Vincent Chan Reveals 3 Tactics To Save On An Engagement Ring: ''You Can Get Them For 85% Cheaper'

It's become a tradition for a man to buy an engagement ring for a woman right before proposing to her. The engagement ring has become a way to symbolize marriage, but financial guru Vincent Chan says engagement rings don't have to be expensive. 

Jewelry companies charge high markups for rings and have created a narrative that diamonds are hard to find. Chan breaks that myth in a recent TikTok video while sharing strategies that can help you save money.

"You can get them for 85% cheaper," he explains.

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Want to find a stunning engagement ring that doesn't burn a hole through your wallet? Chan recommends the following tactics.

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Round Down

Chan starts his recommendations by encouraging people to round down on the diamond weight, as measured in carats. He states that a 2.0 carat diamond costs 48% more than a 1.9 carat diamond. It's a big discount, but the diamonds don't even look that different. A 1.9 carat diamond could easily pass as a 2.0 carat diamond.

Carat is only one component that influences a diamond's price. Cut, color, and clarity are the other three factors. Skimping a little on carats doesn't necessarily mean the diamond will look ugly. Some 1.9 carat diamonds look better than 2.0 carat diamonds and cost a lot less. 

Higher carat diamonds are more expensive due to their rarity and the amount of time it takes to cut larger stones. A slightly lower carat diamond can still make your future wife happy with the engagement ring while saving a fortune.

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Get A Lab-Grown Diamond

Chan also recommends getting a lab-grown diamond instead of a mined diamond. You can cut the price by 85% going this route, but you aren't getting an inferior product. Chan states that lab-grown diamonds are chemically and structurally identical to mined diamonds.

Lab-grown diamonds have other benefits. They are more eco-friendly, which can be a great selling point for a spouse who is interested in preserving the environment. Furthermore, it's far more ethical to get a lab-grown diamond over a mined diamond. 

Brutal working conditions, child labor, and low wages are some of the setbacks of mined diamonds. Meanwhile, lab-grown diamonds allow couples to avoid those setbacks while having a similar product at a much lower price.

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Ignore The Three-Months Salary Rule

The three-month salary rule states that you should buy an engagement ring that is three months' salary. For instance, if someone earns $120,000 per year, this rule would expect them to spend $30,000 on an engagement ring.

That's quite expensive, especially if the groom is shortly laid off from work or endures a significant surprise expense. Chan points out that the three months salary rule was a marketing stunt from the 1930s and shouldn't hold any weight in your decision.

Chan suggests a more practical approach where you choose a number that won't delay your other big financial goals. He also encourages people to budget based on what they save instead of what they expect to earn. It's more important to build financial security for your family than it is to overpay for an engagement ring.

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