be worth factoring in to your purchase, but pursue this route carefully.
BUYING A RING WITHOUT KNOWING THE SIZE
Purchasing an engagement ring without knowing what size the wearer needs is a big gamble, especially if you're choosing a setting that's difficult to resize or requires a custom fitting. If you're willing to do a little detective work, however, you can make your job easier.
Check out her jewelry box for any other rings she wears. If there's one that she doesn't choose that often, discreetly borrow it and take it to a jeweler to get the final say on size. Just make sure that you choose one that goes on her ring finger. That's the second one from the left, in case you were wondering.
If you can't “borrow” the ring temporarily, you can get an idea of the size by tracing it on a piece of paper. Be sure to trace the inside and outside for the most accuracy. While it may not be an exact match, it'll still give you and the jeweler an idea of what you need.
You could always ask her friends or family members, but this is risky too if one of them has a tendency to spill the beans. You could also ask your bride-to-be in a roundabout way. For instance, if you normally wear a ring, you could have her try it on one of her fingers and then drop in a question about her ring size.
As a general rule, the average woman's ring size is usually in the neighborhood of 6 to 6.5. If you're not able to score any intel on her actual ring size, you can use this as a guide when choosing a ring. Going with one that's a half size or full size bigger than the average also gives you some leeway in case you need to have it resized later on.
KNOW THE RETURN POLICY
Return policies are one of those things you know you should pay attention to (but are so tempting to overlook when you’re in the moment). You need to do it anyway. Online retailers know that you may feel wary about making a purchase with them over your nearby jewelry store, so they usually do have generous return polices—but they tend to come with a time limit and conditions. Read the fine print, and make sure you have built enough time between receiving the ring in the mail and getting the courage to pop the question.
You need to be sure you can return the ring in case it’s not what you ordered; you’re not happy with how it looks; you change your mind about proposing; your future spouse just isn’t impressed with the ring; or (we hate to say it) you get a “no.”
Tip: Blue Nile vs James Allen
CHOOSING A RETAILER
Just as you wouldn’t drive off the lot after one test drive, you don’t want to necessarily go with the first retailer you come across. Do some shopping around and see which retailer gets your vote of confidence. Consider the following:
Does the retailer get decent, credible reviews?
Are the pictures you see online of the actual stone you’ll be getting, or are the photos all the same?
How long does the warranty last (some do offer lifetime warranties)?
Is the return policy clear and reasonable?
CHOOSING A RING
Engagement rings can run from a few hundred dollars all the way up to millions of bucks. There are 4 specific factors that influence the price, known as the 4 C's. These 4 indicators measure the quality of a diamond—and its price. The 4 C's are:
Clarity: The number of imperfections that can be found in an individual diamond. You’ll pay more for fewer flaws (they are rated on a scale established by the Gemological Institute of America, from FL Grade—which is flawless—to I Grade—which is the lowest level of clarity). You may hear jewelers refer to imperfections as "inclusions."
There are six primary grades of clarity that you need to be familiar with:
FL Grade: This grade, which applies only to diamonds that are deemed to be flawless, is the least common grade. Only about 2% of the world's diamonds fall into this category.
IF Grade: A diamond that receives this grade has no internal flaws but technically can't be considered flawless because of minor surface faults.
VVS Grade: When a stone is categorized as "VVS," it means there are very, very small inclusions that you likely wouldn't be able to see with the naked eye.
VS Grade: The next grade down applies to diamonds that have slightly larger internal flaws or multiple small ones.
SI Grade: Stones in this grade feature small inclusions that are more visibly obvious under magnification.
I Grade: This is the lowest grade of clarity; it generally includes diamonds that have major faults that affect its transparency or brilliance.
Color: Diamonds do have variations in color, and it's not unusual for a stone to develop traces of color at some point during the formation process. The Gemological Institute of America determines quality based on color using a scale that runs alphabetically from D to Z (contrast D-F Grades, which are completely colorless and also the rarest, to the other side of the scale, S-Z Grades, which show a definite light yellow tone).
D-F Grades: At these levels, diamonds are considered to be completely colorless. Accordingly, they're the rarest and most valuable.
G-J Grades: Stones in these grades are categorized as near colorless.
K-M Grades: At these grades, the diamonds will have a faint yellowish tint.
N-R Grades: The color begins to be more obvious at this level and is seen as a very light yellow hue.
S-Z Grades: Color concentration is greatest in stones at this level, where a definite light yellow tone is visible.
Your loved one may want color. Fancy Colored Diamonds, as they’re called, come in shades of pink, blue, green, purple, orange, and red.
Cut: The cut determines how brilliant the stone appears in terms of how it reflects light. The Gemological Institute rates a diamond's cut in one of 5 ways: Excellent, Very Good, Good, Fair, or Poor. Round is the most popular cut. Other favorites include:
Marquis
Pear
Emerald
Oval
Radiant
Heart
Princess
Carat Weight: The final factor that determines a diamond's final price tag is its weight, which is measured in carats. A carat is equal to about 0.2 grams, which, according to the Gemological Institute, is roughly the same as a paperclip. This is different from the karats (with a "k") that are used to measure gold purity.
The more carats a diamond has, the larger it is and the more expensive it's likely to be, since price is set on a per-carat basis. Of course, clarity, cut, and color also play a part, and the more refined each of these features is, the more expensive the ring is going to be.
CHOOSING A SETTING
Once you've settled on a stone, the next step is to pick out the right setting. Here’s what you need to consider when making your choice:
The size and shape of the diamond
The diamond's color
Your significant other's personal taste and how well it coordinates with the wedding band
In terms of the types of settings, here's a rundown of the ones that are the most popular:
Prong: The classic setting for engagement rings, this one's best for accentuating the stone's brilliance. The only downside is the stone is more exposed to potential chips.
Bezel: A bezel setting surrounds the diamond and protects it better than the prong setting, but choosing the wrong color metal can accentuate any existing tint in the stone.
Tension: The diamond is suspended between the two band ends for a unique look, but they have to be custom-sized, which makes a surprise proposal out of the question.
Channel: Channel settings add a little more sparkle ,with added diamonds along the band, but this kind of band can be difficult to resize.
Pavé: This setting makes the center stone pop by featuring smaller diamonds on each side of the band. Keep in mind there's more potential to lose one if the fitting comes loose.
Halo: A halo setting features a larger center stone bordered by smaller diamonds for extra bling. However, this one is a challenge to resize as well.
Bar: Vertical metal bars hold the diamond in place in this setting, which is great if you want more than one stone. Be aware that this setting makes the stone more susceptible to nicks and loosening.
Cluster: A cluster setting groups several smaller diamonds together to give the appearance of one large stone. Because they're harder to make, you'll typically spend a little more for this type of ring.
BOTTOM LINE
An engagement ring is meant to be a once-in-a-lifetime purchase. It's not a decision you want to make without some careful thought first. If you're going to buy a ring online, make sure you're taking the time to research the company carefully and review their return policy before you commit. You don't want to spend thousands of dollars on a ring only to find out that you can't take it back if your proposal falls flat or your fiancée doesn’t like it.
How to Buy an Engagement Ring Online appeared first on CreditDonkey
Disclaimer: Opinions expressed here are those of the author's alone. Please support CreditDonkey on our mission to help you make savvy financial decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.
Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through the Advertiser's affiliate programs.