Ask The Hammer – Buying An Engagement Ring

Key Takeaways

• Ignore the two-months' salary rule for engagement rings—many millennials are moving away from it entirely. Instead, set a budget based on what matters to your partner and your financial situation, not outdated conventions.
• Prioritize cut and clarity over carat size when selecting a diamond. A smaller, high-quality stone with excellent sparkle will look more impressive and appealing than a larger, lower-quality stone.
• Consider using a family heirloom stone (from a grandmother, relative, etc.) and having a custom ring built around it. This approach reduces costs significantly while adding sentimental value that resonates with both you and your partner.
• Shop directly with diamond brokers rather than traditional retail jewelers to get more reasonable prices and better value for your budget.
• If you want to surprise your partner but ensure they love the ring, subtly gather ring preferences through conversations, magazines, or trusted friends and family members who can keep the proposal secret while providing useful insights.