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5 ways to save on an engagement ring

Be practical about clarity and color
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Be practical about clarity and color

Couples can also save money by choosing diamonds with a lower grade of color and clarity. This may strike some as skimping on quality, but be realistic. If you can't detect the difference with your naked eye, then paying a premium for a higher grade makes little sense.

Consider the main purpose of the stone, says diamond expert Ira Weissman of TruthAboutDiamonds.com, a website about savvy diamond buying. The point of an engagement ring diamond isn't to produce a return on investment, he says, but to look fantastic. "You don't need very high clarity to get (a diamond) that looks great." If the diamond has imperceptible imperfections, no one will know except you.

When it comes to color, Weissman recommends saving money by selecting the diamond with the lowest color grade that still appears white. Gemologists grade color by comparing each diamond to a master diamond, he says. While a diamond may receive a lower grade because it has more color than the master, standing alone, it may still appear sparkling white.


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