Purchasing an engagement ring is a serious economic and emotional investment. Although most buyers focus on the price of the ring, several hidden expenses can quickly add to the overall cost. Knowing these costs and how to avoid them will help you make a sound investment.
1. The Hidden Cost of Setting & Design Choices
The setting and design of the engagement ring can add substantial cost to the purchase. Although the center stone is usually the focus of the setting, the material and style of the setting are also important.
How it affects cost:
- Complex designs or hand-made rings require additional work, and thus are more expensive.
- The amount of metal used (platinum or gold) also influences the price.
How to avoid extra costs:
- Opt for simpler designs and more affordable metals like gold.
- If going custom, inquire about any additional design fees upfront.
2. The Cost of Certification & Diamond Grading
The evaluation of the diamonds is based on the 4 Cs (cut, color, clarity, and carat weight). It is to be certified by reputable laboratories like the Gemological Institute of America (GIA), which can create additional costs.
How it affects cost:
- Diamonds of superior grades/certifications can be more expensive.
- Jewellers can charge higher prices on diamonds that are certified at the highest level.
How to avoid extra costs:
- Ensure that the diamond is certified by a good laboratory and aim for good but not excellent grades of diamond.
3. The Extra Cost of Insurance
Insuring your engagement ring is very important. Nevertheless, insurance usually implies extra expenses that may accumulate as time goes by.
How it affects cost:
- Premiums can range from 1-3% of the ring’s value annually.
- Some policies may have extra costs for specific coverage.
How to avoid extra costs:
- Compare third-party insurance companies to find a better rate and a variety of plans.
- Compare policies so that you get the cover you require and not any unnecessary fees.
4. The Hidden Cost of Upgrades and Add-ons
Additional features like engraving, resizing it later or upgrading it in the future can increase the price. These options may be attractive, but they may be very costly.
How it affects cost:
- Upgrading or adding side stones can lead to higher prices.
- Engraving, resizing, or wedding bands often cost more.
How to avoid extra costs:
- Understand any additional costs for future upgrades or changes.
- Be aware of resizing and engraving fees before proceeding with these options.
5. The Cost of Maintenance and Resizing
Common maintenance, resizing and cleaning, however, usually have unseen costs. There are jewellers who charge to re-size or even those that charge for cleaning and maintenance services that have to be done on a regular basis.
How it affects cost:
- Cleaning and resizing can be expensive and cost between $50-$200.
- Maintenance charges can also be charged periodically.
How to avoid extra costs:
- Enquire about resizing and maintenance policies in advance. Some jewellers do have lifetime services and free resizing within a year.
- When purchasing a ring, make sure that it is comfortable to wear at the beginning, so you do not have to resize it in the future.
FAQs
- Do gemstones other than diamonds cost more than diamonds do?
No, unlike diamonds, gemstones such as sapphires or rubies can be relatively cheaper and offer excellent options as engagement rings. - What should I spend on the wedding band?
The wedding bands are usually one-tenth to half the cost of the engagement ring, so budget accordingly. - Is it possible to have a good diamond that does not cost me a fortune?
Yes! Lower but still good grades, such as VS1 clarity or H color are very valuable, and they still appear perfect. - What about the hidden costs of purchasing an engagement ring?
Conduct due diligence, get acquainted with all charges in advance and inquire about other expenses incurred in certification, upgrades, and maintenance.
Conclusion
Purchasing an engagement ring is a unique experience, but there are some additional expenses that may accumulate. Being informed about such aspects as setting and design decisions, diamond grading, insurance, add-ons, and maintenance, you will be able to make a wise, well-informed purchase.
At Serli and Siroan, we endeavour to offer pricing transparency, and we will take you through the process without secret costs. Whether you are purchasing a classic diamond or a custom-crafted diamond, our team will ensure that you have a pleasant and cost-effective experience. Visit us today, and we will help you discover the perfect engagement ring that will be the heart of your unique love story.