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How to Save Money on Diamonds

3 Tips to Saving On a Diamond Engagement Ring

The diamond ring is part of an age-old proposal tradition that can get quite pricey, so here are some tips from Smart Money that may help you save up to thousands on your engagement ring:

  • Almost a Carat: Diamond prices shoot up after the one-carat mark and every quarter carat after so you can save a lot if you buy a diamond that is close to the carat mark. You can save thousands if you choose to buy a .99-carat over a one-carat diamond.
  • Wait It Out: Diamonds that are just shy of the carat mark sell out quickly so you might not be able to find one if you had a limited time span. Give yourself more time to shop around and wait it out, and you might just be able to find a gem of a deal.
  • React Fast: You've been hunting around for a while and you finally find a good deal, but you need to snap it up before someone else does. As these diamond deals are going quickly, you need to buy it as soon as you can. But remember not to get carried away, and to make sure it fits your budget.
Source: Thinkstock
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