How to save money on an engagement ring or wedding ring ? Instructions: Step 1. Do not finance. Save instead by starting a savings fund ahead of time for the price you see. If you can't save for the entire cost of the wedding or engagement ring with savings, use financing for a smaller portion. Step 2. You can look for a fine jeweler who sells estate jewelry which offers a more diverse selection. Even if a ring has only been pre-owned for a few months, the cost of buying it second-hand will be less than half of the original retail. You can get a better quality and weight of diamond and can easily be sized to fit. Step 3. Select a ring with multiple stones, not solitaires because they are more expensive with fewer facets than multiple stones and sparkle less. Step 4. Although name brand rings can be popular, they cannot be a good deal. Similar and identical rings can be found in small jewelry shops for half the price. You could shop around and look for quality which matters. Brand names may add appeal, but not value. Step 5. If you go for the shape trends it could be the biggest waste of money on investing in your engagement or wedding ring. The shape of diamonds can change very often or in every few years, ie. the heart shape may be popular and expensive on the day you buy it, but within a couple of years, the popularity and appraisal value will drop dramatically. So, it is wise for you to stick with classic shapes as they cost less, maintain their value, and lend themselves better to original design. Step 6. When you buy the ring from a private party, you should get an independent appraisal. Get it appraised before you pay for it. Do not accept a written appraisal from the seller because these can be forged. Also, it cannot be proved that the ring has not been tampered with, since the appraisal. After you purchase the ring, you will generally have thirty days to return or exchange it. After purchase, take it to a separate appraiser and see if the value lives up to the original jeweler's claims.