Hey, I just met you, and this is Lazy... get these fast finance fixes and mail me, maybe?

Save Money on a Diamond Ring

Written by

With the holidays coming up, it seems like a good time to refresh an article on what may be one of the bigger purchases some people make in their lives (after a house and car). This was one of my favorite articles to write as I had put in months of research to get the best deal possible.

It seems a distant memory now. However, when I asked my wife to marry me three and a half years ago, my biggest concern wasn't her response, but actually paying for the ring. Seems pretty silly in retrospect, huh? Maybe I was just confident in the answer (more explanation on that at the end of the article).

Starting Research for Saving Money on a Diamond Ring

The name of the game when it comes to buying a diamond is doing research. I spent months (hopefully so you won't have to). The first place to start is with something you already might be familiar with... the 4Cs.

Cut: Choosing A Cut Above

All the reading and all the diamonds I looked seemed to show the same thing... a diamond's cut is the most important factor to consider. The cut is what reflects the light in such an eye-catching way. Unfortunately, this is often the hardest to judge because there's no way to quantify the cut... or is there? Yep, go to Price Scope's Cut Adviser Tool and put in the dimensions of the diamond. It asks for some detailed information. If the seller can't or doesn't provide this information to you, I'd move to someone else who can.

Carats: Size Does Matter

While I stand by my call that cut is very important, many say that carats may be even more important. You already knew that size was important - it's the first thing you notice about a diamond. I wish I could give you a guide to the right size. However, there's no such standard. There are several factors to consider such as your budget and the size of her fingers (think good proportion). The website Diamond Database has some very good tools where you can compare the actual size of what various diamonds would look like on various fingers. The last factor to consider, sad as it is to say, is the size of the diamonds of her friends'. So size does matter to avoid diamond envy... let's quickly move on before I tangent into another topic...

There are two tricks to maximize your money when it comes to size:

  • Go for the one below an even number - A 0.98 carat diamond should be noticeably cheaper than a 1.01 carat one. You won't even notice the difference.
  • Go for a large table and a small depth - As long as the cut isn't compromised, the diamond will weigh the same, but appear to be bigger. I used this trick to add an illusion of about 0.10 carats.

Color: White is Not Always White

Color may be the second most overrated part of buying a diamond. I started off thinking that I needed to have D color. Then I looked at an F and thought it was D. So I looked at a G, but that looked white to me too. I went on down the line. I got to around I when I realized, this is starting to not look pure white anymore. The only way I can pick out a color is via comparison to another known color. If you show me one diamond with no comparison, it is extremely difficult to pick out the color. Of course everything is in the eye of the beholder, but for me color was the place to skimp.

Clarity: Can You See Clearly Now?

That leaves clarity as the biggest overrated diamond "C." It's not to say that clarity doesn't matter. However, until you get to SI1 and SI2 people can't notice the difference with their naked eye. Even the SI1 and SI2 can only be picked out by around 1-5% of people (I have no source for this, just something that stuck out in my mind from my research back then). No one walks around putting magnifying glasses up to women's diamonds. I didn't see a reason pay for something that I can't see.

You may even be better off not using a magnifying glass when you buy - it could tempt you to opt for a higher grade. Reducing clarity for me was a great way to save money.

Ira Weissman, creator of The Diamond Pro, suggests limiting your search to online vendors that offer high quality images of their diamonds so you can inspect the clarity yourself. Weissman said, "It takes years of viewing diamonds both with magnification and without to know know with complete confidence which diamonds will be clean to the naked eye, and which diamonds won't. But even a novice can get a pretty good idea. If you're looking at an SI1, and the inclusions are all bunched to the side and can be covered by a prong, then it will clearly be eye clean. Obviously, a white/translucent inclusion is better than a black one. Inclusions on the periphery of the stone are much harder to see than inclusions in the middle of the stone, etc."

Cost: The 5th C

This is why you are reading this article in the first place. Diamond sellers don't like to talk about this 5th C (cost) much. I think the best approach to saving money on a diamond is to set a budget and stick to it. It's tempting to go up a color or a clarity, but it becomes a never ending cycle. If you have to buy less ring, then do it. Beware of the salesman who tried to push a psychological trick on you such as, "Diamonds are forever." or "Isn't she worth it?" If I hear that, I walk right out of the store.

Where to Buy the Diamond

When my appraiser finished grading my diamond, he asked how much I paid. When I told him, he was shocked. He promptly logged into his private wholesale NY exchange to see what he could get a similar diamond for. He found that he'd have to pay $500 more through his network.

