Balancing cost and quality is always tough when you’re shopping for an engagement ring. There’s all sorts of advice about how much you should spend on a ring, but if you’re engagement ring shopping on a budget, you’ll definitely want to get the most value for your money. Fortunately, if you’re looking for an engagement ring that’s under $5,000, there are many high-quality options on the market.

Whether this is your first time shopping for an engagement ring or you just want to make sure you’re getting something good before you make a decision, you probably have a lot of questions. For instance, what styles and brands of engagement rings can you get for less than $5,000? Can you get high-carat diamond rings for under $5,000? What can you do to balance an affordable ring with all the features and characteristics you want? Finally, where can you find the best pre-owned diamond engagement rings for under $5,000?

In today’s guide, we will answer all of these questions and more, so let’s get started!

What Kind of Engagement Ring Can $5,000 Buy?

If your maximum budget is $5,000, you’re probably wondering what you can actually get for that price. Contrary to popular belief, you don’t need to spend a fortune to get a great engagement ring. At the same time, there are dozens of factors that can affect the price of a ring. Moreover, determining what kind of ring you can get for less than $5,000 will depend on the style you choose, the size and quality of the center stone, the brand, and even where you buy your ring (more on that later).

However, this doesn’t really answer the question at hand. Since there’s no simple answer, let’s look at a few examples of rings that you could conceivably buy for $5,000 or less:

• 4-carat natural round brilliant cut diamond engagement ring with a solitaire setting and 14K yellow gold band
• 2-carat cushion cut natural diamond engagement ring with a halo setting and 14K rose gold band
• 3-carat emerald cut lab diamond with a four-prong setting and platinum band

These are just hypothetical rings, but these examples show that you have a lot of wiggle room when your budget is up to $5,000, as opposed to the more limited options you have when shopping for a ring that’s less than $2,000 or even less than $1,000. The truth is that you have tons of options at your disposal, including some absolutely stunning and beautiful engagement rings of many different shapes and sizes.

How to Set a Budget For A Diamond Engagement Ring

If you’ve asked anyone for help setting a budget for a diamond engagement ring, you’ve likely heard of the 2-month salary rule or even the 3-month salary rule. However, there’s really nothing to back up these “rules.” They’re just relics of the mid-20th century, when the De Beers diamond company made the 2-month salary rule a part of popular culture through a very effective marketing campaign. That idea later increased to spending 3 months’ salary on an engagement ring, but either way, you shouldn’t set your budget using these old-fashioned concepts.

Instead, look at how much you can comfortably afford to spend on a ring. Whether you pay in cash, put it on a credit card, take out a personal loan, or do some combination of the three, you shouldn’t spend so much that it affects your ability to pay bills and live free of financial stress. This might make it harder to find the ring of your dreams, but there are actually a ton of ways to help reduce the cost of a ring without taking away from the features you really want, such as a large center diamond or a particular luxury brand. We’ll discuss some of these cost-reduction methods a little later on, but first, let’s look at a few steps to create a reasonable budget for an engagement ring:

• Examine Your Funds - You need to have a good grasp of your personal finances and financial outlook before setting an engagement ring budget. Look at your income, savings, expenses, and even your timeline (i.e. how much time you need to save for the ring). While you can pay with credit, always consider how much debt you can afford to take on.
• Research Your Dream Ring - Whether you’re buying the ring for yourself or your partner, you probably have an idea of what you (or they) want. If you don’t, you should discuss likes and dislikes, and then research your “dream” ring. This will give you a realistic idea of the prices you should expect.
• Set a Budget Range - After considering how much you can afford to spend and how much your ideal ring might cost, set a budget range (as opposed to a fixed number). For example, you might set a budget between $3,500 and $4,200, which gives you room to save money or spend a little more as needed.

Now that you know a bit more about setting a budget for your engagement ring, let’s look at some ways to reduce the cost of your purchase:

Lab vs. Natural Diamonds

Even though lab-made diamonds are structurally identical to natural diamonds, they can cost up to 85% less than diamonds found in nature. For this reason, if you want to get more bang for your buck, you should strongly consider choosing an engagement ring with one or more lab diamonds. You could conceivably get a 3-carat lab diamond for the same price as a 1-carat natural diamond (all other factors being equal). Plus, lab diamonds are a more eco-friendly and sustainable option!

Affordable Engagement Ring Brands

Unless you’re committed to a particular brand, you can save a bundle by choosing brands that don’t qualify as “luxury.” For example, Cartier and Tiffany engagement rings will typically cost more than a less prestigious brand. However, even if you have your heart set on a ring from a high-end brand or designer, you can still save by choosing pre-owned or vintage designs.

Pre-Owned Diamond Engagement Rings

Buying a pre-owned engagement ring is one of the best ways to cut costs without reducing quality. Much like cars, engagement rings lose quite a bit of resale value as soon as they get an owner. You could buy an engagement ring today and try to sell it a week from now, only to get 80% of what you paid for it. While this is still a good option for sellers who want to get cash in exchange for their unwanted jewelry, it presents an amazing opportunity for interested buyers.

Where To Buy Diamond Engagement Rings For Under $5,000

If you want to get an amazing diamond engagement ring for less than $5,000, there’s no better marketplace than Have You Seen The Ring. At HYSTR, you can search through hundreds of pre-owned, vintage engagement rings and make offers on the ones that fit your budget. Since pre-owned rings can cost half as much as new rings, HYSTR is one of the best ways to get an excellent price. Plus, our trained gemologists authenticate every single piece before the sale is finalized, so you can rest easy knowing that you’re getting the real deal!

We hope you enjoyed our guide on engagement rings under $5,000! Are you currently trying to buy or sell a used engagement ring? If so, be sure to contact HYSTR today!