Buying an Engagement Ring
I read finance blogs on a periodic basis and this afternoon I saw an entry asking about advice on buying an engagement ring and I thought this may be pertinent to some that may read this site, so I decided to post my comments:
Go to Blue Nile. I loved the experience with them. My fiancee had an *idea* of what she wanted it to look like and armed with that and a little bit of research into what to look for in a diamond, (Cut, clarity, color, carat) I went to the website. They let you pick the specifications you want for the diamond and they’ll put it on the ring that you want. (That’d be my only problem with Blue Nile–their selection of ring types is somewhat limited but they have plenty of diamonds to go on them!) The ring is delivered via FedEx and it arrives in a pretty little polished wood box.
My suggestion would be to buy something between 1/3 karat and a 1/2 carat but make it as close to the best diamond you can find in that size range (Ideal cut, no inclusions, clear color). My wife’s hand *still* sparkles with all of the reflection coming off that small diamond and everyone that looks at it says that it looks like a 1/2 to 3/4 karat diamond. I was a grad student when I proposed and my budget was roughly what yours is and I got her a ring that she still comments on.
One extra bit of advice–talk with your insurance company about getting the ring insured (my company calls it a personal articles policy). It’s about 20 bucks/year (and they added it onto my car payment so I barely even notice it) and, at least through my company, it covers loss, theft, or even just loss of the diamond if it falls out of the arms that hold the diamond snap off.
Hope this helps and good luck!