Set your budget
First of all you should decide how much money you want to spend on the jewelry you would like to buy: this should be the complete maximum amount of money you would be willing to spend. Some say your budget should be worth two months of your salary to see what is possible for you to afford with your current income, though it is completely up to you as long as you’re comfortable with your budget amount. This amount must be realistic and try not to get too carried away and go over this budget: remember, it’s set for a reason!
If you choose to buy a ring on credit or finance, make sure you can afford the monthly payments without having to break the bank.
Jewelry Details
Make sure you know the type of jewelry the person you’re buying for likes and dislikes: if this is yourself then this is easy! For example, if you’re buying for your partner, they may prefer a specific type of gemstone over diamonds: this may mean saving money on the stone and allowing more of your budget to be spent on the setting style and metal type.
If you’re buying a ring for your partner, we suggest going for smaller diamonds as they are generally cheaper than the larger ones. To give the illusion that the center stone is larger than it really is, you can surround it with lots of smaller stones or buy a diamond that optimizes its carat weight - specific diamond cuts appear to be bigger than other diamonds with a similar carat, an example of this is an Oval Cut diamond.
Think about whether you want a Bespoke piece, these tend to take longer to make and add to your price.
Consider the type of metal you wish to use, they all have their own pros and cons with a wide price range between them. Platinum tends to be more expensive due to it being more durable and rarer than gold - meaning you won’t need to spend much money to maintain its appearance. If you have a lower budget and want a similar color to Platinum then White Gold is a cheaper alternative, as well as the option for Palladium too.
Price Factors
Diamond prices can vary due to different factors including the 4C’s: Cut, Carat, Color and Clarity. To learn about the 4C’s, click here.
To help reduce the price of a diamond, you can:
- Buy a slightly smaller diamond, this can help cut back the cost of one drastically.
- Buy a diamond with mid-level color and clarity, these are just as beautiful as the ones that have the best grades as well as being way more affordable.
- And focus more on the color, cut and clarity over the carat.