For many people, their wedding rings mark the first major jewelry purchase of their lives. As momentous an event as this is, there’s no reason it should be approached without every attempt to glean the highest value out of their buying dollar.
Determine What You Want
My advice to people who tell me they are looking for their wedding rings is to visit as many stores as possible to see what’s out there that appeals to them. This should be done as an end to itself—by deciding to look, not to buy, you won’t be pressured to come home with something immediately.
What style of jewelry appeals to you? Modern? Classic? Vintage? Are you looking for a plain band with a diamond solitaire or something with colored stones? Use this time to look at the available products. Magazines, ebay and internet jewelers are also a good source for styles for after hours shopping.
Learn about the stones you want in your ring. If you’re looking for a diamond, learn what the quality grades for a diamond mean—cut, color, clarity and carat weight (frequently referred to as the “4C’s”.) If you’re looking at a colored stone, determine what makes a high quality stone in that family. Emeralds, for instance, will rarely be completely free of inclusions, while an aquamarine should be clear to the naked eye.
Do you want a certified stone? This means that the stone has been submitted to an independent lab for grading. It lets you know the particulars of a stone, and that the stone is not synthetic (man made). Some people feel better with this information, but you need to realize that the dealer passes on the price of getting the certificate to the consumer. Not all certificates are created equal. The G.I.A. and the A.G.S. certificates are widely respected, while other labs have come under fire from various sources for their grading practices. Note, stones graded by the store’s graders are not considered impartially certified.
Do you have a preference for metal color or alloy? You have choices if you like white metal—platinum, white gold and silver are all white in color and have different characteristics and prices. Gold comes in yellow, white and rose. Also, some people have an allergy to nickel in some alloyed white gold. If you have experienced irritation from white gold jewelry, this is the most likely cause. For this reason, some people choose platinum over white gold—there is no nickel in platinum.
Comparison Shop
While you’re deciding what kinds of rings appeal to you, take note of the pricing for all the places you find possible candidates. The best approach is to take down all the particulars of a ring and write them on a business card with the name of the store and salesperson if possible. You will want to note the carat weight of the stones, the clarity grade, the shape and the metal of the band. Also note any store part numbers or style numbers that the sales person can provide you with, and above all, price. Once you’ve visited a high number of establishments, you will notice that the prices on the same or similar items can vary considerably.
You may find that in some cases the salespeople are more focused on their goals (making a sale, satisfying their quota or pushing a particular area of their inventory) than they are on yours. If you experience high pressure tactics from sales people, tell them honestly that you are not purchasing at this time, that your goal is comparison shopping. Indicate that you wish pursue this activity without any pressure, and if they cannot accommodate you in this, you will go elsewhere. I find the prospect of lost business to the establishment is enough to get them to back off.
Time to Purchase
When you’ve decided on what you want, it’s time to work on getting the best price. What your financial needs are will govern where you can go in some cases. If you want financing, you may need to go to a chain store or even a local jeweler. If you can put this on your credit card or pay cash, a gem show can save you quite a lot of money.
As you can see, there is an opportunity to save money on the purchase of wedding rings. The best approach is to make sure you’re well educated on quality and styles. As with so many other things in life, information is key.
Published in Budget Savvy Magazine, Fall 2004 Issue
Suggested Reading
What is Gold? Information on the various gold alloys
How to Buy a Diamond from Diamondgrading.com
Learn About Certifications by Drostes.com
The Four C’s, A Diamond Primer. The G.I.A.'s primer on quality factors in diamond buying.
