According to a jeweler who has seen them, the three most serious mistakes to avoid when buying an engagement ring

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According to a jeweler who has seen them, the three most serious mistakes to avoid when buying an engagement ring
Buying an engagement ring can be a daunting task – and there are good reasons.

According to the wedding industry website The Knot, the average purchase price of shoppers in 2017 is more than $6,350. The site makes it easy to list engagement rings as one of the most important purchases in young people’s lives.

Knot also reported that nearly three-quarters of the grooms said they had difficulties in buying rings, and more than a third said their main problem was not that they had a good deal of agreement with themselves.

Although this special ring has a lifetime commitment and a high price tag, the process is not necessarily overwhelming.

To help future engagement ring buyers, CNBC Make It contacted the founder of Dennis Dalton, a senior jeweller and jeweler in the Diamond District of New York City, who has sold value for more than 40 years. Million dollar ring. industry. Dalton said how to avoid making the most serious mistakes when buying an engagement ring.

For decades, Dennis Dalton has operated its own jewelry business. He said there is a smarter way to save money than buying diamonds produced in the lab.
CNBC | Richard Washington
For decades, Dennis Dalton has operated its own jewelry business. He said there is a smarter way to save money than buying diamonds produced in the lab.
Don’t have no budget shopping

The first step in finding the perfect engagement ring is to find out how much you want to spend. According to The Knot, setting the budget seems obvious, but nearly a third of the groom spends more on the rocks than they want.

Dalton said that walking into a price range store can help jewelers meet your needs.

“You shouldn’t reach my budget, but let me pick up your budget,” he said. “Because I am a professional, I know how to deal with these angles so that you can reach an agreement.”

Although there is a well-known “guideline” that costs two months on an engagement ring, it is actually born from the marketing work of a diamond company. Your budget should be an individual decision, taking into account outstanding debt, income and financial priorities.

Don’t blindly become a victim of “Four C”

Over the years, the value of calculating diamonds has largely revolved around the characteristics known as “four C”: cut, clarity, color and carat size. Diamonds are scaled according to each feature of the Indie Gem Society, and how important these ratings are to the value of the diamond.

However, Dalton explained that these features can sometimes be used to unnecessarily squeeze more money from customers.

For example, consider two round cut diamonds that have the same color and carat size, but differ only in sharpness. Diamonds with better clarity on paper (eg, may have a VS 1 rating) may cost more than equivalent diamonds with slightly more defects (eg, VS 2 clarity grade).

But this will only tell half of the story. Dalton said that if the diamond’s defect is at its edge, it is not very difficult to cover it with a pointed tip.

Diamonds are close at hand
Getty pictures
“When you see these two stones and realize that we have to cover the edges, you can [save] $3,000 in your pocket, by buying a more imperfect diamond in the right environment,” Dalton said. “So even though the rating is so low, the finished ring looks great… and your price has dropped by thousands of dollars. That’s why it’s crazy.”

To be sure, there is a clear and measurable difference between the top diamond and the bottom diamond. However, in more recent cases, some differences can only be seen when viewed under a microscope. Dalton believes that when it comes to a slight jump in clarity or color that the naked eye can’t see technically, money can usually be better used elsewhere.

“What they didn’t say is that [some rating differences] are beyond human vision. So the question is why do we measure invisibility? Increase prices,” he said. “Actually, this is the plagiarism of the industry and not [individual jewelers.]”

According to The Knot, about one-third of couples buy an engagement ring together.
Crystal Bolin Photography | iStock | Getty Images
According to The Knot, about one-third of couples buy an engagement ring together.
That being said, there is a use case Dalton does rely on the independent rating of the diamond, although it is not one of the four Cs. Dalton warned buyers not to buy diamonds produced in the lab. These diamonds were not mined underground and are therefore usually sold at much cheaper prices.

“There is a better way to price than lab growth,” he said, noting that they have suspicious resale values.

However, the diamonds produced in the laboratory are indeed beneficial to some people. For beginners, the Gem Society independently rates them, has the same characteristics as diamonds, and is clearly the same. In fact, when CNBC Make It brought the diamonds produced in the lab to the diamond district of New York, no jeweler could say it was planted in the lab. Identification also requires the diamond to be sent to the laboratory for testing.

Don’t buy the ring without seeing it with your own eyes.

According to The Knot, more people buy rings online. But because the diamond’s four C ratings on paper are only half of the story, Dalton recommends watching the ring personally before buying.

“If you buy from [paper rating], then you will have trouble because the newspaper does not tell the story in a practical way,” he said. “Come in, look at them side by side and say what you are willing to pay.”

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