How to Save Money on Diamond Engagement Rings & Keep Your Fiance Happy

February 8, 2007

One thing I’ve observed from watching women oogle over each others engagement rings is that for many ladies size does matter. Unfortunately for us guys, the cost of the ring grows exponentially along with the size.

This article talks about the premium we often pay based on which store we purchase jewelry from. The specific example given points out how you can pay $8,000 more for a similar ring at Tiffany’s than you would at Costco.

Location is not the only key price determinant; the size of the ring plays a large role as well. I headed over to to price some diamond engagement rings by size. The numbers you see show the exponential rise in the cost of a diamond ring based on its size.

So guys, we’re in trouble if she wants a big diamond from a fancy schmancy store, the worst of both worlds. Personally, if I’m going to be spending the money, I’d rather pay for a tangible asset than a name brand so here is what I recommend.

Tell her you’ll get her more ring for less money if she’ll agree to go with the non name-brand retailer. Her friends won’t know where it came from; all they’ll remember is how big the rock was. Remind her of that and you could save some money while putting a smile on her face.


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Ben Edwards, the founder of Money Smart Life, saved up enough to buy a Nintendo back when he was 12 years old. When he used the money to buy shares of Wal-Mart stock instead, he knew he wasn't like the other kids... His addiction to personal finance has paid off for his family and now he's helping you to afford the life that you want. Check him out on the web at Google Plus, Twitter and Facebook.

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8 Responses to How to Save Money on Diamond Engagement Rings & Keep Your Fiance Happy

  • jim

    Although it is true that the intense heat of a jewelers torch can affect the enhancement process of a clarity enhanced diamond, reputable companies will re-enhance your diamond for you for free. Scare tactics are frequently used by jewelers that don’t sell clarity enhanced diamonds. Maybe their is not enough profit in them. The fact is that clarity enhanced diamonds are becoming much more prevalent and acceptable. Compare prices and see for your self if they are worth it. I think you will be shocked to see the price difference!

  • moneysmartz

    Sorry to hear about your friend Blaine, his ex-woman sounds like bad news.

    I’ve crossed the ring hurdle myself so hopefully I don’t have to worry about buying diamonds for quite a while. When I do I’ll check out and, thanks for the heads up.

  • Lazy Man and Money

    I’d stay away from clarity enhanced diamonds. I read a lot about them and there are problems. For instance, I read the encancements can turn black under extensive heat. Sure you probably aren’t going to bake your diamond, but if this is true diamonds are not forever. Clarity is also has more of a minor affect on price. A good cut beats clarity anyday in my book.

    I did a lot of research on the topic. A great place to visit is the They have a search engine of many online dealers, all reputable. They also have a set of forums that are FANTASTIC. I got mine at 30% off the COSTCO price. When I had it appraised the appraiser couldn’t believe it. He logged right into the NY wholesale diamond exchange and told me the prices he could get diamonds at – only one was close in price and it was 2% more than what I paid. I have to recommend I got great service there.

  • Jim

    Unfortunately many young couples decide to pay the exhorbinant prices that traditional jewelers charge and wind up paying for months or even years, for something that they really can not afford. In many cases they may put their purchase on a credit card or sign up for financing that the jeweler offers, and the ring is still being paid off after the relationship ends. If you would like to own a beautiful, larger diamond for a very affordable price, you may want to consider a clarity enhanced diamond. They are real diamonds and can save you a significant amount of money. A brief description can be found at

    As a young couple, you could take the money you save and use it for a down payment on a house or Something that could be considered a smarter investment. Like your childs education savings plan.

  • Blaine Moore (First Time Home Owner)

    I made it easy on myself and did not buy an engagement ring for my wife. I spent about $50 or $100 to get an appraisal, get the stone set in the ring, and to get the ring resized.

    Of course, I had the advantage of giving my wife a family heirloom, which allowed me to give her a ring that was about 3 times more expensive than I would have been willing to spend.

    A friend of mine just got engaged a month or two ago. I think he finished paying off his first engagement ring that he purchased about 6 or 7 months ago; the woman he was going to give that one to a few years ago wound up cheating on him and taking off. He was glad to have it done; he said that having to pay off that loan every month was like a slap in the face over and over again.

  • Jim

    Another excellent way to save money on your engagement ring is to consider a clarity enhanced diamond. Clarity Enhanced diamonds are real diamonds that have gone through an enhancement process. This will allow you to save a considerable amount of money on a larger diamond. A brief explanation can be found at


    I can almost see this day coming and it scares the hell out of me. Luckily I know a few people in the diamond business, but I know when I walk in the building I will almost faint. I won’t really faint because of the money factor, it will probably be the fact that I am about to do it. Good post.


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