How did I pull that off? I bought my diamond on the Internet. I bet a lot of you are cringing right now (though fewer when I first wrote this article in 2008). Well, I had a support group of many people in the Pricescope Forums. They helped tell me which store to avoid and which ones they've had success with. Pricescope also had a great search engine on Home Page.

While tools like Amazon's Diamond Finder and Ebay are good places to start from, I found Pricescope to be the best solution.

How to Buy the Diamond

I'm a big believer in buying things with a credit card and packing in the reward points. When it comes to diamonds, you can get a big discount by using cash or a cash equivalent. It certainly takes some guts to fork over big cash on the Internet like that. Nonetheless, the reviews were good and the company was publicly traded (which gave me some confidence). In hindsight, being publicly traded shouldn't have...

Diamond Certification: Another Way to Save

You may know that there are many different labs that grade diamonds. You can see all kinds of acronyms of labs such as AGS, CGL, GIA, HRD, IGI, EGL. What you may not know is that a diamond graded by one lab may be significantly higher priced than another lab... even if the 4C's appear to be the same. It seems that AGS in particular is expensive and is perceived to be the strictest of graders. I don't know if that's 100% true, but you can see the price differences via this study.

The different certifications have a way of muddying the waters. Is an AGS F grade really and EGL G grade? Sometimes that can be the case. One thing to think about though, is that the differences of between a grade are small. The differences between two people's opinions of the grade is even smaller. So if you can save 20% by going with EGL Israel (not be confused with EGL-USA which has stricter grading). I say go for it. After all, you are going to get it independently appraised right? My appraiser took the diamond, graded it, and then asked me how close he was. When he was dead on, it served as another check that I was got exactly what I hoped I would. And notably, when I insure it, I'd get the same quality diamond back if it ever came to that.

Diamond Solitaire Engagement Ring

Buy a Diamond Ring Complete vs. Build it Yourself?

I'm against buying a diamond ring complete. Why? When you are buying just the diamond, you can target exactly what you want. If you are looking for the complete ring, you are likely to come across a great diamond in a setting that you wouldn't have picked. This way you can get the best diamond, the best setting, the relationship with the jeweler... the best of all worlds. Plus you may find that your fiance brags to her friends... I offer no guarantee , but time after time I heard praise for "designing it myself." I wasn't about to correct my wife and say, "Ummm, I picked a diamond and a ring style, it's not like I am some kind of artist of metal working."

Where to Buy the Ring and Setting

I decided against buying the setting on the Internet, though it would have saved a couple hundred dollars. Why? The answer is service. If you buy everything on the Internet, what happens if prong gets dinged or you want to polish up the platinum? You are going to have to pay top dollar for that. However, if you buy the ring from the local store, he's likely to provide you with fine service for years to come.

As for the ring itself, I found that I saved enough money on the color and clarity that I should go big and get platinum. I went against yellow gold, because it really wasn't either of our styles. I went against white gold because it's a softer metal and I could see it getting dinged up over the years. Platinum isn't immune to that, but it's stronger. The only other thing that crossed my mind was titanium. However, on a pure psychological level, I felt that was like buying a super $4,000 television and hooking up $5 computer speakers to it. I don't think I was offered the option of a titanium setting, probably because it doesn't bend enough to set the diamond in. However, when it came to my ring, I went with titanium - and it cost only slightly more than $100.

My Ring Purchase

I don't think I can escape this article without giving details on the details of the diamond that I ended up with. It was 1.63 carats (but had a table on par with 1.75 carat diamonds, so it looks even bigger), SI1, H color, and Ideal cut, graded by EGL-Israel. You can see that I hit almost every part except that I went over the round number (1.5) of carats instead of under. I paid $6300 for it via Abazias. Similarly priced diamonds there are going for around $7200 on the site today. In contrast, Amazon is showing 6 similar diamonds to the one I got, albeit only 1.5 carats, for $9200+. A local place in the Boston suburbs wanted around $11,000 for a similar diamond. So I see my savings in this case to be between $3000 and $5000 - significant cash.

The platinum setting was around $1000, bringing the total price to around $7300. Now I know to some people that may seem like an excessive purchase. When I was creating my budget, I factored in a number of things. A large part of it was my income (and projected income for the foreseeable future) was solid. I should mention that I factored "diamond envy" in the equation. My wife grew up in one of the poorest families in a wealthy town. Poor enough that her clothes had holes in them (not in the stylish way). She rarely had anything great for herself. I wanted to set the tone appropriately on our new life. I wanted to show her that if we are smart we can have nice things... really nice things that she might not have imagined.

