Engagement Ring Buying Secrets of the Rich

My name is Dan Moran, and I am a private jeweler and diamond expert and founder of Concierge Diamonds, Inc in Los Angeles, CA. I was recently interviewed by the Huffington Post, Bridal Guide Magazine and Brides for my top tips on saving money when buying an engagement ring. Here’s my best advice for those looking to save money and get the best ring possible.

I’ve made a few engagement rings in my time… (photos Concierge Diamonds, Inc.)

According to popular wedding website The Knot the average price of an engagement ring in the US is around $5,000 (USD), and many future brides and grooms will be feeling the pinch in their wallets. Fortunately there are a few things would-be brides and grooms can do to help get the best bang for their buck when purchasing a diamond engagement ring.

Many people focus on the 4 C’s when they purchase a diamond. While all four of these things go hand in hand to determine the cost of a diamond, color, clarity, color and cut, moving up or down in any of those categories can dramatically affect the price of a diamond.

I recommend to my private clients that they not overemphasize clarity as one of the main reasons to purchase a particular diamond, but rather that they focus on the cut of the diamond. As long as a diamond is clean to the naked eye, why would you spend more? You will more than likely never look at your diamond under a jeweler’s loupe again after you purchase it.

But cut is the one C I advise my clients to never sacrifice on. A diamond’s only job is to sparkle and it’s the cut of the diamond that does that. If you’re considering buying a poorly cut diamond just because it’s cheaper, just buy a piece of glass for $15 and save yourself the trouble. Take a so-so rough diamond and cut it perfectly, and it will look beautiful. Take a top-of-the-line rough diamond and cut it poorly, and it will look like garbage.

Here are five additional tips for those looking to save money a diamond engagement ring:

  1. Buy a diamond, not a certificate. When you purchase a diamond, may ultimately want to get a certificate to accompany your stone. But many people get wrapped up in the notion of purchasing a certificate to accompany a stone. You’re buying a diamond, not a certificate.
  2. Consider your metal. There are many metal options that vary greatly in price. White gold is less expensive than platinum and rose gold is a popular choice right now. Consider the different options available to you in order to save on your overall costs.
  3. Don’t buy online. Shopping online can be an overwhelming process because consumers are presented with a multitude of designs. Additionally, while you will save money over what you’d pay at a retail store, you won’t save money like you would by going directly to a diamond dealer. And furthermore, you won’t be buying a diamond — you’ll be buying a certificate; neither you nor the online retailer will have seen the stone in person before you buy it. You want someone with a trained eye to look at your stone before you put down any money for it.
  4. Avoid paying retail. When you shop retail, you pay retail. Consumers pay for the store’s overhead in the final price of the ring — staff, advertising, lighting, rent, etc. Try working with a diamond dealer to cut out the middle man — this not only reduces the cost a customer will pay for a diamond but ensures the stone has been appraised by someone with a trained eye.
  5. Design your own custom ring. When consumers purchase a ready-made ring, they are often paying for design elements and extras that they might not necessarily want. Designing a custom ring not only ensures that you have a one-of-a-kind design unique for your future fiancée but that you’re not paying for extras you do not want.

Here’s a video I made about the advantages of creating a custom piece versus paying retail.

About Dan Moran & Concierge Diamonds, Inc.:

Private jeweler and diamond expert Dan Moran is well-known for his different approach to buying a diamond and designing an engagement ring. He works with clients from all over the world and has been featured in Bridal Guide Magazine, Brides, Modern Luxury, The Huffington Post, Women’s Health and more.

Moran is dedicated to creating lifelong relationships with his clients as their friend and advocate in an often-intimidating industry, educating them about diamonds and gemstones, and custom crafting diamond engagement rings and other jewelry for every occasion of their lives.

As a concierge fine jeweler, Moran sources diamonds and gemstones, metals, watches, and other items from his personal network of trusted wholesalers, and works one-on-one with each client at the location they choose; as a result, clients benefit from both high value and exceptional pricing, often half of traditional retail.

Learn more at www.ConciergeDiamonds.com

IG: @conciergediamonds