Can you haggele engement ring price? How to save money on an engagement ring? It might seem like one of those things that you aren’t supposed to do because of societal standards and the way the retail world is set up, but the reality is that you can, and you should haggle the engagement ring prices.
The truth is that the prices for engagement rings are not set on stone, and if you smart about it and know how to haggle, you will save a significant amount from a small percentage, and in some cases, you could shave off up to 50%.
Can you haggle engagement ring prices?
Yes, you can, and we recommend that you do. Don’t be ashamed about it.
Besides the fact that the salesperson at the jewelry store will never want you to know that you can actually bargain the tagged prices and the conditioning from the societies we’ve grown in, the price for that beautiful engagement ring you are sure your partner will fall in love with can go down if you haggle.
It’s important to remember that even with a good amount saved up, the best engagement rings are quite expensive, and a price drop as small as 5% could make a huge difference to your bank balance.
You need, however, to keep an open mind because you won’t always get to enjoy the huge discount you anticipated. There is also the engagement rings made of the best quality materials cost quite a bit, and even with a small discount, the price will still be significantly high.
At the same time, some jewelers expect buyers to negotiate, and they will set a price ceiling that the salesperson cannot go under. Other brands are completely against price negotiations.
So, if you have your heart set on a specific engagement ring from a leading retail diamond engagement rings shop, the first thing you’d want to do is to try negotiating. And remember that it doesn’t hurt to ask. If they say no to negotiation, you will not lose out on anything.
How to negotiate engagement ring price
Now that you know that you can negotiate/ haggle the prices for engagement rings let’s take a look at some of the most effective engagement ring prices haggling tips.
- Don’t buy the engagement ring from the chain jewelers.
There is the possibility of you saving up to 50% when you haggle the price of the engagement ring you are interested in.
But to enjoy a price reduction of any percentage, you should never buy the engagement ring from a chain jeweler.
What this means is that as tempting as it is to shop from the jewelry store at the mall, and in as much as brands like Jared, Kay, Tiffany, Zales, etc. seem to offer some of the most stunning engagement rings, you shouldn’t buy from them.
For starters, the prices quoted by these brands are exaggerated, mostly because they have to make up for their high advertising and branding costs.
As a result of the high operational costs, the chain jewelers will often double the cost of diamonds.
This means that however hard you try negotiating, you really won’t end up with a good deal. Where then should you buy the diamond engagement ring from?
- Best places to buy (and haggle) the best prices for engagement rings
To save money by haggling and because the products sold are already retailing at a lower price, consider shopping for that engagement ring at an independent jeweler, preferably a wholesaler.
Think of independent and reputable online diamond retailers.
The independent jewelers often sell their jewelry at lower prices without crazy markups, which is why you will save, even without negotiating.
So, as you kick off the search for the best diamond engagement ring for your soon-to-be fiancé, look up local jewelers around your local diamond district. The best part is that these local jewelers are often the best when it comes to customized designs too.
- Shop from independent online diamond jewelers
Of course, there are many other options that you could try, but a look at the websites run by these top-rated independent diamond retailers or companies will give you the widest diamond rings variety at the best prices.
The best part about shopping from such reputable online retailers is that you get to enjoy add-ons like free returns, free shipping, and as mentioned above, the prices are impressive.
- Be upfront
The best haggling strategy after seeing a ring you would be interested in is to ask the salesperson, ‘what’s the best price?’
Yes, it sounds quite simple, and you don’t have to think much about how to get lower prices, but this simple question is a winner, and you will get a huge discount easily. But be sure to press harder.
- Face your fear
There is an initial fear the grips you the first time you try haggling prices.
It can be embarrassing even. But don’t let this fear get you down. Face it head-on, and remember that the worst that could happen is the salesperson saying no, and if you don’t ask, the answer is a definite no.
Good haggling starts off with a smile. Haggling and negotiations don’t have to be confrontational or awkward, which means that you should avoid situations or phrases that could cause friction.
Keep your tone conversational and friendly, and be nice.
Choosing the best retailer to shop from
- Gather a few quotes
Want to enjoy the best discount on your engagement ring? Go on and gather quotes from some of the best and reputable jewelers. The best part is that you can obtain quotes online based on numerous variables, and you don’t have to walk around the mall blindly. Use keywords like ‘engagement rings xxx’ xxx here is the city you are interested in buying the ring from.
As you collect the quotes, make sure that the prices are very comparable to each other and recent.
- Ask for certifications
The most important diamond request you need to make is the one for the diamond’s certifications.
Although sellers always claim to have their engagement rings graded by the best, the diamond grading processes don’t always take place in grading laboratories that follow strict grading standards.
Therefore, it is important that you only choose to compare diamonds from the brands that grade their diamonds in reputable institutions like the GIA (Gemological Institute of America). Also, don’t buy the diamond engagement ring if it doesn’t have any standardization attached to it.
When it comes to grading, you want to make sure that you are comparing apples and apples, and this means that if you are looking at the color, for example, at least two grading laboratories should give one diamond the same color grade.
- Consider the metal type.
It’s not enough to negotiate the ring prices based on the cut, color, clarity, and the carat weight of the diamond. The metal type used for the band is equally important.
Some engagement rings may appear affordable when you first ask about them, but when you make a metal request for something like platinum, palladium, or 18k solid gold, you will be shocked by how fast and high the price goes.
At the same time, you can tell that you are making a killing or not by looking at the weight of the metal. 6g of the highly valuable platinum will, for instance, cost more than 6g of palladium.
Now that you have requested quotes for specific engagement rings, it’s time to wait for the quotes to be sent your way.
Create a shortlist of jewelers
After receiving quotes from numerous sellers, evaluate what they have to offer, then create a shortlist with only 2 or 3 jewelers you would be comfortable to work with.
To narrow down the list, here are some of the things you need to keep in mind:
- Specific color and clarity for the diamonds
- GIA certifications
- Check their online and social media presence.
- Check online complaints
- Steer clear of jewelers that communicate via WhatsApp
- Other things to consider including the unreliable price-match guarantees (this is often a lie), how they carry themselves and speak of their competitors, prices, and what’s included.
Winning Haggling tips
- Avoid an audience– this means avoiding the store when it’s busy, say a weekday morning.
- Identify your target– you need to make sure that the person you are negotiating with has the authority to negotiate.
- Warm-up to them– as mentioned above, do it with a smile.
- Play it cool– never make the salesperson know just how much you love that particular ring. Doing that will give them power over you, and with the loss of power goes your negotiation power.
- Lowball– start negotiations with an offer that is a bit aggressive, a price that is delightful to you. This will be the anchor price, and you work around it.
- Don’t take no for an answer– think of the no as a ‘not yet’ then continue discussions.
- Bring in some proof– Use the information from the research done before to win a good price.
- Silence is a virtue – haggling doesn’t sound like a quiet game, but you increase your chances of getting that good deal you have been looking for when you make silence your best friend. The salesperson will easily cave in and give you a better offer if you keep quiet. They may repeat their initial offer, but you still get some negotiating power.
- Know when to walk away– you need a trump card, and the option to walk away is the absolute best card you can have if you are going to win that negotiation. So, don’t wait until the very last minute. Give yourself enough time to shop, and have more than one option.