Step 2: Set Limits

Picture this scenario:  It's an otherwise normal Saturday, and you're casually strolling down the mall, hand-in-hand with your sweetheart.   The glitter of a shiny diamond leaping out of a felt-lined, brightly lit display case lures your attention, and you casually check it out.  An hour later, you've been set back $10,000 in 240 "easy" payments for the next 20 years.  You look at the ring on her hand.  It's a nice ring, but it's not quite what you wanted.    She appears happy, but you know her tastes well.  This ring looks kinda funny on her hand -- perhaps a little too square, or the diamond might be too large.   Then you think about the night job you'll have to take on.  239 "easy" payments to go!

Welcome to the world of impulse buying.  At one point or another, we've all succumbed to it -- the chocolate bar at the supermarket checkout, or the useless trinket at the mall.  As the stakes go up, as they will when you're in the market for an engagement ring, it becomes more important be disciplined in your decision-making. 

1.  Decide on your Limits

The most obvious limit you should set is in terms of how much you'd like to spend.  First, take a hard look at your financial situation, and assess how you much you can truly afford to spend; second, how much do you feel comfortable spending?  You must find a balance between the fact that a diamond ring is a luxury, and the fact that the ring will symbolize your mutual commitment.  It is important to make this decision by yourself or optionally with your partner or family, but away from external influences like a jewelry salesperson.

The next parameter of limits you set should involve the ring itself.  What is the minimum carat weight acceptable?  Clarity?   Color?  Cut?  Many people find that a color rating above "I" and a clarity rating above "SI2" are quite acceptable, but make those decisions for yourself.  Be sure to think about the setting as well when you set your limits.

2.  Stick to your Limits

This is a lot harder than it sounds, but it is CRITICAL.   After all, you are googly-gaga in love, and the unscrupulous jeweler will take advantage of that by inferring that "the more you spend, the more you love her," or something to that effect.

If you find yourself being drawn over your limits by a pushy salesperson, just walk away.  To help you do that, remember this simple fact:   There are over 40,000 jewelers in the United States.  There is plenty of selection out there; even if you live in a rural area with few jewelers, you can always road-trip to a nearby city.

Of course, you must be willing to re-assess your limits if you find that you're consistently unable to obtain the deal you want.  However, if you do decide to re-assess your limits, be sure to do it away from the pressures of the salesperson.  Remember, you are the customer -- you will always be welcomed back later.