Whether you think spending two months’ salary on an engagement ring is a must or you think it is absurd, whether you have a $30,000 budget or a $800 budget; I think we can all agree you should always try to get the most bang for your buck.  There are lots of ways to get more value in an engagement ring purchase.  We’ll start with a list of Don’ts after the jump.

5 Don’ts

1. DON’T even think about going shopping without a budget, and don’t even look at rings that are more than 10% outside of that budget.  Compare only those items that are within your price range. If you tell a salesperson your budget, and they show you a ring that’s more than 10-20% above that budget, leave the store immediately.  They’re going to try and show you “how much better” the more expensive ring is, it won’t be a good buying environment.
2. DON’T buy from a big fancy store these stores typically have higher rents, higher paid employees, higher overhead and have to make it up by moving more inventory.  They specialize in high-pressure sales and you’re their target.
3. DON’T buy on emotion. If you find the perfect beautiful ring which is exactly what she wants sit on the idea for a couple of days, it’ll still be there tomorrow and you need time to think critically. Look at multiple setting styles and stone sizes and shapes, take pictures and notes, go home and have a couple beers and review.
4. DON’T buy during the holiday season. The majority of engagements occur around Christmas, and there won’t be any sales because product is moving on its own. The summer months lack jewelry-related holidays, you’ll have more time to look around and you won’t already be strapped for cash.
5. DON’T buy in a rush. Take your time, research, get to know the product you are looking at buying. Give yourself a month or two to browse, compare, and consider all the options.

7 Great Non-Traditional Methods Of Buying Engagement Rings

1. eBay – There are tons of engagement rings on eBay. Most are sold by professional jewelry resellers or stores, complete with detailed descriptions, certificates of gem grade, high quality pictures, and money back guarantees. Checking the feedback is a must – most of these sellers are high volume and will have tons of recent items sold. If they don’t, look for another seller.
2. Pawn Shops – If your budget is smaller, a pawn shop or jewelry reseller is great place to look for a ring. You’re not going to find any huge diamonds, but many resellers have a good selection of simple rings.
3. Moissanite Rings – Into saving the world as well as saving money? A moissanite ring is a good way to go. Moissanites are lab-created minerals that are similar to diamonds – nearly as hard as diamonds and colorless. Besides the avoiding the social implications for diamond buying moissanite also generally runs less than $1,000 per carat and is always colorless, whereas many diamonds are signficantly more per carat for a colorless or near colorless stone. And really no one will know the difference. Find more information at Moissanite.  Moissanite is not cubic zirconia. Cubic zirconia stones are not as durable as diamonds and can crack.
4. Colored Stones – A growing trend in engagement rings. Many women request a particular colored stone instead of a diamond. If your girlfriend has a lot of jewelry with a particular stone, you can probably safely save a lot of money with a colored stone over a diamond.
5. Buying the Stone and the Setting Separately – You can get a truly custom ring and safe a lot of money with a little planning.  Many online retailers sell loose diamonds, and you can frequently get a better price buying them separately and having a local jeweler set the stone in the setting for you.
6. Multiple Stones – The traditional engagement ring is a solitaire, but you can safe a ton of money by going with several smaller rocks instead of one giant one. A 2 carat diamond is almost definitely going to cost more than three 1-carat diamonds, plus any flaws in a 2 carat solitaire will be more noticeable requiring additional money for an even nicer solitaire diamond with fewer inclusions. A reasonably size center stone flanked by two smaller stones gives more sparkle for a lot less money.
7. Buy Online - I bought my Fiancé’s ring online from BlueNile, saved a ton of money over retail and got a beautiful ring and a bigger rock because of the savings.  Don’t be afraid to look online just be sure to make sure the site is legitimate by looking on ResellerRatings or a similar rating site.