buying an engagement ring

[fLum0x]

okay, to make a long story short, i am proposing soon. I know the ring and the way i am doing it and everything. The only thing is, I don't -currently- have the money for this ring. I have about 90% of it, but that would leave me broke. Do most people open a loan for a ring? and if you do, do you get a loan for almost the whole amount or only half or something? Also, how long of a loan do you look for? 12 months? 18 months? or what...i am confused because i have a friend that saved FOREVER and bought it outright and another that put a 3 year loan on it. just curious what most of you married guys have done.

thanks in advance

 

[Whoozyerdaddy]

How much is this ring you are looking at?

 

[lokiju]

I put some of it on a credit card and the rest in cash.

 

[Scarpozzi]

Because I'm not made of money and knew that I wanted to marry her, I financed the ring. I paid about $2k off in the store on a credit card ....and financed the rest through Wells Fargo with 1 year same as cash financing. It turned out to be good that way because I was able to pay it all off in less than a year, but sacrificed a lot of things I was going to do this year because of it. (like put a new roof on my house) But alas....I have a wife now, so it was worth it.

 

[MrChad]

I put it on a credit card but paid the balance in full. I had the money saved to buy it outright.

I don't know what you're looking to spend, but remember that you and she are going to be planning a life together. A nice ring is a romantic gesture, but it's not worth going into debt for (in my opinion).

 

[fLum0x]

Originally posted by: Whoozyerdaddy
How much is this ring you are looking at?

well, here is more info. the ring is give or take 5k (i think) and my credit limit is only 1500 right now since i just got a new card. now, would you put 1500 on the card and pay it in that next month and loan the other 3.5?

 

[MrChad]

Originally posted by: fLum0x

Originally posted by: Whoozyerdaddy
How much is this ring you are looking at?

well, here is more info. the ring is give or take 5k (i think) and my credit limit is only 1500 right now since i just got a new card. now, would you put 1500 on the card and pay it in that next month and loan the other 3.5?

Absolutely not. I would be looking at $1500-2000 rings.

You should be able to get a nicely cut .5-.75 carat ring in the 2k range.

 

[jpeyton]

We need more details. Where are you buying it from? How did you decide on this particular ring? Carat/Cut/Setting?

Maybe you're getting raped by the jeweler, or maybe you're getting the deal of a lifetime; we can't tell.

 

[fLum0x]

the ring is between .5-.75 carats and the diamond alone is about $2,500.

how do you figure with a ring and the wrap (that is what she wants) that you can do it for that cheap? Given, we are talking about a near flawless diamond basically. no noticable specs or discoloration.

 

[Bryophyte]

Originally posted by: MrChad

Originally posted by: fLum0x

Originally posted by: Whoozyerdaddy
How much is this ring you are looking at?

well, here is more info. the ring is give or take 5k (i think) and my credit limit is only 1500 right now since i just got a new card. now, would you put 1500 on the card and pay it in that next month and loan the other 3.5?

Absolutely not. I would be looking at $1500-2000 rings.

You should be able to get a nicely cut .5-.75 carat ring in the 2k range.

QFT. If you can't afford it, don't buy it. If you think buying a 5k ring is worth it, you can always 'upgrade' her ring in a few years when you CAN afford it.

 

[fLum0x]

Originally posted by: jpeyton
We need more details. Where are you buying it from? How did you decide on this particular ring? Carat/Cut/Setting?

Maybe you're getting raped by the jeweler, or maybe you're getting the deal of a lifetime; we can't tell.

helzberg is where she registered the ring...so it might be kind of high.

like i said, the diamond alone is 2.5-3k.

edit: it is like a VI and F in color? i think that is right.

the wrap is about 800 i think and then you have the ring and such. roughly 4.5k (did i total that right?)

 

[MrChad]

Originally posted by: fLum0x
the ring is between .5-.75 carats and the diamond alone is about $2,500.

how do you figure with a ring and the wrap (that is what she wants) that you can do it for that cheap? Given, we are talking about a near flawless diamond basically. no noticable specs or discoloration.

Do you have more specific specs on the ring? 5k seems awfully high to me, although I never priced out wraps, just the solitaire and platinum band.

