Negotiating Ring Prices

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When buying an engagement ring, you need to understand that ring prices aren’t set in stone. Like other big purchases (think of a house or a car) the price of a diamond ring is negotiable. If you don’t know how to haggle the price of an engagement ring, you’ll probably end up paying more than you should.

Be Educated about Ring Prices

Do you know why engagement rings cost what they do? If not, then it’s time to find out. Tutor yourself on the 4 C’s (cut, color, clarity, and carat) and how they affect diamond price. Learn about the metals used in engagement rings and what they typically cost and what is a fair price for a specific stone and setting.

Determine Your Price Range (and Stick To It)

When doing your research to figure out fair diamond prices, start to narrow it down to the types of ring you like. When you actually go to the jeweler, you should have a fairly good idea of what you want and how much it should cost.

Don’t let the salesperson talk you into a bigger purchase, and don’t reveal your maximum price right away. When you enter the jeweler’s and the salesperson asks you what you’re looking for, describe the ring you want instead of the price you want.

No Spur of the Moment Decisions

LDS wedding rings in rose petals
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Salespeople in jewelry stores work on commission, and they want you to buy your engagement ring right there and then. But don’t let them pressure you. It’s okay to come back later, to shop around at different jewelers, or even to buy a stone in one place and have it placed in the setting at another. Ring prices are rarely good “for today only.”

Watch for Hidden Fees

There may be extra costs associated with setting the stone, the ring box, the diamond inspection, ring insurance, or sales tax. Know whether these extras are part of the purchase price or not. If you can’t bring down the price of the ring in negotiations, maybe you can have some of the extras thrown in for free.

Be Prepared to Walk Away

If the ring seller is just not coming down to what you feel is reasonable, it’s okay to walk away. There are lots of jewelers with equally beautiful rings for you to purchase. Letting the salesperson know you intend to keep shopping around for a better price (or even just pretending that you are) may even be a powerful bargaining chip on your end.

Protect yourself against overpaying for your engagement ring by educating yourself, deciding on a price range, and staying firm. Negotiating a fair price with an experienced salesperson can be intimidating, but it will pay off in the long run.

♥ Jenny Evans
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