Unless money is no object when shopping for an engagement ring, you’ll want to make sure you’re getting the most bang for your buck. Unfortunately, if you’ve never shopped for engagement rings before, you may feel a little overwhelmed with all the options. It’s also not easy to know if you’re getting a “good deal” or not. Thankfully, we’re here to help guide you through the ins and outs of affordable ring shopping and even help you find high-value rings for under $2,000!
What Determines the Cost of an Engagement Ring?
One reason that many first-time engagement ring shoppers feel overwhelmed is all the things that go into determining the price of an engagement ring. Naturally, where you go to buy your ring is a big factor. You might choose a family-owned jewelry store, contact a private seller, go to an auction, or buy from a large retailer — and find completely different prices at each one (even when looking at very similar or identical rings).
While location is a big part of pricing, it’s not the most important one you’ll need to consider when looking for affordable engagement rings. In the sections below, we’ll discuss some of the most important factors you’ll need to know to find a great deal on an engagement ring under $2,000.
The 4 C’s of Diamonds
The 4 C’s of diamonds are arguably the most important characteristics when determining the value of a diamond engagement ring. These are the cut, carat, color, and clarity of the diamond. Cut refers to the “shape” of a diamond. Some common cuts include round, princess, emerald, cushion, and oval cuts. Certain cuts are more expensive than others; for example, the round cut (or round brilliant cut) tends to be one of the most expensive cuts on the market, due in large part to its popularity.
The next of the 4 C’s is carat. Carat is simply the unit of measurement used for diamonds and other gemstones. One carat is equal to 0.2 grams, and each carat can greatly increase the cost or perceived value of a diamond. Next is the color, and while most engagement ring diamonds appear white or have virtually no color to the naked eye, most diamonds do have some natural color that can vary from white all the way to dark yellow or light brown. Colorless diamonds tend to be far more expensive than diamonds with a natural yellow or brown tint. However, fancy colors like red, blue, or green can greatly increase the asking price, too.
Lastly, the clarity of a diamond refers to the presence or absence of imperfections (known as inclusions). As you might imagine, more imperfections lower the value of a diamond, while little to no imperfections raise the value. Diamond clarity is generally graded on a scale from flawless to very, very included.
Lab vs. Natural
The choice between lab and natural diamonds can make a big difference in price. On average, lab-grown diamonds are less than half the cost of natural diamonds of the same cut, color, carat, and clarity. This discrepancy in price comes down to several different factors, including the cost of sourcing the diamonds, the time involved, and the scarcity of the respective diamonds. For example, natural diamonds are far more scarce, as they form naturally over millions of years and must be mined using expensive extraction methods.
Alternatively, lab-grown diamonds are created under the same conditions replicated in a controlled environment, over a much shorter period of time (often just a few weeks). As a result, lab-grown diamonds are far cheaper to make and more abundant than natural diamonds, making them a much cheaper option.
Band Material & Style
While diamonds and gemstones are the most valuable pieces of an engagement ring, the band also adds to the cost of creating the ring itself. Some band materials are more expensive than others. For instance, platinum bands tend to be the most expensive, while silver bands tend to be one of the least expensive materials. Among gold bands, 10K gold is often the most cost-effective, as it is mixed with higher levels of cheaper metals like copper, nickel, or tin.
The style of the band can also affect the price. The classic ring style is often the most affordable, while more ornate styles can cost more due to the time and effort needed to create these designs.
Engagement Ring Brand
If you want to find an affordable ring, you may want to consider staying away from luxury engagement ring brands. Brands like Cartier, Van Cleef & Arpels, Tiffany and Co., and Neil Lane tend to cost much more. This doesn’t mean you can’t find rings from these brands at affordable prices, but you will have a much harder time finding them for less than $2,000.
Alternatively, there are many brands that specifically cater to budget-conscious shoppers. For example, even though Vera Wang is associated with luxurious fashion, she also offers a line of elegant yet affordable engagement rings. So you can still get a high-end brand without breaking the bank — you just have to know where to look!
New vs. Pre-Owned
Finally, one of the most important decisions you can make is whether you get your engagement ring new or used. As you can imagine, new rings tend to be far more expensive than rings that have had a previous owner. It’s similar to the differences you might find between the price of a new car and a used car; while these prices are often justified by the mileage put on a used car, the same justification doesn’t apply to rings. A used ring is virtually identical to a new ring, it’s just had a previous owner and can be acquired at a huge discount.
In fact, pre-owned rings can often be anywhere between 30% and 80% less expensive than a brand-new engagement ring. So, if you want to get great quality for under $2,000, you’re best off choosing a used ring, especially one that features lab-grown diamonds. This way, you don’t have to pay for the higher prices of natural diamonds, plus you can get a vintage or modern used ring for way less.
Finding an Affordable Engagement Ring
Are you looking for an engagement ring that’s under $2,000? Do you want to save money without sacrificing quality? Finally, do you want to shop tons of pre-owned rings and negotiate a price that works for you? If so, Have You Seen The Ring is the answer.
At HYSTR, we offer hundreds of pre-owned engagement rings under $2,000. Our affordable used rings come in all shapes and sizes, from pear cut to round brilliant cut, with diamonds ranging from 0.2 carats to 2.2 carats. This means you have plenty of options and can definitely find something that fits your style and budget. Plus, when you shop with us, you can negotiate directly with the seller and rest easy knowing that each engagement ring has been verified by our trained gemologist. It’s truly the easiest way to get the best engagement rings at affordable prices!
We hope you enjoyed our guide on engagement rings under $2,000! Are you currently trying to buy or sell a used engagement ring? If so, be sure to contact HYSTR today!
