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Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
Editor’s note: This is a transcript of the audio file.
Who says an engagement ring should cost two months’ salary?
Savvy shoppers can save big on their stunner. I’m Janet Stauble with the Bankrate.com Personal Finance Minute.
It may not be as romantic as window-shopping, but buying diamonds online can save you cash. Online retailers have more competition and less overhead, so their prices are lower. Just make sure a gemologist has evaluated your stone.
A 1-carat diamond is a popular benchmark, but buying a point-nine carat diamond can save you 30 percent. And few people will know the difference. So stay just under the half-carat mark.
Be practical about clarity and color. You don’t need the highest clarity to get a diamond that looks great. If you can’t tell the difference in diamonds with your naked eye, then don’t pay a premium for a higher grade.
Some brides will skip the diamond altogether. Gemstones made a big comeback when Prince William proposed to Kate Middleton with Princess Diana’s sapphire ring. Still want a white stone? Consider white sapphire.
And avoiding conventional shapes can reduce costs. Square-shaped diamonds cost less than traditional round cuts.
Want to learn more? Log onto Bankrate.com. I’m Janet Stauble.
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