 

[krunchykrome]

How much is this girl worth to you?

 

[fLum0x]

Originally posted by: krunchykrome
How much is this girl worth to you?

lol, a lot

either way, it is a lot of money no matter what.

 

[KK]

Originally posted by: fLum0x

Originally posted by: jpeyton
We need more details. Where are you buying it from? How did you decide on this particular ring? Carat/Cut/Setting?

Maybe you're getting raped by the jeweler, or maybe you're getting the deal of a lifetime; we can't tell.

helzberg is where she registered the ring...so it might be kind of high.

like i said, the diamond alone is 2.5-3k.

edit: it is like a VI and F in color? i think that is right.

the wrap is about 800 i think and then you have the ring and such. roughly 4.5k (did i total that right?)

Don't buy from helzberg, they'll rip you off.

 

[IBuyUFO]

Originally posted by: fLum0x
the ring is between .5-.75 carats and the diamond alone is about $2,500.

how do you figure with a ring and the wrap (that is what she wants) that you can do it for that cheap? Given, we are talking about a near flawless diamond basically. no noticable specs or discoloration.

WTF??? 0.5-0.75 carats for $2.5k?? When I bought my ring it was total with side stones about 1.6 to 1.8 carats. It cost me like $5,600+ dollars. The center stone alone was around 1.2 carats and it was a D, VS diamond.

 

[fLum0x]

Originally posted by: IBuyUFO

Originally posted by: fLum0x
the ring is between .5-.75 carats and the diamond alone is about $2,500.

how do you figure with a ring and the wrap (that is what she wants) that you can do it for that cheap? Given, we are talking about a near flawless diamond basically. no noticable specs or discoloration.

WTF??? 0.5-0.75 carats for $2.5k?? When I bought my ring it was total with side stones about 1.6 to 1.8 carats. It cost me like $5,600+ dollars. The center stone alone was around 1.2 carats and it was a D, VS diamond.

where did you get your ring from? helzberg is basically the only place i have been outside of prestons rocks (and i wasnt impressed with it)

 

[Whoozyerdaddy]

Originally posted by: fLum0x

Originally posted by: Whoozyerdaddy
How much is this ring you are looking at?

well, here is more info. the ring is give or take 5k (i think) and my credit limit is only 1500 right now since i just got a new card. now, would you put 1500 on the card and pay it in that next month and loan the other 3.5?

Jeebus...

Ok... here is my philosophy on engagement rings: Don't spend $5k. The E-ring I got for my fiance was about $950. It was very pretty and she absolutely loves it. It had a 1/4 carat diamond on a white gold band with tuquoise inlays. (She loves turquoise)

Call me cheap if you want... But I believe that if your woman says yes and then complains about the ring you bought her (within reason... don't give her something you won at the state fair at the bb gun stand) then her priorities are way out of whack.

Help me out women... was it the ring that made you say yes or was it the man asking?

What's more, why would you want to start your lives together that deep in debt? Get her a nice, smaller ring... something that everyone will know is an engagement ring but won't leave you thousands of dollars in debt. You can always replace it with something better after you get your lives a little more established and money is less of a concern. For now, save the money you would have spent on a trinket and put that towards a new house.

Just my $.02

 

[MrChad]

Originally posted by: fLum0x
where did you get your ring from? helzberg is basically the only place i have been outside of prestons rocks (and i wasnt impressed with it)

Price one out on bluenile.com. Their prices tend to be a little high; you can probably get a better deal locally if you shop around.

 

[acemcmac]

I'm checking pawn shops for rocks when I go, I'll just re-band them

 

[essasin]

Find a local jeweler and work with them.

 

[dawnbug]

Originally posted by: Whoozyerdaddy

Originally posted by: fLum0x

Originally posted by: Whoozyerdaddy
How much is this ring you are looking at?

well, here is more info. the ring is give or take 5k (i think) and my credit limit is only 1500 right now since i just got a new card. now, would you put 1500 on the card and pay it in that next month and loan the other 3.5?

Jeebus...

