Buying your Partner’s Dream Engagement Ring: The Key Considerations

Mon, Oct 24, 2016

Financial Advice

Consumer spending has fluctuated considerably across the globe in recent times, thanks primarily to rising geopolitical uncertainties and the volatility caused by Brexit. The UK saw August’s decline followed by a sharp increase in spending last month, for example, while the US has reported a significant decrease over the course of the last eight weeks.

This continued uncertainty is having a particularly noticeable impact on big-ticket purchases, as customers are increasingly loathe to spend large sums of money during such volatile economic times. This even applies to those who wish to procure an engagement ring for their loved ones, as many are instead choosing to consolidate their finances and save until the climate improves.

3 Crucial Considerations when Buying an Engagement Ring for your Partner

The issue with this outlook is that it may well be a false economy, particularly with the global economic sentiment likely to fall further in the wake of the US Presidential election and upcoming Brexit negotiations (which are now due to commence in the Spring). With this in mind, those looking to propose or commit to their loved one would be far better served by acting now, while looking to reduce costs and protect their investment in the longer-term.

Here are three steps that can help you to achieve this: –

Consider an Alternative to Buying an Engagement Ring

In some instances, you may find that while your relationship may well be progressing quickly you could still be some years away from tying the knot. This means that although you want to make a symbolic and meaningful commitment to your partner, the cost of buying an engagement ring is not justifiable given the prospect of a long engagement.

So why not consider buying a diamond eternity ring instead? This is a symbol of everlasting love between two people, while this relatively modern item of jewellery is also considered to be cheaper than the classic engagement ring. This can help you to strike the ideal balance between showcasing your commitment while also minimising short-cost until the economy improves.

Compare Both the Online and Offline Market

If you are in the market for either an eternity or an engagement ring, one of the worst things that you can do is restrict your search to branded, high-street chains. These outlets promote the highest prices and minimal discounts, meaning that it is hard to find value for money.

These stores can be useful for the purpose of researching desirable rings, however, as this enables you to identify viable products which may be available elsewhere for less. By then broadening your search to include independent jewellers and online stores, you can determine the most financially rewarding deals and buy your dream ring for a genuinely competitive price.

Consider the Importance of Insurance

Not only are the innumerable factors to consider when purchasing home insurance, but there are also many different types of coverage. Did you know that it was possible to secure coverage for your engagement ring and other valuable items of jewellery as part of your home insurance policy, for example, with most providers offering this as part of a bespoke package?

Whether you pursue this or insure your engagement directly at the point of sale, this is an important consideration as it protects what is usually a significant investment in the event of loss, theft or damage. In general terms, we would recommend insuring your ring as part of wider home coverage, as this is often cheaper and minimises the amount of policies that you need to pay for.

These steps will enable you to symbolise your love and showcase your commitment to your loved one now, without being forced to spend beyond your means or over the odds for your chosen ring.

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