Selecting an Engagement ring is not an easy task, so I decided to go step by step. All the steps included in this precious decision are:
Step 1: What is Your Budget?
Step 2: Type of Stone
Step 3: Looking for 4 C's of Diamonds
Step 4: What Ring Style?
Step 5: Start Shopping
Step 6: Buying on a Budget
Step 7: Consider Insurance
Let's start with the Critical First step:
Step 1: What is your budget
Your budget will determine the type and size of ring you can buy, so it is a critical first step. This is an emotional event, and a purchase that will last a lifetime. The two-months salary convention is a common starting point, but we believe that regardless of the amount you budget, your most important considerations should be quality and value.
1. On average you can expect to spend $3,500 to $4,000 on a diamond engagement ring (though you can find rings with smaller stones for less money, and, of course, you can always spend more).
2. You may have heard that you should spend two months' salary on an engagement ring. Truth is, this standard has no real roots outside of the diamond industry and its influential marketing gurus. Debt, just like diamonds, can be forever.
3. If you still want to use the two months' salary as a general guideline, calculate that amount.
4. Once you start thinking about buying a ring, it's best to start saving! Even putting away a little bit of money every week will make a huge difference over time.
5. The ring you buy should fit into your budget, plain and simple. You should spend what you are comfortable spending, and take into account all the other financial factors in your life: are you saving for a house, do you have significant debt?
6. As emotional as the engagement ring buying process can be, it's important to stick to your budget as this will be the first of many financial decisions you'll make that could affect your relationship in the future.
Step 2: Type of Stone
Approximately 83% of brides receive a diamond engagement ring. But alternatives are growing more popular.
1. Naturally colored stones, or other gemstones are often substituted for the traditional diamond.
2. If your significant other is a long-time human rights activist, your choice of stone could very well influence her answer! Even if you stick with a traditional diamond, you may want it to be conflict-free.
3. Buying a colored gemstone will allow you to buy a bigger center stone because it is less expensive than a diamond.
4. Some couples get even more creative, choosing engagement gifts that aren't rings at all.
Emerald
Sapphire
Pink Sapphire
Garnet
Citrine
Peridot
Opal
Aquamarine
Blue Topaz
Amethyst
Pink Tourmaline
RubyStep 3: Researching Diamonds 
If you're going the traditional route, you'll need to buckle down. You thought your senior thesis involved a lot of research? Welcome to diamond shopping.
The 4 Cs:
You've probably heard about cut, clarity, color and carat when discussing diamonds. To become a true expert, however, you'll have to go beyond the shiny surface.
A) Color:
The more clear, or colorless, the diamond, the better its color grade and its value.
1. Diamonds are graded by color, and grades range from D (perfectly colorless) to Z (light yellow).
2. The naked eye can rarely detect the difference between several color grades.
3. The less color detected in a diamond, the more valuable it is. But more valuable does not necessarily mean more beautiful.
4. In rare cases, color can be a good thing. "Fancy color" diamonds (usually pink, yellow, or blue) are highly prized and even more expensive than their colorless counterparts.
B) Clarity:
Clarity tells you how "perfect" your diamond is; that is, does it have any blemishes?
1. An "inclusion" is an imperfection in your diamond, often a "crystal" (a tiny mineral trapped inside the diamond) or a "feather" (a break in the diamond). There are additional types of inclusions to look for, as well.
2. Most inclusions are not visible to the naked eye. You must use a jeweler's loupe to see them at 10x magnification. Experts recommend buying a diamond that is "eye clean," meaning no inclusions are visible without magnification.
3. Clarity is graded two different ways: on a scale of 0 (no blemishes; perfect) to 10, and using the following groupings (note VS1 is of higher quality than VS2, and so on):
a) Flawless (FL): Perfect inside and out.
b) Internally Flawless (IF): Perfect internally with slight blemishes on the surface that are difficult to see under magnification.
c) Very, Very Slightly Included (VVS1 and VVS2): Very difficult to see inclusions under 10x magnification. Excellent quality diamonds.
d) Very Slightly Included (VS1 and VS2): It is nearly impossible to see inclusions with the naked eye, but you can find them using 10x magnification.
e) Slightly Included (SI1, SI2, and SI3): These diamonds have inclusions that are easily found using 10x magnification. With these diamonds, where the inclusions are in the diamond make a difference.
f) Included (I1, I2, and I3): These diamonds have inclusions which can be seen easily with the naked eye. These diamonds' blemishes may affect the brilliance of the stone.
