Nobody wants to overpay for an engagement ring. Even if it’s the most beautiful, immaculate ring you’ve ever seen in your life, you want to get a fair deal. While lab-created diamonds have helped make diamond engagement rings a little less expensive, most brand-new rings are still not affordable for the average American. Thankfully, you don’t have to take on a huge loan or max out your credit cards just to get the engagement ring of your dreams. There are various ways to find affordable engagement rings without sacrificing quality.

So, which engagement rings are cheap, but real? Are certain styles and cuts more affordable than others? What about used engagement rings? Can you really save by opting for a pre-owned engagement ring? 

In today’s guide, we will answer all of these questions and more, but first, let’s examine which factors actually affect the price of engagement rings:

What Affects The Price Of Engagement Rings?

As you can probably imagine, there are dozens of factors that can impact the price of a piece of jewelry. Here are some of the most common and significant factors to consider:

• The 4 C’s of Diamonds - The four C’s (carat, color, clarity, and cut) are the most important factors in determining the value of a diamond. Carat is arguably the biggest factor, with larger diamonds commanding the highest prices. However, the clarity of a diamond, which is determined by the absence or presence of inclusions (imperfections), also plays a major role. Finally, rare or popular colors and cuts can also affect the price.

• Band Material - The metal used in the band of the engagement ring affects the price, although not as much as the quality of the diamond(s). Metals like platinum and gold are the most expensive, but they also tend to be the most common. That said, you can save by opting for an engagement ring made with 10K gold. 

• Brand - Some engagement rings are associated with well-known brands or designers, and this can increase their price due to the reputation and quality of the brand. For example, Tiffany and Tacori are two of the most reputable brands, and their engagement rings tend to be more expensive. 

• Customization - Customized or personalized engagement rings can also be much more expensive, as they require additional time and effort to create. 

• Market Demand - The demand for certain engagement ring styles and designs can affect the price. If a particular style or design is popular, the price may be higher due to increased demand. Market demand also plays a major role in diamond prices. If demand is high and supply is relatively low, prices will go up across the board.

• Buying Channel - Where you buy your engagement ring is extremely important. Some jewelers markup their rings by as much as 1000%. Alternatively, if you buy your ring from a private seller, you can save hundreds or even thousands of dollars.

Making Your Engagement Ring Affordable With Pre-Owned Rings

While jewelry does not experience a lot of the same wear and tear as many other products, “new” jewelry is still sold at much higher prices than used jewelry. This is particularly true for engagement rings. Pre-owned engagement rings are typically more affordable than brand-new engagement rings because there is a perception that new is always better. However, if you can get the exact same thing for half the price, you will enjoy huge savings.

Pre-owned engagement rings are a particularly attractive option for couples who are on a budget or who want to save money for other expenses. For instance, if you and your partner are planning a luxurious honeymoon or saving to put a downpayment on a house, you probably won’t want to spend a fortune on an engagement ring. With a used engagement ring, you can still get a beautiful, luxurious ring without paying the steep prices you’ll find at most jewelry stores. 

The cost savings associated with pre-owned engagement rings can be significant. In some cases, you may be able to purchase a pre-owned engagement ring for up to 60% less than a comparable new ring. This allows you to get a higher quality diamond or a more elaborate setting than you might be able to afford if you were buying a new ring.

However, it's important to keep in mind that the cost of a pre-owned engagement ring will depend on several factors, including the quality of the diamond, the design of the ring, and the overall condition of the piece. It's always a good idea to shop around and compare prices from different sellers to ensure that you're getting a fair deal on an engagement ring that has had a previous owner. 

Benefits Of Pre-Owned Engagement Rings

There are actually a lot of advantages to purchasing used engagement rings that go far beyond the sticker price. Here are just a few of the main reasons why you should consider getting a pre-owned piece when shopping for affordable engagement rings:

• Cost Savings - We’ve already made it abundantly clear that pre-owned engagement rings are more affordable than new ones. This, in turn, can help you get a higher quality ring for your budget, or save money for other important expenses. Moreover, if you need to sell your ring in the future, the depreciation is already built into the price you paid. Let’s say you buy a new ring for $10,000. You might be able to sell it for $5,000. Alternatively, if you buy a used ring for $10,000, you will likely be able to sell it for the same price. 

• Unique Designs - Pre-owned engagement rings come in a variety of styles, many of which are no longer available in jewelry shops. This helps you to find a ring that's truly unique and one-of-a-kind.

• Sustainability - By buying a pre-owned engagement ring, you're giving new life to a piece of jewelry that might otherwise go unused. This can help reduce waste and promote sustainability. Buying pre-owned jewelry also reduces demand for new diamond engagement rings, making it the most eco-friendly way to shop for jewelry. 

• Historical Significance - Pre-owned engagement rings can have a history and a story behind them. For example, you might find a ring that was passed down through the generations of a family or a ring that was once owned by a famous person.

• Quality Assurance - When you buy a pre-owned engagement ring that comes with a certification or grading report from a reputable lab, you can be confident that you're getting a high-quality diamond. This can help you avoid the risk of buying a ring with undisclosed flaws or lower-quality diamonds.

Shop Affordable Engagement Rings

The truth is that purchasing a used engagement ring is just as rewarding as buying a new one. You’re significant other will still be blown away by the ring, regardless of where it came from or how much it cost. So, why not save a fortune and opt for a pre-owned engagement ring?

If you’re not sure where to start, Have You Seen the Ring is here to help. At HYSTR, we offer a marketplace for thousands of used engagement rings from all over the country. Simply browse for the ring you want, make an offer, check out, and, after the ring has been authenticated by a GIA gemologist, get your engagement ring in the mail. It really is the easiest and most affordable way to access gorgeous diamond engagement rings!

We hope you enjoyed our guide on affordable engagement rings! Are you currently looking for a used engagement ring? If so, be sure to contact HYSTR today!