It has long been said that you should spend three months salary on an engagement ring for your partner.
But an expert has now revealed whether the bling is really worth spending thousands on.
Laurie Wickwire, who is from California but lives in Londonadmitted that the salary strategy on an engagement ring is “all marketing.”
Here’s everything you need to know to propose this festive season, from how much to spend on your ring to the best way to find the perfect diamond.
Laurie Wickwire, who is from California but lives in London, admitted spending three months’ salary on an engagement ring is ‘all marketing’
Do I really need to spend three months salary in the ring?
Laurie explained that the perfect engagement ring doesn’t have to come at a high price.
She said the experience has to do with personal preference.
Laurie revealed: ‘As a jeweler for a private client, I’ve never subscribed to the ‘spend three months’ salary on the engagement ring’ mantra.
‘What if the ring you love falls well below this industry mandated budget? Would he never get a chance to see the lowest-priced ring, since the price was not equal to ‘three months’ salary’?
Laurie explained that the perfect engagement ring doesn’t have to come at a high price (pictured)
‘I prefer to listen to what the client imagines and then work with that knowledge to better fulfill their dream.
“Since diamonds are not commodities, nor are diamonds interchangeable, there are many options that I can guide my client through to achieve their dream ring.”
She added: “While all jewelry is special, the engagement ring is unique to every relationship.”
“There is so much represented in this jewel, that emotions carry a great weight.”
How do I find the perfect diamond?
Laurie said, “With diamonds, there are over 16,000 variables of what a diamond can be, and this doesn’t even take carat size into account!”
Meanwhile, it revealed how buyers can generally maneuver the diamond price.
He said pricing often depends on changing categories with respect to color, ranging from D to Z or clarity, from Internally Flawless to Pique.
Laurie explained how often clients end up choosing between clarity and color to find the perfect diamond for the best price.
She said: “If they moved away from color D on the color chart, D being the best color grade for a diamond, meaning colorless, they can buy more diamonds for their money.”
“If they changed the clarity grade, they could get bigger diamonds for their money again.”
He went on to explain that there were also other types of parameters needed when looking to purchase different types of rings.
She said: ‘Then we have cutting parameters: EX, VG, G, F. These parameters, if cut well, give spark, fire and brilliance.
‘Bad cut, the facets don’t line up and the light doesn’t bounce to the top of the diamond called the table.
“This means that the diamond does not sparkle as brightly as a well-cut diamond.”
He explained that a ‘badly cut’ diamond can mean that you ‘lose 35 per cent of the diamond’s value’.
She graduated from the DeBeers Institute of Diamonds and has been an airborne diamond expert for QVC UK since 2007 (QVC pictured)
Is it worth it to buy a ring from one of the big jewelry brands?
Laurie explained that many people covet a ring from big jewelry brands, like Tiffany’s or Harry Winston.
She said that can also make a difference in the total cost of the diamond.
Laurie revealed: ‘Newly engaged brides don’t just want a beautiful diamond, they also have to deal with buying from a branded or non-branded jewelery house.
“This may not sound like a big decision, but if you’ve always coveted a Tiffany ring, or a Harry Winston ring, well, then you have to factor in the brand’s increased price point and that coveted T or HW box.
‘So how much is that blue box worth to you?’
Laurie is a private client jeweler with GIA Certificate of Diamond Grading and IGI Pearl Grading credentials and 35 years in the diamond and jewelry industry.
How can I make sure I stay within my budget?
The diamond expert also revealed that it can be easy to get carried away with the excitement of the proposal and ultimately overspend on the ring.
He explained that when buying the engagement ring, the young couple should make sure it fits their budgetary expectations from the start.
Laurie revealed that that can often change over a long period of time, and the ring “should reflect the couple’s level of success” at that time.
She said: ‘Obviously when buying an engagement ring, as with any purchase, a house, a car or a holiday, a client needs to stay within their budget.
“It’s so easy to get caught up in getting engaged and planning a wedding.
‘Many of my clients come to me with spreadsheets ready to map every dollar or pound spent, and have often asked for my advice on wedding planning!’
Laurie said she has been “extremely lucky” to speak on luxury cruise lines about this “fascinating industry” while sailing around the world to exotic locales.
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