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Engagement rings / payment options

murphy55d

murphy55d

Lifer
Let me start off by saying I don't have, or use, credit cards anymore. Won't do it. Will jewerly stores work out their own payment plans for a ring? Like if I spend $1,000 for example, can I pay $100 on that each month for 10 months, and still have the ring to give to her? Or do they hold onto it til its paid, like layaway? Is there a standard procedure for how this all works? I've never bought any high-prices jewelry before.

thanks guys.
 
Some places will do lay-away on items, but the items have to be paid off first before you take them out of the store. If you leave the store without paying for something fully, that isn't lay away, it is CREDIT. That being said, a lot of the big chains will offer you 12 months, no intrest if you spend enough. So, it is a lot like lay away, except you get to take the item with you, and get an extra 2 months to pay it off interest free. Just be sure and make the payments.

R
 
I see. I wasn't sure if there was an industry standard for such things or not. Are there stores that will let me take the ring, and pay on it without using a normal CC or a store CC? i won't do credit at all, as i said.
 
Originally posted by: murphy55d
I see. I wasn't sure if there was an industry standard for such things or not. Are there stores that will let me take the ring, and pay on it without using a normal CC or a store CC? i won't do credit at all, as i said.
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If you take an item away from the store without paying for it, then it is on credit. No matter what a place calls it, credit is what it is.

If you want the ring now and don't want to put it on credit, then you need to come up with the cash. If you can wait 10 months, then you can do layaway.

R
 
I got myself into a lot of financial trouble with credit cards, and I don't want to go down that path again. at least until I get everything paid down or completely off. I don't even want the temptation of one.
 
i need to start doing some research on engagement rings ... where is a good place to start? it's about that time to pop the question.
 
Then it sounds like lay away is your best option. If you want to propose now, consider buying a simple gold band, maybe with an emerald, ruby, or saphire in it (much cheaper than a diamond), or even pick her birthstone. Let her know that you'll buy her the real thing before the ceremony. If she really loves you, it won't matter.

R
 
Originally posted by: rgwalt
Then it sounds like lay away is your best option. If you want to propose now, consider buying a simple gold band, maybe with an emerald, ruby, or saphire in it (much cheaper than a diamond), or even pick her birthstone. Let her know that you'll buy her the real thing before the ceremony. If she really loves you, it won't matter.

R
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She has said she doesn't want me to spend a whole lot on an engagement ring when I get one(and its not reverse psych here, she really doesn't), but I don't want to feel like a cheapskate either. I want to get her something really nice. I'll just go to the mall and see what the places have to say.
 
Originally posted by: murphy55d
Let me start off by saying I don't have, or use, credit cards anymore. Won't do it. Will jewerly stores work out their own payment plans for a ring? Like if I spend $1,000 for example, can I pay $100 on that each month for 10 months, and still have the ring to give to her? Or do they hold onto it til its paid, like layaway? Is there a standard procedure for how this all works? I've never bought any high-prices jewelry before.

thanks guys.
Click to expand...



Payment plan for jewelry is a horrible idea. If you can't afford to pay it off than buy something cheaper.

Always use Credit card to protect yourself.
 
I'd would advise against buying any sort of jewelry on credit, especially expensive ones. But I'd advise against buying most things on credit, save houses and cars.
 
Originally posted by: PingSpike
I'd would advise against buying any sort of jewelry on credit, especially expensive ones. But I'd advise against buying most things on credit, save houses and cars.
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So your suggestion is also to just pay for it all at once?
 
Man, you need to ditch this anti-credit card attitude ASAP, because it WILL come back to hurt you later in life. I don't care if credit card companies kidnapped your little sister, you need a card. You need to use the card. Use it wisely and they'll be paying YOU to use it. If you don't use a credit card and build credit now, you'll have no credit when it comes time to make other major purchases in life. Do you want to be paying 10+% on a car loan? Do you want to be able to buy a house? Get a credit card!
 
Originally posted by: murphy55d
Originally posted by: PingSpike
I'd would advise against buying any sort of jewelry on credit, especially expensive ones. But I'd advise against buying most things on credit, save houses and cars.
Click to expand...


So your suggestion is also to just pay for it all at once?
Click to expand...

That would be my suggestion. Save up until you can buy the ring you want or go for something cheaper.

A nice ring is a big romantic gesture, but frankly in the end there are more important things to spend your money on as you begin your life together with another person. A ring is not worth going into debt for, especially if you are working on rebuilding your credit (which it sounds like you are).
 
