Bling on the Savings

Don’t break the bank on your diamond, says Isaac Gottesman, owner of the Chicago-based jeweler, Dimend SCAASI. Here are his tips:

• Go for quality over quantity. Bigger is not necessarily better; quality is determined by a lack of imperfections. "Focus on a better-quality cut and grade over size," Gottesman says.
• Stay on budget. "Stick to a range that you can afford, and ask jewelers to tell you the price upfront."
• Save on the setting. Choose white gold over platinum—platinum bands cost at least $300 more than other metals.
• Go for color. Rubies, sapphires and emeralds are vibrant and beautiful—and less expensive than diamonds. "They make a great conversation piece too!" Gottesman says.

Note: Gottesman advises obtaining an objective third-party appraisal of your ring from the Gemological Institute of America or the American Gem Society.