Diamonds may be one of the most enduring symbols of romance and commitment, but their monetary worth continues to fluctuate. Russia’s diamond producer OAO Alrosa recently made headlines after it raised about $1.3 billion in an oversubscribed share sale with help from American investors like Lazard and Oppenheimer Funds. This suggests that the value of diamonds is once again on the rise, which could make for a very costly part of your engagement.
Happily, there are a few tricks to help you purchase a beautiful diamond ring for your spouse-to-be without going totally broke. The Huffington Post provides a fantastic diamond purchasing guide and infographic to help make the process a little easier for you. Here are some of their helpful tips and tricks:
• Find diamonds with “slight inclusions.” These diamonds will reportedly save you thousands of dollars as opposed to splurging for a flawless diamond. These flaws, or inclusions, are only visible under a magnifying glass.
• Choose your metals carefully. When selecting metals to encase your diamond, white gold and palladium are often less expensive. Similarly, if you buy a loose diamond separately from a ring setting, you’ll often save money.
• Find a beautiful cluster of diamonds instead of one giant rock. The shape of cluster diamonds makes it look like one big stone, and opting for a smaller group of diamonds will save you some money for sure.
If you have the money to splurge on a giant, flawless, gold-encased diamond engagement ring, go for it. For many people though, being frugal when finding a beautiful token of your love and commitment shows your partner that you’re ready to be smart about your future together. And besides, you might want to store away some of the money you saved for the wedding!