Engagement Ring help?

[investingnoob]

So I've been with my gf for about a year now. I can't dream of being without her and know she is the one. We get along so well, sure we have our fights every once in a while but nothing bad.

Were both 23 yrs old. I would like to propose to her in the next few months. We both agree we should have a longer engagement, 2-3 years.

We have been looking at rings and she has found one she really wants.
It is from fred myer jeweler for $1800 until valentines day and it goes back up to $3000.

My question is, is 1800 too much money? and since the sale ends on Vday, should I buy it now before it goes up in price?

[bjl584]

I don't really know. It depends on the carats, etc. I do know that jewelry is way overpriced and depreciates quickly. This is especially true with things like engagement rings that are custom fitted. You probably wouldn't even get half your money back should your relationship sour and you were trying to sell the ring.

That being said, $1800 doesn't seem like a lot being that you will (hopefully) be with her for the rest of your life. I know people that paid a lot more than that on rings.

Do you have the cash to pay for it? If you have to finance it, then it may not be a smart move.

[jpg7n16]

I don't really know. It depends on the carats, etc. I do know that jewelry is way overpriced and depreciates quickly. This is especially true with things like engagement rings that are custom fitted. You probably wouldn't even get half your money back should your relationship sour and you were trying to sell the ring.

I would just like to say that engagement rings aren't an investment. You shouldn't evaluate a ring based on the projected resale. I'd hope that you never have to consider the resale value of the ring at all.


For a ring you already know that she likes, and for only $1800 - I'd prob just get it. This isn't a $10k ring or anything. 1800 seems reasonable for the type of ring we're talkin about here.

If you need a loan for it, maybe resolve to pay it off before presenting it to her.

[disneysteve]

is 1800 too much money

How much do you earn? Do you have your 6-month emergency fund in place? Do you have any debt? Would you be paying cash for the ring? We can't possibly tell you if $1,800 is reasonable with zero information about your finances. If you tell us you earn 100K, have substantial savings and no debt, that is a lot different than if you earn 30K, have student loans, credit card debt and car payments. It is nice that she likes this ring and it is terrific that it happens to be on sale but those factors are irrelevant if you can't afford it.

You don't need an $1,800 ring to get engaged. All you need is to ask her to marry you and have her say yes and poof - you're engaged. That's free. Don't buy into the societal crap that you have to spend 3-month's salary on a hunk of carbon and a gold band to make it official. And absolutely do not buy any ring if you need to go into debt to do so.

You might also want to check out local pawn shops. They often have beautiful rings at bargain prices, far better than what the commercial jewelers charge.

[DebbieL]

I want to second what DisneySteve said. I think the whole "wedding" industry, including the engagement ring hawkers, is a rip-off. All the things they convince people they "need". are BS. I got married on the beach in Maui (we were already planning the vacation - the wedding was a bonus). The whole thing including cake, engraved glasses, professional hair and make-up, ceremony, photography, etc - cost about $1,100. It was beautiful, and I didn't need to go into debt for any of it.

[disneysteve]

For the record, I'm not totally opposed to spending money, even substantial money, on wedding related stuff. My wife has a very nice diamond engagement ring with a matching diamond band. But I could afford it and paid cash. No debt. We had a very nice wedding paid for by our parents. We took a great honeymoon trip that we paid for mostly with gift money received for the wedding. Again, no debt. If you've got it and want to spend it, go right ahead. But if you haven't got it, do what you can afford and not a penny more.

[MonkeyMama]

I think $1800 is reasonable compared to what a lot of people spend.

It's more than I would personally spend.

If you have to borrow to buy it, I'd say no. If it's that important to you and her, save up - it will go on sale again.

[snafu]

Buying jewellery is tricky. The last time I did research it the mark-up was 1,000%. it's likely twice that now. Most jewellery brought in for Valentine is not very good quality and would have very little [if any] re-sale value. The setting [the ring part that slips on her finger] is gold, white gold or silver. Have you seen the price of gold lately? The questions to ask 10K, 18K or 24K? This tells you how much gold to base metal in the setting. Diamonds are valued by 4C's [cut, color, clarity, & carat weight]..It's pretty hard to see the value but you should ask the ratings and the salesman should be able to tell you. Many people who want to impress their acquaintances buy their beloved a nice 18K setting and add a 1 or 2 C [carat wt.] zircon. It looks big and impressive but is costume.