The Proposal

While these next two paragraphs won't help you save money on a diamond ring, I figure if you've fought through the first 2000 words, I might as well finish off the story with a related money tip and related funny story.

Tiffany Style Engagement Ring

Related Money Tip: If you are going to propose in a foreign country like Saint Martin (as I did), budget for some phone bills. I actually planned an elaborate scheme to get unlimited dial-up Internet access through the local phone company (they didn't offer high speed of any kind in late 2005), to use Skype to SkypeOut back to the United States. Unfortunately that wasn't something that could be easily set up on the first day. Skype over a dial-up Internet connection worked better than I had thought.

Related Funny Story: While we were at the airport on the way to Saint Martin, my wife was reading up for things to do there. One of the things that Caribbean islands are known for is their diamond sales to tourists. (Perhaps there's some kind of tax loophole with importing them, I don't know.) My wife came across an ad for diamonds in that magazine. In an over-the-top gesture, she pretended to drop the magazine in my lap on that very page. She didn't find out for a few hours that she hit the diamond ring in my pocket square with the magazine!

Last updated on October 13, 2015.

This post deals with:

, , ,

... and focuses on:


Don't forget to these five minute financial fixes to save thousands!

20 Responses to “Save Money on a Diamond Ring”

  1. Jon Anderson says:

    I heard “designed it himself” a million times for mine too. I didn’t buy anything separate, I just went into a store that I already knew and liked, and picked a ring with a diamond that I liked and another ring with the design I wanted. I didn’t bother going with any of their “certified” diamonds, since I don’t care whether or not somewhere else has evaluated the diamond. It looks how I wanted it to, and that is what matters. The ring with the diamond was cheap, because it had been pulled out of the display after clearance – they pulled a box of them out from under the counter when I wasn’t liking the ones I saw. I also had a trade-in, a ring from her ex, which I got them to bump up the price of to help me meet my target price.

    It really isn’t hard at all to come up with the perfect ring without spending as much money as they want you to. A big part of it is learning how to avoid the tricks and needless upgrades, and realizing that in any big purchase there is always room to haggle.

  2. Daniel says:

    You know, maybe I am just a lucky a guy or something, but try talking to your wife/wife to-be and see what she thinks about a cubic zirconium. I had this discussion with my wife and it went back and forth until one day she basically said she didn’t want to pay for a diamond (I agreed). Her 1.25 CZ has not ONCE been thought of as a fake. In fact, she has had nothing but compliments and jealous comments. We both giggle inside when we hear that.

  3. Daniel – very nice. If your wife doesn’t want to expensive diamond, then there is very little point in getting it.

    I also went for a diamond that was .01 under a specific weight.

    I also got something a bit practical. Instead of prongs, there is basically a “halo” around the diamond to secure it. No problems with the ring snagging on things.

    My company does a lot of business with a specific jeweler – I got a good deal through him.

  4. Cos says:

    if i could do it again, i might take the ziamond (cubic zirconium) route and it has nothing to do with being able to afford it and everything to do with the point Daniel made: nobody notices. ever.

    i got my wife a diamond i could afford at the time and have since upgraded it to 4x the original size. so that’s another option if you’re a bit strapped, maybe you start small and upgrade, i dunno.

    for a “push present” when we had our first daughter: earrings, ziamond. she knows they are fake, i know they are fake. i still put them in platinum due to strength, appearance and primarily an allergy to metal. she gets complimented on them all the time, its what made me think the diamond on her finger could just as well be fake.

    but then again, like lazy .. i just wanted her to have really nice things. this is a hard one, the cost is so high for something that basically boils down to a “keepin’ up with the Joneses” issue.

    i’d say that if you can afford it and you know you can afford it: go afford it. if you can’t: fake it.

  5. thisisbeth says:

    Another thing to consider is the female in question. I’m an understated person, and a large diamond would feel awkward and showy to me, something that I avoid.

  6. RJ Weiss says:

    I didn’t buy my ring from Costco, but I found it to be the best price. It’s not a bad idea to compare whatever your paying to a similar one at Costco.

  7. plonkee says:

    I am like thisisbeth. It would be much more important to me to have a platinum setting (white metal, heavy and hard) than to have a diamond at all, let alone a large diamond, which would look ridiculous on my small hands. I’d also hate to not choose the ring myself.

    Which goes to show that you should always go by what the recipient would like first that’ll help you with the cut and carat section, colour and clarity you’re on your own.

  8. Fit Wallet says:

    Another thing to consider: do you want to support slave child labor? I don’t mean to sound like an alarmist, but if someone bought me a diamond I’d want to know that it wasn’t mined by an 8-year-old in Sierra Leone.

