Bright fluorescent lights illuminated each surface of the jeweler’s office space. If you spritzed me with water, a plant would sprout from my forehead. The jeweler in front of me pulled out a black box of diamonds, each sparkling with exaggerated twinkles. Every diamond in that box looked perfect for an engagement ring.
After I explained my available budget, expected shape, and ideal size, the jeweler then asked, “Do you want a mined or lab-grown diamond?”
“Mined,” I said. Of course I wanted a real one.
“Any reason why?”
I didn’t have one. I never gave it any thought.
Mined and lab-grown diamonds are both diamonds. They’re both real and there is only one key difference: price.
What is a Lab-grown Diamond?
Lab-grown diamonds and mined diamonds contain the same chemical, physical, and optical properties. Unless a trained jeweler analyzes a lab-grown diamond with sophisticated lab equipment, no one can see the difference. Regardless of which diamond you analyze, they both consist of pure carbon.
Considering the minor differences, does that mean you should buy a lab-grown diamond instead? That’s up to you and your partner. I thought it was taboo to buy a lab-grown diamond, as if it meant less. But according to my jeweler, 90% of his diamond sales involve lab-grown diamonds. In an article on CBC, other Canadian businesses reported similar changes, too.
As you contemplate which diamond is right for you, let’s challenge other societal expectations for proposals.
Do I Need to Spend Three Months’ Salary?
The three months’ salary rule is an outdated expectation that diamond companies started decades ago. Since then, it remains a constant threshold for men looking to buy engagement rings. The correct amount to spend depends on what you can afford and what you want to spend.
A few summers ago, I had the opportunity to log extended overtime hours at work. With the extra cash, I put it into a basic savings account for an engagement ring for use sometime the following year. I wanted to buy a gold band and a good-sized diamond without reaching totals that could buy a newish car. There was no science to it – I used my gut. It took me several months to reach my savings goals, and it sat there until the time was right.
When I shopped around for a jeweler and settled on an establishment, I gave him my budget and expectations. Because I opted for a lab-grown diamond, I bought everything I believed my fiancé wanted, and more. For a lower price, the diamond was bigger, shinier, and clearer than any mined diamond available in my budget. After my purchase, I still had thousands left over.
Since the proposal, my fiancé and I returned to the same jeweler and purchased our wedding bands together. I used the extra thousands leftover from my savings to help cover the costs. Her engagement ring twinkled under those fluorescent lights even brighter than the day I bought it.
Money Method Tip: Budget for the ring you can afford, not the one you think you’re supposed to buy.
