The engagement ring is one of those purchases almost every man will have to make at least once in his lifetime. Considering that a diamond ring of this nature is meant to last as long as your relationship, or even beyond if passing through the generations, think of it not only as a symbolic gift but also as a small financial investment for you both.
Image by ladybugbkt via Flickr
Aside from your basic understanding of diamond grading and your fiancé’s personal tastes, think of the engagement ring as that one purchase which will increase in value the longer you own it. Only a home is the other purchase that will do this. As long as you don’t plan on selling it a few years from the purchase date, that increased value is almost inevitable. You’ve probably heard that an engagement ring should cost about the equivalent of a one month’s salary. Considering an average wage of $800 a week, this means a $3500 ring.
To maximize your investment, stay away from trendy styles that are likely to be here today and gone tomorrow. Consult engagement ring websites to see which styles have remained popular because of their timeless looks, and choose jewelers that offer financing that will allow you to have the purchase paid off in no more than 18 months. Shop around for a while before settling on that perfect ring. It may be a good idea to inquire about customizing a handmade ring, since a more one-of-a-kind ring would be rarer, and therefore more valuable, than mass-produced styles in the years to come.