    Personally, I’d never want a diamond anyway. I’d rather spend the money on an experience with my SO (like a vacation), or something useful.

  9. To be honest, most of this article was gibberish…I don’t really understand all the fuss over diamonds. Sure, they’re nice. But, they’re terribly overpriced. I think a CZ in a nice setting would be fine with me. And even then, I don’t want anything big. If we did go the real diamond route, I’d prefer a smaller one I think. I don’t have diamond envy and don’t really care what anyone else thinks about me, so I say to hell with that! I’d rather start my marriage debt free.

  10. jadefly says:

    I like diamonds. :) But I do wish my fiance had read this article before buying my ring; maybe we wouldn’t be in debt now!

  11. I love diamonds, but just watched Blood Diamond last night. My engagement ring is a one carat, set in platinum antique, but you can be assured that from now on, I will know exactly where the diamond comes from….and we have wonderful diamonds mined right here in Canada.

  12. bob says:

    Manufactured diamonds is where it is at. More perfect that a diamond from the ground and a fraction of the price. Best of all you get out of the evil monopoly that is De Biers.

  13. bob says:

    De Biers also created the whole myth of the engagement diamond ring to sell diamonds. 100 years ago it wasn’t the tradition.

  14. My antique ring came from a jeweler in Salem Mass. He is right downtown – the only antique jewellery place, so I am sure you would be able to find him.

  15. Jessica says:

    You could always go to


    Here they make Diamonds in a lab. They are considered Green, no one will die for your diamond(blood diamonds), they are WAY cheaper. My princess cut perfectly clear diamond which is a 1.24 carat was 600 with a wedding band included. They are a little bit more expensive now since they because more popular, but why pay more for an always flawed diamond when you can get a grown one for way cheaper. Just check them out, they even do custom stuff too!

  16. MustWarnOthers says:

    It all depends on the recipient, and the buyer.

    I personally am not totally for weddings and all the overpriced nonsense involved.

    I am, on the other hand, very into Gems and rocks(I was since I was younger) and find the idea of purchasing a setting and diamond fun.

    I purchased my stone and setting online through James Allen. It was fun shopping for the various dimensions and cuts, to try and find exactly what I was looking for.

    One thing I disagree with is advising people to simply go for “The largest table you can find”. Even if you shop for the largest table with the other dimensions and depths taken into consideration, the overall width of the crown and girdle does not always equate to “Size”.

    Getting the maximum amount of brilliance and fire (maximizing fire, in my subjective opinion, is the best way to go) is far more important than making your diamond look a shade bigger.

    In my situation, my girlfriend has relatively small fingers (4.5), and didn’t want anything overly gaudy. Diamonds over 1ct on a finger that small look ridiculous to me.

    A smaller table in general, with proper dimensions, will maximize fire, as you get more facet surface area facing up.

    In my opinion, seeing a diamond exploding with fireworks is what’s really important.

  17. hackbarth says:

    I suggest Moissanite (google for it).

    It has more brilliance and fire than diamonds (Refractive Index and Dispersion), only being slightly less harder (but much more harder than CZ).

    It’s the more close you’ll get to Diamond, superior to it in some ways, and completely blood-free.

  18. LizH says:

    Great informative article written from experience. One thing I would add is that when evaluating ‘cut’ there is more to it than just plugging in the table, depth and crown/pavilion angles into the HCA Tool. This is simply an algorithm that serves as an elimination tool. It is only used for round diamonds and only if you have no other information other than a gem lab report. If you get a good score, then you know that a diamond has the ‘potential’ to be a ‘good performer’ but it is not a confirmation. Ultimately, actual diamond pictures and images should be used to make a decision on whether a diamond is of superior cut quality.

    You can read more about how the Holloway Cut Advisor HCA Tool can be used and it’s limitations on my site.

  19. LizH says:

    Hey Lazy Man! Thanks for responding. I hear what you are saying, but it is difficult touching up a magnified HD video of a diamond. You can easily glean the cut quality and light performance from this form of media.

    Also, AGS (American Gem Society) issues the Platinum Diamond Quality Document that uses ray tracing technology to create an accurate ASET image on their diamond reports. This is by far superior to relying on a simple mathemateical algorithm. But, respectfully, to each their own. :)


Leave a Reply

Your email address will not be published. Required fields are marked *

Previous: Why Sports Matter
Next: Santander Bank Wants to Give You $20 a Month
Also from Lazy Man and Money
Lazy Man and Health | MLM Myth | Health MLM Scam | MonaVie Scam | Protandim Scams | How To Fix | How To Car | How To Computer