One of the most thought-out purchases the majority of people make is a diamond ring but it is often done in a hurry, a couple of evenings of window shopping, a hasty trip to a jeweller and a purchase under duress. That is all transformed with a bit of planning. The following is a step by step way of the process of buying the ring including the initial search and until the day the ring is received.
Start earlier than you think
Allow at least a two to three months. The initial couple of weeks will be learning: the meaning of the 4Cs, which shape of the diamond would attract you and whether you like yellow or white gold. The second step is to make a shortlist of jewellers and visit stones. Most engagement rings are custom-made as opposed to stock, and can require the addition of some weeks to produce, and resizing or modification may take additional weeks. When you work backward the date you want the ring and the bulk of the pressure is eliminated.
Decide what matters most
Before you think about numbers, rank your priorities. For most people, these come out in roughly this order:
- Cut — the most important of the 4Cs, because it decides how much light the diamond returns.
- Shape — round brilliant, oval, pear and marquise each have a different character and look different sizes on the hand.
- Setting and metal — solid 18kt gold, the profile of the band and how well the prongs protect the stone.
- Carat — best considered last, once you know the cut and setting you want.
Whichever way you choose, select an independently certified diamond. A lab-grown diamond is a genuine diamond, which is chemically and physically identical to a natural one mined on the earth, and it is even graded on the same scale.
Set a budget that is genuinely yours
The ancient rule concerning a three-month salary spent on a ring was initially a marketing campaign of De Beers in the 1940s, not a financial advice. The right figure is one that you may use without much trouble. Plan the amount first, and then allow your priorities to determine its distribution, not by trying to reach up to it beginning with a stone.
Know your payment options
Paying in full is the simplest route, but it is no longer the only one. In the UAE and Saudi Arabia, some jewellers offer interest-free instalment plans at checkout, so you can buy gold with tabby and spread the cost of a ring across the following months instead of paying it all at once.
The Middle East first lab-grown diamond jewellery house, FYNE, will include Tabby at checkout, offering to divide a purchase into three or four interest-free payments without any charge as long as payment is made on time. Shoppers must be at least 21 years old; have a valid UAE or KSA National ID and use a credit or debit card; and Tabby may also be applied to the deposit on a custom design.
Instalments are not additional budget, but a tool. Always make payments that you easily afford to make, monitor the date and do not forget that once you make a default on payment, you will have to stay without the service until you clear the debt.
After the purchase
Upon the delivery of the ring, compare it with the grading report, save the documentation somewhere and ensure how resizing can be done in case the size does not fit perfectly. Enquire about a warranty, and what after-service the jeweller provides, and have the prongs serviced every year or so.
Buying a diamond ring is not a gamble but a pleasure, which is planned well. Take your time, prioritize, make your budget and decide which method of paying to use and comfortable with it. That ring that you have left with will all the more be worth it.
