How To Buy Quality Engagement Rings On A Budget

Engagement rings are really emotional and they signify a couple’s first step together. In our personal opinion, the engagement ring means more than the wedding band. The moment you pop the question, all nervous and flustered, and your partner says ‘yes’ is more honest, raw, and emotional than the wedding itself.

So how do you do this without breaking the bank ? Unless you’re a super-special celebrity, you’re likely constrained by a budget. How big or small that budget is completely up to you and your situation, but it means there is an upper limit to how much you can spend.

We’ll walk you through what you can tweak to get your engagement ring within a reasonable amount of money. Let’s take a look.

How to buy a quality engagement ring on a budget

When buying an engagement ring, you’re likely looking for a diamond. That is the most expensive piece on the ring, and that is where you can tweak most of the cost of the ring. After that, you need to look at the metal your ring will be set in. Platinum is more expensive than white gold, and 18k gold is more expensive than 14k gold, yet wears down faster.

So plan your budget according to your debt and expenses, and be realistic about it. Would a $5000 engagement ring destroy your finances ? If yes, opt for a more affordable ring, and look for alternatives. Here’s what you can do.

Consider whether you want a real diamond or lab-grown

The diamond is the most expensive piece on the engagement ring. The traditional engagement ring is a 1 carat white diamond set in platinum, or 18k gold. But no one says your engagement ring has to be that way.

Consider whether you want a real, mined diamond or you’re comfortable with a lab-grown diamond. To the naked eye there is no difference, especially if you or your partner are not well versed in diamonds (most people aren’t). Here’s some pros and cons of real and lab-grown diamonds.

Read also: Amethyst Meaning and Facts

Lab-grown diamonds are much more affordable than real diamonds, about 30% cheaper. They get better as technology progresses and nowadays if you want past a jewelry store and see one displayed you won’t tell the difference.

But a jeweler will, and if you ever want or need to sell that diamond, you won’t get a good price on it. This should not be the driving force behind your decision, but it may matter at some point.

If going for diamonds, get the slightly imperfect ones

If you decide to get real diamonds, don’t fret too much about imperfections. All diamonds are rated accorded to cut, clarity, color, and carat.

A diamond’s beauty is decided by its brilliance – how the light refracts and reflects through the stone. So getting a slightly imperfect diamond may not be so bad, because to the naked eye most imperfections are not noticeable.

This means you can find good deals on diamonds that are slightly imperfect but may still shine brightly on that ring.

Rising trend: going for the smaller diamonds

In recent years, more people have started taking an interest in smaller carat diamonds. That is, diamonds that are small in size, but are not 1.00 or 0.50 carats. The ones at 0.98 or 0.44 are cheaper than the 1.00 or 0.50 ones, though the size difference is not noticeable unless they’re under a magnifying glass.

So take a look at your trusted jeweler’s options, and see whether they have any smaller diamonds. You can actually construct your fiancee’s ring this way, with a diamond cluster setting.

Or, you could go for a halo ring with a more affordable center stone, surrounded by small diamonds.

A word of caution: more people looking for an item means prices can surge. Check prices in your rea.

Consider other white gemstones instead of diamonds

Another option is to ditch diamonds entirely. Yes, the traditional engagement ring is a diamond, but who says there is no wiggle room ? If you want that traditional white, clear stone but don’t necessarily want a diamond, there are plenty of options to choose from.


This white stone is originally from meteorites, and for many decades it was the only place to mine it. To get a feel for how ancient and alien these stones are, they’re considered presolar grains, as in they existed before the Sun was formed in our galaxy.

As awesome as this all sounds, the moissanite you’re going to find in stores is lab-grown, and has been since the late ’90s. This has been a common diamond alternative and a fairly popular option.

In terms of durability, it scores between 8.25 and 9.50 on the Mohs scale, while diamond scores a perfect 10.

White sapphire

White sapphires are a very rare occurrence since they almost always have at least some color in them. Natural white sapphires are very rare, but you can easily find lab-grown white sapphires.

They’re not as brilliant as a diamond, yet will sit nicely on a ring. They’re rated a 9 on the Mohs hardness scale.

White topaz

White topaz is an equally rare type of gemstone, since it usually comes in golden brown to yellow hues. It can them be heat-treated to get different hues.

On a hardness scale topaz ranks a solid 8.

