Monday 18 February 2019

How to Get the Best Diamond Engagement Ring for Your Budget - Part 1

You pride yourself on getting the best deals on everything from your grocery shopping to buying your home. So, why does your engagement ring have to be any different? An engagement ring is a big-ticket purchase and you should be smart about getting the best one for your budget. Let's get started on that note—the budget.

The Budget
Only you can decide your budget for the ring. Forget about what you may have heard about how much you SHOULD spend. Most of that advice is outdated anyway (think three months salary) and possibly a clever advertising ploy to get you to spend more. And whatever budget you set, whether it's $2000 or $20,000, know that you can get a beautiful diamond engagement ring in that specified budget—this brings us to our next point.

Diamonds are actually not quite as expensive as jewelry chains and mall jewelers will have you believe. Most brick and mortar retailers markup their diamonds, sometimes up to 200%. They have huge overhead costs like renting a store in a premium location, upkeep of the store and supporting a large sales staff. All these expenses are added into the price of the diamond ring. So, how do you get a sparkling diamond engagement ring minus these expenses? Go online.

Buy From Online Retailers
Online jewelry retailers operate without the huge overhead costs of traditional brick and mortar jewelry stores. So, they are able to keep their markup reasonable and they pass on the benefit to you—the customer! A reputed online jewelry store is just as safe to buy from as a trusted brick and mortar jewelry store.

There is a often a mistaken belief that the diamonds available online are not as good as the ones available in stores. But, smart shoppers know that is far from the truth. Actually, most retailers, be it online retailers or mall jewelers, get their diamonds from the same set of wholesalers at about the same cost. It's just that online retailers don't add that much markup because of the way they operate. So, when you go to a traditional store, you are essentially seeing a similar inventory but priced way more! The quality of the diamonds overall would be the same.

Another benefit of buying online is that the prices are clearly listed! Many retailers, especially the ones related to the wedding industry, don't display prices clearly. They do so in the hopes that buyers will fall in love with that dress or that ring and they are more likely to buy it whether or not it's in their budget. When you browse for rings online, not only are the prices mentioned but you can filter out rings that are not in your budget.

Competitive Market
One of the ways online retailers keep their operating costs down is by maintaining a virtual inventory. How does that work? Retailers will lists diamonds on their website that are currently in possession of their partner wholesalers. As soon as a customer expresses interest in a diamond, the retailers get in touch with the wholesaler and the diamond is put on hold while the customer finishes the payment process.

How does this help the customers? It helps in three ways. One, since the retailers don't buy the diamond until an order comes in, they are able to keep their operating costs down to offer the end-consumer affordable diamonds. Two, maintaining a virtual inventory allows the retailer to list a huge number of diamonds at various price points and of course qualities. More the choice a consumer has, the better the chances of buying a diamond that fits their requirements and budget. One of the frustrating parts about traditional jewelry stores is having to choose your diamond ring from the limited inventory available in the store. When you shop online, beautiful diamonds from around the world are available to you at the click of a mouse.

The third advantage is a competitive market. Online retailers often share virtual inventories that means they are competing against each other for the same diamond. So, if you like a diamond, be sure to browse different online retailers. You may just find the same diamond listed for less with another retailer. The tough competition is actually a huge gain for the consumer.

We have one more tip for you so be sure to check out part 2 of this post.


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