Most adults might think of their wedding ring and engagement ring as a symbol of love rather than as a collectible or as an alternative investment. These rings should be meant to last a lifetime and may be among the largest expenses in life, outside of buying a home or automobile. Still, watches and jewelry fall directly into the mix of assets and expenses over the course of a lifetime and it is not uncommon for people to have purchased or inherited collections of jewelry and watches.

One key question that needs to be asked is if there are ways to save money when buying wedding rings and engagement rings. There is an unwritten rule that a wedding ring should cost the equivalent of two months worth of an annual salary. That may work for those who are well off or who are not in much debt, but there are countless references to half of America only having access to less than $1,000 or less than $2,000 in savings. That just won’t go very far when it comes to buying wedding and engagement rings.

Collectors Dashboard evaluates collectibles as an alternative asset class, and jewelry and watches are definitely a strong part of that sector. The value of stones and the underlying metals used for the rings can fluctuate wildly. That also means that they can rise in price over time, and savvy buyers can choose rings that they believe will hold their value even if they aren’t considered a “money-maker” in investing such as stocks, bonds or real estate.

The reality is that there are many ways the public can save money when buying wedding rings and engagement rings. It is not always necessary to pay the highest price tag in a retail setting. Saving money on high-dollar purchases such as rings may not be as simple as clipping a coupon. It may require significant time, effort and persistence, but it doesn’t have to feel like a ring was from the manager’s-special discount bin.

The market for finished rings sees multiple mark-ups along the way to retail. This involves mining to cutting, then incorporates distributors to various levels of wholesalers, designers, and ultimately to retail. It’s also unfortunately rather important to understand going into the buying process that the statistics of a marriage succeeding are close to 50/50. A day may come that these rings have to be sold or where they are repurposed.

Collectors Dashboard has identified multiple tips on how to save money on wedding rings and engagement rings. These are certainly not the only tips of saving money, but they may help with this “investment of a lifetime” for those who consider all alternative asset purchases among their investments.

Here are 11 tips that buyers can use to get the best deal possible on wedding rings and engagement rings. They are not ranked or in any order of importance.

Buying Loose Stones vs. Finished Rings

Buying the diamond or stone separately from a ring-mount can save hundreds of dollars, or even more. Buying a stone separately as an unfinished product may also give more control over the size and shape of the stone as well as the cost. And buying a loose stone may force the greatest education about what makes a stone more or less valuable for the future.

Looking Wholesale(ish)…

Two websites to check out for wholesale diamond buying are Diamonds.com or BlueNile.com. Blue Nile has all the credibility of modern times: conflict free sourced, lifetime warranty, diamond upgrade program, price matching, and free secure shipping. The website Diamonds.com from Rapoport Group allows buyers to search price, carat, color, clarity, cut, polish and symmetry all at once.

Elsewhere Online and Beyond

It is easy to look at other retail setting websites as a starting point to research wedding and engagement rings. Using online sources to piece together something is not the wrong answer but buyer beware, and classified ads and other ads may not quite be what they seem. The online giant Amazon.com has countless choices, but then there are specific jewelry retailers with websites that offer rings you can go pick up immediately or in a short period of time. These would be Diamonds Direct, Tiffany, Jared, Kay’s, Borsheims, Helzberg, Signet and dozens more stores at the local and regional or national levels. And of course the retail giants like Walmart, Target and Costco are among some of the destinations along with almost every department store in America.

Considering Other Stones Outside of Diamonds

Most people think of diamonds as a “girl’s best friend” but it doesn’t have to be that way. Some couples may prefer to use ruby, emeralds, opals, sapphires or a slew of other precious and semi-precious stones beyond diamonds. These can come in many different colors and it can become rather personalized pairing stone combinations to a personality or a favorite shade of color. Just do not forget to keep in mind that “alternative stones” could ultimately cost more than a diamond if the buyer has done no research ahead of time.

Hiring a Jewelry Consultant or Independent Jeweler

Hiring a private jeweler may not be easy and it may require many phone calls and online searches depending upon geography. Major cities have more options than rural and small-town America. Buyers need a trustworthy accredited individual who has a clear understanding of a buyer’s budget. Effective communication is key early about expectations of price and cuts of stones, but that professional may help make some of those determinations. A sounding board is this person’s other function.

Having Access to Other Third-Parties

Some retailers have their own on-site appraisal services. How does a buyer know if that is accurate? It may not get the best reception from a retailer, but having access to an outside appraiser. These people, outside of a buying consultant (above) can help evaluate the real price and value of bands, mounts and stones.

Cut, Clarity, Color – Grading

Outside of the carat weight of a stone, the remaining “C’s” used in grading are color, cut and clarity. Grading and condition are important in all collectibles, and this is definitely the case in diamonds and precious stones. The cut or shape of a diamond may matter more to some buyers than others. The color and clarity combined can add thousands of dollars or decrease thousands of dollars for each stone. Some of those will be very obvious, but some of the other issues such as scratches or inclusions may not be visible at all to the naked eye. Accepting some of the imperfections may make a very expensive stone much more affordable.

New To You Doesn’t Have To Be “New”

Jewelry is supposed to last a lifetime and may last many generations. That allows for the secondary market and “used” jewelry to come into play when buying wedding rings and engagement rings. Sometimes estate sales and auction houses will offer far greater deals than what is available at the retail level. And some buyers will want to re-create a ring using a mount from one and adding in a new stone (and maybe reusing or selling the stone that originally came with the ring).

Don’t Be Afraid of Retailers

While the buyer knows that retailers already have countless markups before the retail cabinet, many retailers can also end up being a buyer’s best friend. Some retailers will offer significant discounts to a buyer, and some may have inventory that they just want to unload that can be a buyer’s best deal. And then there is the shopping one retailer against another and letting each have the opportunity to price-match or beat their competition.

Lifetime Costs and Losses Versus Immediate Costs

Saving money upfront in buying jewelry is great, but there is a whole lifetime to consider. Rings that have weak mountings or are very fragile may have to be repaired or have stones replaced, and many of those expenses may or may not be covered by homeowners insurance. Knowing if a stone is also more fragile than another is another to plan for the likelihood of a replacement in the future.

Considering Alternative Metals to Gold

Some buyers want only gold bands or platinum bands, and some may only want the purest gold they can get close to 24 carat. There are many other options such as white gold and lower carats that can be used to save money on a ring. A lot of consideration had to be made here, including the above costs of servicing, cleaning and the like. When the price of gold screams higher, many jewelry buyers consider other alternatives that they may not have chosen otherwise.

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Again, these may not be the only tips that can used to save on buying wedding rings and engagement rings. Some people also might not immediately count rings and jewelry as a collectible or an alternative asset. Just consider that approximately half of rings may end up being resold or repurposed over time, and then there is the aspect of passing wedding and other jewelry down to heirs. There is no reason that buying wedding rings and engagement rings should not be given the same (or more) considerations as other large expenses in life.

And if anyone wants more proof that wedding and engagement rings are investments and collectibles alike, just evaluate Are Diamonds Really A Good Investment? for some additional insight.

Would a 8 carat sapphire platinum ring with 1.1 carat in pave diamonds upset anyone?