Engagement Ring Buying Traps
Engagement ring buying traps was the final topic we were asked about in our
interview with the Chicago Tribune.
The reporter specifically wanted to know what they were and how to avoid
things like spending too much money on a ring or buying a fake diamond. Lastly,
she wanted to know our thoughts on jewelry or ring insurance.
Engagement Rings: Fakes, Spending Too Much
What are some common engagement ring buying traps and how do you avoid them?
(buying a fake, spending too much, etc.)
No Diamond Certification
At the top of our list would have to be
rings or diamonds without an accompanying and recent grading certificate.
If the organization you are buying from can’t or won’t provide you with some
accredited independent diamond grading certification from the Gemological
Institute of America (GIA), American Gem Society (AGS), International Gemological
Institute (IGI) or similar organization then move on.
If your heart is set on a particular ring that has no accompanying
documentation, ask if you may have it independently appraised prior to purchasing it. Any
reputable company will let you do so. If they won’t for any reason, again, move on.
Be A Smart & Educated Consumer
Beware of conflict diamonds (also known as Blood Diamonds—which are stones
that are illegally traded and not regulated and more importantly, fund
conflicts in war torn areas of the world). They're often available at a better price since they are shunned by
many, but are something that any socially conscious human being should avoid.
Engaging Fact: Conflict or Blood Diamonds are defined by the United Nations as “Diamonds that
originate from areas controlled by forces or factions opposed to legitimate and
internationally recognized governments…"
Most reputable jewelers will provide proof of the origin of their diamonds and many will state
proudly that their diamonds are conflict-free.
Be an educated consumer and know what you're buying (especially when it comes
to diamonds). Learn about the benefits and drawbacks of various
and settings. Know the
basics of the
4Cs so that you can communicate effectively with the jeweler and understand
the diamond grading certification.
Don’t let your emotions get the best of you or be coerced into buying
something you hadn’t intended on buying. This is probably one of the biggest
self-induced engagement ring buying traps.
Don't Spend Too Much On An Engagement Ring
Know and plan your budget before you walk into the store and be firm with the
As soon as you approach them tell them that you do not want to see
anything that is out of your budget or you will immediately take your business
How are you going to feel when they start showing you a two carat
diamond when your budget only allows for a half carat? You may not end up with
the two carat rock but chances are you will walk out of there over budget.
Don't spend beyond your means and be influenced by outside pressure, the
desire to impress, or anyone who tries to make you feel cheap or question your
commitment. This is another common self-imposed engagement ring buying problem.
The worst thing you could do is get yourself into debt as you start your lives
out together so stick to your plan.
Don’t forget to negotiate! Buying a diamond is no different than buying a
car. In most cases, there is plenty of room for negotiations.
Engagement Ring Insurance
Should you get the ring insured?
So many people ask us about this and our first thought is why wouldn't you?
Absolutely! There are many good reasons to separately
insure an engagement ring. The ring can be lost, stolen, mysteriously disappear or get damaged.
average cost of an engagement ring running at over $5,000 they are, for many,
not easily replaceable emotionally or financially.
Many people believe that their homeowners insurance will automatically cover
an engagement ring, but that is often not the case depending on the value of the
ring or policy.
Although they might be covered for fire or theft within the home
and other very specific incidents, there is likely a set limit on the dollar
value with no coverage for damage or lost stones.
Our best advice is to speak with your insurer to determine what coverage you
have and what you need to do to make sure that your ring is fully insured. Be
sure to check out our info on engagement ring insurance.