Ok... here is my philosophy on engagement rings: Don't spend $5k. The E-ring I got for my fiance was about $950. It was very pretty and she absolutely loves it. It had a 1/4 carat diamond on a white gold band with tuquoise inlays. (She loves turquoise)

Call me cheap if you want... But I believe that if your woman says yes and then complains about the ring you bought her (within reason... don't give her something you won at the state fair at the bb gun stand) then her priorities are way out of whack.

Help me out women... was it the ring that made you say yes or was it the man asking?

What's more, why would you want to start your lives together that deep in debt? Get her a nice, smaller ring... something that everyone will know is an engagement ring but won't leave you thousands of dollars in debt. You can always replace it with something better after you get your lives a little more established and money is less of a concern. For now, save the money you would have spent on a trinket and put that towards a new house.

Just my $.02

I concur. $5000 that you don't have for a ring is nuts. You shouldn't go into debt over this, even if she is a great girl.

 

[fLum0x]

Originally posted by: MrChad

Originally posted by: fLum0x
where did you get your ring from? helzberg is basically the only place i have been outside of prestons rocks (and i wasnt impressed with it)

Price one out on bluenile.com. Their prices tend to be a little high; you can probably get a better deal locally if you shop around.

a .75 carat VS1 clarity with E color is like $2100 on there. that is cheaper...but it is still more than a $2,000 ring that you all are talking about.

 

[fLum0x]

Originally posted by: LadyBuggy

Originally posted by: Whoozyerdaddy

Originally posted by: fLum0x

Originally posted by: Whoozyerdaddy
How much is this ring you are looking at?

well, here is more info. the ring is give or take 5k (i think) and my credit limit is only 1500 right now since i just got a new card. now, would you put 1500 on the card and pay it in that next month and loan the other 3.5?

Jeebus...

Ok... here is my philosophy on engagement rings: Don't spend $5k. The E-ring I got for my fiance was about $950. It was very pretty and she absolutely loves it. It had a 1/4 carat diamond on a white gold band with tuquoise inlays. (She loves turquoise)

Call me cheap if you want... But I believe that if your woman says yes and then complains about the ring you bought her (within reason... don't give her something you won at the state fair at the bb gun stand) then her priorities are way out of whack.

Help me out women... was it the ring that made you say yes or was it the man asking?

What's more, why would you want to start your lives together that deep in debt? Get her a nice, smaller ring... something that everyone will know is an engagement ring but won't leave you thousands of dollars in debt. You can always replace it with something better after you get your lives a little more established and money is less of a concern. For now, save the money you would have spent on a trinket and put that towards a new house.

Just my $.02

I concur. $5000 that you don't have for a ring is nuts. You shouldn't go into debt over this, even if she is a great girl.

what did most of you guys spend on your wife's ring if you dont mind me asking? 2k-3k range?

 

[jpeyton]

The price that the jeweler gave you for the diamond is irrelevent; get a GIA or AGS certificate for it (any reputable jeweler selling a diamond for that price will have it certified), and find out a little more about the stone. Then compare it to stones you can buy at places like DirtCheapDiamonds or SuperbCert. There are other reputable diamond dealers online; I recommend looking at the DiamondTalk Forums and becoming a little more knowledgable about diamond quality before you plunk down a huge amount of money on one.

What do you mean she "registered" at Helzberg? Did she pick out the exact ring already? If so, you're screwed; you might as well buy it right now. On the other hand, if she just told you what kind of ring she would like (from a design standpoint), you can definitely get a better deal from a private jeweler (not a big chain like Helzberg), or online.

And FYI, the cut of the diamond matters infinitely more than the exact color or clarity (many people can't tell the difference between a colorless and a near-colorless, or notice imperfections that can only be seen with a jeweler's loupe). The cut is what defines a diamonds light refraction, or luster. An ideal or super ideal cut diamond will not only catch her eye a lot more, they will also appear bigger in size.

I bought a single .5 carat ideal cut center stone (VVS2, I), and two matching .25 carat ideal cut side stones (VVS2, I), plus a white gold setting, for under $2000. I may have had a price advantage because my fiance wanted a three-stone ring, and 1 carat in three stones is cheaper than a 1 carat solitaire. But because the stones were all idea cut (AGS 000), they appear noticeably bigger than their carat size gives away.