4. Some experts say you can drop 7 grades of clarity without noticing if you have a well-cut diamond.
C) Cut:
There are many different options for how your "raw" (uncut) diamond is cut, and all of them will try to optimize how your diamond reflects light. When you choose how your diamond will be cut, you are hoping for excellent craftsmanship.
1. The cut of your diamond consists of two things: shape and symmetry. Shapes include:
i) Round
ii) Princess
iii) Emerald
iv) Asscher
v) Marquise
vi) Oval
vii) Radiant
viii) Pear
ix) Heart
x) Cushion
2. See Amazon's sketches of different cuts (as well as illustrations of how a diamond's cut reflects light).
3. Some say cut is the most important of the 4 Cs.
4. Oval, pear, and marquise diamonds often look bigger than their weight would suggest.
5. Princess and radiant cuts can look smaller than their weight would suggest.
6. When evaluating cut, you are looking for overall symmetry, polish, and ability to reflect and manipulate light.
7. A good cut can make a diamond look bigger and brighter, so it is imperative that cut is geometrically precise.
D) Carat:
The key point when understanding carat is that your price will grow geometrically as the diamond gets bigger. This is also the most objective of your diamond's characteristics.
1. "Carat weight" is how diamonds are measured. One carat equals 1/5 of a gram, or 1/142 of an ounce.
2. One carat equals 100 "points," so a diamond that is 3/4 carat is 75 points. When you are looking at the tag and it reads 1.03, your diamond consists of 103 points.
3. There is usually a price jump at the 1 carat mark. You could save significantly by purchasing an excellent quality diamond that weighs in at .98 carat and likely not be able to tell the difference between it and a 1 carat stone.
4. In general, for $500 or less, you could buy a ring with a quarter carat diamond.
5. For closer to $1,000, you could buy a ring with a .3 to .5 carat diamond that may be certified.
6. Expect to spend between $3,500 and $5,000 for quality 1 carat stones.
In Addition to all the 4 C's the fifth C would be
E) Care:
Diamonds are the hardest substance on earth. They are uniquely resistant to damage by heat or scratching, and can be cut or polished only by another diamond — but an extremely hard blow to the girdle can cause a diamond to chip. By having your diamond set in a relatively protective setting, and remaining conscious of it on your finger, you can keep your diamond intact for a lifetime. Exposure during ordinary wear to perspiration and household chemicals, like chlorine and hairspray, can cause buildup that dulls the surface of a diamond. We suggest periodic cleanings to keep the diamond brilliant and refractive.
Cleaning Your Diamonds
A solution of one part ammonia and six parts water can be used to clean diamond jewelry at home. If cleaning by hand, gentle scrubbing with a soft brush should loosen most dirt and greatly increase the brilliance of the diamond, but be careful not to scratch the metal of your setting. Once a year, it is a good idea to have your diamond cleaned and have the security of the setting checked.
Storing Your diamond Jewelry
We recommend that all diamond jewelry is stored individually in soft cloth pouches when not being worn to prevent the diamond or diamonds from scratching or dulling other jewelry.
Things to Consider
1. If possible, try to find out which is more important to her: size or quality. These two factors can be inversely proportional, as the bigger the rock, the easier it is to find flaws.
2. You can usually find good-sized diamonds with flaws that are not visible to the naked eye.
3. You may also care deeply about the provenance of your diamond: is your diamond conflict-free?
4. It may be important to ease your guilt about the diamond you are purchasing, or learn more about your alternatives.
To do further research, consider buying a book that will explain the process of purchasing a diamond.
Image source : Bluenile.com