Originally posted by: murphy55d
Originally posted by: PingSpike
I'd would advise against buying any sort of jewelry on credit, especially expensive ones. But I'd advise against buying most things on credit, save houses and cars.
Click to expand...


So your suggestion is also to just pay for it all at once?
Click to expand...

Yes. Just buy what you can afford, or save.
 
Originally posted by: purbeast0
i need to start doing some research on engagement rings ... where is a good place to start? it's about that time to pop the question.
Click to expand...

Doboji knows his stuff, I think he said he used to work for a diamond dealer.
 
Originally posted by: purbeast0
i need to start doing some research on engagement rings ... where is a good place to start? it's about that time to pop the question.
Click to expand...

I highly recommend two sites:

pricescope.com

and

niceice.com

NiceIce actually sells diamonds, but more importantly they have a wealth of information on diamonds, and what makes a really good diamond so good. The first thing you need to do is to establish a price range. Then you should read on the 4C's (color, clarity, cut, and carat) and determine what is most important to you. In my opinion, cut is the most important factor to a diamond being really sparklely. I plan on setting minimums for color and clarity, and then getting the best cut possible. I'll then pick this highest carat diamond in my price range.

There are a lot of other factors that go into picking the right ring... for instance what metal does she like? what shape diamond? what style of ring? I would recommend going to some local stores (Kay's, Helzberg's, etc) AFTER you've done your reading, and looking at a bunch of rings side-by-side to get some ideas of what different cuts, colors, and clarities make a ring look like. There is nothing like seeing the diamond in person. Then, if you so choose, you can pick the diamond on-line and get it set, or go to a site like bluenile.com and pick out your diamond and setting all at once.

Good luck.

R
 
Originally posted by: murphy55d
I think you missed the part where I got myself into a lot of financial trouble. my credit is since shot.
Click to expand...

I know man, but you have to rebuild it. And the only way to do that is to show them that you can use credit responsibly. The sooner you do it, the better it'll be by the time you need to REALLY use it.
 
So you want jewelery store credit without going down the credit path. That contradiction sounds like a recipe for disaster. Do as others above have said to do. (1) Get a cheaper ring or (2) get the ring when you can afford it. What is the real rush anyways? Or (3) learn to use credit properly (ie purchase the ring on credit when you have the FULL ring money in the bank, then pay off the ring purchase in full immediately).
 
Originally posted by: rgwalt
Originally posted by: purbeast0
i need to start doing some research on engagement rings ... where is a good place to start? it's about that time to pop the question.
Click to expand...

I highly recommend two sites:

pricescope.com

and

niceice.com

NiceIce actually sells diamonds, but more importantly they have a wealth of information on diamonds, and what makes a really good diamond so good. The first thing you need to do is to establish a price range. Then you should read on the 4C's (color, clarity, cut, and carat) and determine what is most important to you. In my opinion, cut is the most important factor to a diamond being really sparklely. I plan on setting minimums for color and clarity, and then getting the best cut possible. I'll then pick this highest carat diamond in my price range.

There are a lot of other factors that go into picking the right ring... for instance what metal does she like? what shape diamond? what style of ring? I would recommend going to some local stores (Kay's, Helzberg's, etc) AFTER you've done your reading, and looking at a bunch of rings side-by-side to get some ideas of what different cuts, colors, and clarities make a ring look like. There is nothing like seeing the diamond in person. Then, if you so choose, you can pick the diamond on-line and get it set, or go to a site like bluenile.com and pick out your diamond and setting all at once.

Good luck.

R
Click to expand...

What I did was I looked for a diamond that would look great to the naked eye, because that's what's going to be viewing it most of the time.

For color, D, E and F are all considered colorless, with F at the lower end of the range. I went with F color.

For clarity, SI1/2 means there are some inclusions you can see with the naked eye. VS1/2 means there are inclusions that can be seen with some level of magnification. VVS1/2 means there are inclusions that can be seen with some higher level of magnification. I went with VS1 or 2 I think, VVS1 and VVS2 are overkill.

CUT is the most important IMO, because that determines how the light reflects inside the diamond and makes it sparkle. I don't think there is a standard rating system for cut, so different stores rate them different ways. Read up on the percentage ranges you want to look for.

And that leaves carats... that's the spec that everyone seems to judge a ring on, but it's the first one I would sacrifice out of the four. A small diamond that looks great is better than a large diamond that looks bad, unless you like big, ugly, gaudy jewelry.

Set your price range, set the ranges you'd accept for the other 3 specs, and then see where that leaves you with regard to size.
 
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