[ferriwinkle]

The thing about jewelry "sales" is that they try to create a sense of urgency, and thus most people will buy the jewelry before they have the cash to pay for it (financing). Depending on how much you make, you could end up paying the "full" price of the ring via finance charges. I would wait until you have the cash to pay for it. Believe me, you don't want to have to dig yourselves out of debt to get married (I know from my wife and my experience). I agree with MonkeyMama--it will go on sale again, or you can bargain with the sales person.

[snshijuptr]

Go to a Pawn Shop or a Jewelry Mart (where multiple jewelers gather together). Make sure the diamond is high quality (ask for the clarity and if there are any flaws). A good jeweler will show you the diamond under a microscope or a jeweler's loupe. Ask a custom designer how much it would cost to reproduce the ring.

Are you getting white gold, gold, platinum, or another metal? Gold is like butter (easy to work with but bends easily). Platinum is like glass (tough to work with, strong, but brittle). Look at the current commodity prices on your target metal.

If you found it at Fred Myer, then you can find it at a jewelry mart or pawn shop. If there is no hurry on the wedding, then there should not be hurry on the engagement. You could buy an inexpensive band right now and get an engagement ring NEXT Valentine's Day.

[cooliemae]

The metal you choose for the ring can be as important as the stone when it comes to cost. When I was looking for my wife's engagement ring, I discovered that palladium has almost all the benefits of platinum, while being about 1/3 the cost of platinum. My wife really loved the color of platinum, but wasn't set on that metal. So she got the look and I got the price.

[bjl584]

I would just like to say that engagement rings aren't an investment. You shouldn't evaluate a ring based on the projected resale. I'd hope that you never have to consider the resale value of the ring at all.


For a ring you already know that she likes, and for only $1800 - I'd prob just get it. This isn't a $10k ring or anything. 1800 seems reasonable for the type of ring we're talkin about here.

If you need a loan for it, maybe resolve to pay it off before presenting it to her.

I would hope not as well, but a friend of mine met the supposed girl of his dreams a few years back and got engaged. Things went bad, and suddenly the $4000 engagement ring that he bought was nearly worthless when he tried to sell it.

[nycdebt]

First off, congrats on your potential engagement and finding the love of your life. Great news!

I'll echo the sentiments of everyone else. Only you know how much is too much on an engagement ring.

How much do you make? Do you have an existing debt? Do you have an emergency fund?

I think financing a ring is the worst idea possible. If you can't afford a ring, how are you going to afford all the expenses that come with planning a wedding?

As someone who recently just purchased an engagement ring for my GF, it's quite a process. Scary at first but once you shop around and find your trusted jewelry, it's quite an experience.

My GF has lavish taste but I gave her a budget in which I was comfortable with and we went ring shopping together. She found a ring that she loved and I did the rest.

Still planning out my proposal but I'm stoked nonetheless.

Set aside a budget. If you don't want to include her in the process and want to keep it a surprise, recruit her friends or family to help. They should be able to tell you the type of diamond/setting she wants.

In the end, don't let anyone but yourself or GF tell you how much you should spend. It's your money and it's a special time in your life. But weighing your current money situation should always be top priority before purchasing.

Good luck!

[disneysteve]

I'll tell you what we did. My wife-to-be and I went to the jewelry store together (I had a friend who was a jeweler who I trusted). The guy passed me a note pad to write a price on it. Once he saw my price limit, he showed her rings up to that range and she picked from there.

[nycdebt]

I'll tell you what we did. My wife-to-be and I went to the jewelry store together (I had a friend who was a jeweler who I trusted). The guy passed me a note pad to write a price on it. Once he saw my price limit, he showed her rings up to that range and she picked from there.

very nice.

Sort of like my situation. I met with our jewelry before hand and learned about the 4 Cs and was able to get comfortable with the whole process. I told her my budget and the jeweler set aside a bunch of diamonds for my GF to look at.