How should I go about negotiating the price of a diamond engagement ring with a jeweler?

It is important to enter into any negotiation with as much knowledge as possible about the potential purchase, but since a diamond engagement ring can be quite expensive and considering the fact that it symbolizes such a milestone in your life, it is especially important to come prepared. Good preparation means knowing about the prices of diamond engagement rings and knowing your budget. Remember that the money you can save on your engagement ring could go to other various wedding expenses, so keep that in mind if you feel yourself falling into one of the jeweler's/sales people's traps...


It is crucial that you stay alert throughout the negotiation – from beginning to end. The impulse buy is a common trap to watch out for. When the jewelry sales staff states that the diamond engagement ring you are interested in just so happens to be available for a limited time only, or that there is a special sale on it today, etc. be aware that this is most likely nothing more than a ploy to get you to rush and make the purchase on impulse and as soon as humanly possible. Keep in mind that negotiations that will prove profitable for you involve decisions made on your time, not theirs. Nonetheless, spontaneous discounts on diamond engagement rings could provide you with a significant advantage if they don't want to lose the sale.


Another sales tactic you should be aware of is known as "Let me speak with my manager". This approach is used to make you feel uncomfortable for attempting to negotiate the price of the diamond engagement ring, and encourage you to understand the jewelry salesperson's predicament, but don't let this discourage you! Make sure that you wait patiently and speak to the person authorized to approve large discounts on diamond jewelry, since sales people are often only permitted to negotiate up to a set price.


Sometimes a number of jewelry salespeople will make a team effort at distracting you from negotiating the price of the diamond engagement ring of your choice. They can do this by asking you questions and disorienting you with various perspectives and details at the same time. The best way to deal with this is to treat them as a single person, in other words focus on one jewelry sales person and refrain from paying attention to the rest of the sales team.


If you plan on going shopping for a diamond engagement ring with your fiancé, it is a good idea to take the time to clarify your budget beforehand. I know this may not be ideal, but keep in mind that if you don't do this, you'll be at risk of the jewelry salespeople selling directly to the fiancé, offering her engagement rings of increasingly high prices. Your fiancé will surely appreciate your planning the purchase of her diamond engagement ring and understand that it would be a good idea for the money to go to other wedding expenses.


Note that purchasing a diamond engagement ring requires some additional costs as well. Aside from the engagement ring, you will need to buy the setting for the diamond, the box, and pay sales tax. It is also a good idea to check if there are any additional costs, like fees for placing the diamond in the ring setting, etc.


Furthermore, make sure you are aware of anything that might come with your purchase of a diamond engagement ring, such as lifetime cleanings and ring polish, which are certainly useful. If your engagement ring comes with free insurance, make sure to find out what this insurance covers (usually not much). Once you've gone to all the trouble of negotiating and purchasing a diamond engagement ring, I suggest that you insure this precious piece of jewelry properly.

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