How to Afford an Engagement Ring?

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An engagement ring’s significance hinges on its meaning, not its cost.

Because an engagement ring is such a momentous part of our lives, we often open our purse strings wide and go for a high value diamond engagement ring.

So we’ve compiled information that could answer your questions about how you could buy an engagement ring when your cash on hand isn’t enough.

How Do You Finance An Engagement Ring?

Even if you are short on cash, there are ways to buy that fancy engagement ring you’ve been eyeing.

First, assess your financial status and your earning capacity vis-a-vis the amount you can afford to pay for over a period of time.

A good credit history will also allow you to gain lender’s trust and borrow the amount you need to buy that ring. Search for low interest lenders and find the right scheme based on your capacity to pay.

Contrary to popular opinion, you don’t have to go broke just to buy her the engagement ring of her dreams. Being financially smart does the trick too.

Can You Pay For Engagement Rings In Installments?


This is actually the way to afford high-value engagement rings without straining your budget. A monthly payment that you can afford to squeeze to your regular payables is a smart way to buy luxury without sacrificing your necessities.

You can apply for installment plans via personal loans, credit card promos, or jewelry financing schemes. 

Personal Loans

If you have a good credit score, you can apply for personal loans with banks, credit cooperatives, and even online money lenders.

This way, you know your exact monthly payments with interest, and when you will be able to pay off the loan amount. You might need to wait for your credit rating to improve before applying for this to improve your chance of getting an approval.

Pay your credit card dues, utility bills, and other existing short term or long term loans on time to boost your credit standing.

Credit Card Zero-Interest Offers

How long can you finance an engagement ring? Some credit card companies offer interest-free APR (annual percentage rate) promos giving you a chance to pay over a period as long as 12 months.

This allows you to afford an engagement ring by paying for it on a staggered basis without the burden of an interest if you pay it on time.

You could even benefit from other credit card features like cashbacks and reward-earning schemes.

Jewelry Store Financing

Some jewelry stores offer a buy now pay later scheme that lets buyers make a purchase and receive the product now with a commitment to pay the amount in installments for a period of 2 to 24 months.

These installment plan solutions do not require deposits or credit history but are subject to approval. You only need to provide proof of income, valid IDs, and bank statements to avail them.

What Is A Reasonable Amount To Spend On An Engagement Ring?

For a price range of $1,300 to $2,000, you can already purchase a fine diamond engagement ring of a little less than 1 carat, slightly included, and with a lovely light yellow hue and side stones like this Princess Cut, 0.91 carat Juliette Ring from Set in a 14K white gold, it is reasonably priced for its natural diamond grade, setting craftsmanship, and precious metal quality.

How Much Does The Average Person Pay For An Engagement Ring?

The average American proposes with a $5,000 worth of an engagement ring for a 1-carat diamond ring but the amount goes up or down depending on the location.

In big cities like New York or Los Angeles, the average amount spent on engagement rings is around $7,000 while in small towns, diamond ring prices are lower.

How to finance an engagement ring?

 Is easy if you know how to work your way around your expenses. Just make sure you have an emergency fund before attempting to apply for a loan of any kind so you won’t find yourself in a tight spot when unforeseen expenses come.

Why Buy At Othergems?

Othergems is a direct manufacturer of certified diamond that offer a wide selection of pieces with prices ranging from $1,300 and above. This allows us to provide fine jewelry without the mediation costs, giving you value for money, whether it’s the grade of the diamond grade or quality of craftsmanship.  

Othergems also gives you the flexibility to create the engagement ring you want based on your preferences and budget through our custom-design process. Simply input your specifics and we will fashion it for you.

With Othergems, you are assured of a premium, expertly designed, enduring, and stunning engagement ring worthy of your milestone.


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Diamond Color Chart

Color is one of the four important factors that determine the value and quality of a diamond (carat, color, clarity and cut grade). The colors range from D which is colorless, all the way through Z which is a light yellow or brown. The more colorless a diamond is, the more it is rare and expensive.

D, E, F


G, H


I, J










Diamond Clarity Chart

Clarity is one of the four important factors that determine the value and quality of a diamond (carat, color, clarity and cut grade). Almost every diamond has inclusions in it, and that’s what makes it unique. The shape, placement and amount of inclusions determine the clarity of a diamond. The highest level of clarity is FL and the lowest is I3.








VS1, VS2


SI1 & SI2,SI3


I1,I2& I3


Ring size guide

Still unsure? Check out our Ring Size Guide

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Therefore, if for some reason you are not a 100 percent satisfied with your jewelry, you can return it free of charge within 30 days of arrival for a full refund or exchange. This does not include custom-made orders.


Refunds will be credited to the original form of payment you made. 


If you wish to make an exchange or return after this time frame, it will be at the discretion of the company.


Free cancellation within 2 hours of the time of purchase.