Image by Angela Rose Woods From Butterfly Bones Photography via Brooke and James’ Romantic Wisteria Engagement Photos

Just the words “engagement ring” can send some into a frenzy, instantly imagining some extraordinary figure that they are going to have part with to purchase that perfect ring. There are many misconceptions about how much engagement rings need to cost and how much you should spend. Once upon a time it was recommended that one should spend one month’s salary, then it crept up to two months and now some may consider a reasonable amount to spend is three months of your annual salary.

This does not need to be the case… at all!

An engagement ring is a token of your love, a beautiful representation of your commitment to each other. The most important thing is what your engagement ring symbolises and that it is something you can both cherish for the rest of your lives. How much you spend should not be influenced by what society or the media dictates; but should be a realistic budget for you. There is certainly no need to find yourself in a mountain of unnecessary debt.

So how can you save money on your engagement ring?

There are several ways you can make sure your engagement ring doesn’t cost a small fortune. We have put together a list of the top 10 ways to save money:

 1. First thing’s first: decide on a realistic budget and stick to it! This will make the experience a whole lot easier and will stop you from being tempted by unaffordable options.

 2. Have your engagement ring custom designed. There is a common misconception that custom designing your engagement ring is the most expensive option. This does not have to be the case at all. In actual fact, by custom designing you can work with your jeweller to come up with a design to suit any budget. Choosing everything from the centre stone, the metal used and every other small design detail.

3. Do you have your heart set on a large centre stone? If this sounds like you, then you may want to consider alternative shapes of diamonds. Round Brilliant Cut diamonds are still the most popular and therefore priced at a premium. Choosing a less popular shaped diamond such as a Princess, Cushion or Oval means that you will be able to afford a larger stone for the equivalent amount spent on a Round Brilliant diamond.

4. Do you have a favourite colour? A coloured gemstone will instantly bring down the price tag of your engagement ring and also means that you may be able to afford a ring with a larger stone. If you still want extra sparkle, add small diamonds into the shoulders or the halo of your engagement ring. Or do the opposite! Choose a diamond for your centre stone and add coloured gemstones into the band or the halo. Or if you can’t resist the look of a white diamond, then you may want to consider a White Sapphire. A White Sapphire is a wonderful alternative to achieve the same look.

5. Choose your metal wisely! Platinum is considered the superior choice for engagement rings, but this does come at a significantly higher price tag. 18-carat White Gold is also an ideal choice of metal for an engagement ring and comes at a lower cost. If choosing White Gold check your jeweller’s follow up service. White Gold needs to be Rhodium plated to give it the beautiful white colour that is loved by so many. Depending on how your ring wears this may need to be done every 12 – 24 months and can cost up to $100 each time. Larsen Jewellery offers this as a free annual service for the lifetime of your ring.

6. Cluster Engagement Rings. If you are after a ring with lots of sparkle then cluster engagement rings can be a great and affordable option. Setting small diamonds closely together in clusters can create the illusion of a large diamond without the price tag.

7. The 4c’s: cut, colour, clarity and carat (size). Your diamond does not have to be a 1-carat with the best colour, cut and clarity to be a beautiful diamond. The cut is arguably the most important of the 4c’s – how the diamond is cut determines how much brilliance your diamond will have. If a diamond is well cut, then a lower colour grade (F/G) and a lower clarity grade (SI1 / SI2) can be great options as well.

8. Choose your carat size wisely! A 1-carat diamond demands a premium price – choosing a stone slightly under 1-carat will instantly save you money.

9. It’s all in the details. If you want a ring with lovely design detailing but can’t afford lots of diamonds then beautiful engraving, filigree or milgrain detail can achieve a lovely ornate look with out breaking the budget.

10. Diamonds set into the band? If you have your heart set on diamonds set all the way around the band, you may want to consider diamonds set into just half of the band. This will create the illusion of a full set diamond band when looking at your hand.

Ms Gingham says: Great advice from the experts here.

About Larsen Jewellery: Larsen Jewellery is a family owned business, established by Lars and Susie Larsen whose team of talented jewellers draw on more than 70 years of experience in the jewellery industry.