White quartz (rock crystal)

While certainly not the most glamorous diamond substitute, white quarts is still a very beautiful looking stone. The white or colorless quarts versions are known as Herkimer diamonds or rock crystals.

These stones are more fragile than a diamond, ranking 7 on the hardness scale.

Cubic zirconia

These are very common diamond alternatives, and should not be confused with zircon, a similar stone with a lower score on the hardness scale (6.5).

Cubic zirconia is heavier and reflects a bit more light than diamonds, yet its edges dull in time. It scores an 8 on the hardness scale, while diamond is a 10.

Goshenite (white beryl)

White beryl is actually related to emeralds and aquamarine. Goshenite is a clear beryl, though it may have a very faint blue hue to it. Finding a perfectly clear one is difficult.

This gemstone is usually fairly cheap, and it was the original lens for glasses back in the 13th century.

It scores 7.5-8 on the Mohs hardness scale.

Go for a lower karat gold, it’s also more durable

Alright, those were all the stones we could think of. Now let’s talk about gold and its karats. Normally you’d want to go for platinum, but not only is it very expensive (and you’re on a budget) it’s also not as durable as other metals.

Our suggestion is to go for white gold, if you were originally looking at platinum. OR, if you want yellow gold, you can go for that too, or even rose gold. What matters more here are the karats.

You see, the gold you guy is not pure gold, because pure 24k gold is soft, it scratches easily, and is simply not a good idea to use in heavily worn jewelry (like rings).

So gold is blended with different metal alloys, in order to get a more durable metal. How much gold is left in that mix is equal to how many karats you see on the label. 18k gold is the most common one to buy for engagement rings, but consider going a bit lower to 14k gold.

The main differences are:

  • for yellow gold, 18k gold is a deeper, warmer yellow
  • for white gold 14k gold shows up as a brighter white
  • for rose gold 14k gold is that pink you’re looking for
  • 14k gold is always more durable than 18k gold, simply because it’s got less soft gold in it

So take look at what your jeweler is offering for 14k and 18k gold, see if you can’t mix and match the right stone with the right metal to land within your budget. And before you do any of that, we recommend you read the following part as well.

What to know before buying an engagement ring at all

Before you buy anything as big as an engagement ring, you need to take a few things into account. This is a big decision, and you need to take a look at your budget, savings, and spending habits (both of you).

But before all that, there’s the sentimental value you have to look at. Here’s what to remember.

Engagement rings are sentimental, go for something meaningful

Engagement rings are for your partner to wear, chosen by you. It’s one of the most beautiful gifts you can make.

So whatever you end up choosing, always ask yourself if this would remind your partner of anything about your relationship. Maybe it’s a stone your partner has always wanted, or it’s a ring that is similar to a piece of jewelry your partner loves.

It could be, if you’re feeling romantic, a stone from where you first vacationed, or maybe you can inscribe the date of your first date.

What we’re getting at is that the engagement ring doesn’t just have to cost something, it has to mean something.

Always take your partner’s taste and lifestyle into account

Suppose your partner likes all things shiny and sparkly, yet works as a nurse and their hands are constantly gloved. Does this mean you can’t get a big ring ?

It means you shouldn’t get a tall ring since it will only get in the way. However an eternity ring with wraparound small diamonds is easier to work with.

And does your partner prefer simpler, no-fuss clothes and jewelry ? They it might be overwhelming for them to receive a big ring, so something without a stone or with a smaller stone may be more in their comfort zone.

There are plenty of rings to choose from, from the most outlandish and extravagant to the most simple and understated yet elegant. Take a look at your partner’s usual jewelry and see what you can get inspiration form.

This is a ring they will be wearing every day and possibly not take off even when showering. It has to match everything else.

An engagement ring should NOT cost a 3-month salary

Finally, we’re getting to how much an engagement ring should cost. Choosing your budget is not easy, but following fixed rules isn’t really a good idea either. The silly 2 or 3 salaries idea has long been debunked as a DeBeers ploy to make you spend more on diamonds.

Really, how much you spend on the ring shouldn’t matter that much because afterwards you have a wedding to plan. That comes with higher costs, and the more money you pay for the ring, the less you will have leftover for the wedding.

Don’t fall for the more is more idea, there is such a thing as too much for your personal situation. Take an honest look at your overall budget, savings, expenses, upcoming expenses, and then figure how much you can spare for the ring.