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How to Save Big on Wedding Rings During an Economic Crisis

4 minute read

By Heather Fishel

Wedding rings are a keepsake you’ll cherish – and wear – every day after your marriage. They’re a significant symbol and reminder of your love and union. But wedding rings aren’t cheap. Just one wedding band can cost thousands of dollars, and that can be an impossible price to pay during an economic crisis. However, if you search online, you can find wedding rings for less.

Couples who are looking to get married but face obstacles like closed jewelry stores, unemployment, and financial hardship don’t have to put off their union. There’s a way you can get the wedding rings you want at a price you can afford. You just have to search online.

Demiantseva Olha / Shutterstock

Here’s how you can save money on wedding rings even in the midst of financial hardship.

Find Huge Discounts Online

Plenty of jewelers have closed up their physical shops in recent months. That makes it difficult to search for a good deal and a fair price on wedding rings, since you can’t visit multiple stores and negotiate pricing.

But fortunately, these closures are leading increasingly more jewelry stores to open online. And that gives you more options and an easier way to do critical comparison shopping.

Even in the midst of today’s global financial crisis, wedding rings are still very much in demand¹. And that means jewelry stores are now offering new ways to shop, like virtual consultations and online communication. All kinds of jewelers, from big-name chains to small, family-owned stores, are working with customers online².

And when you shop jewelers’ selections online, you can find huge discounts. In an effort to attract customers and sales, jewelry stores are offering special pricing and savings right now. While precious gems like diamonds rarely decrease in price, the challenges of today’s crisis have led retailers to lower prices. For example, diamond company De Beers recently dropped the price of rough diamonds by 5 percent³. Online jewelry retailer Blue Nile is lowering prices on small-sized diamonds⁴. And overall, the price of polished gem prices has declined by 3 percent⁵.

Additionally, you can shop for wedding rings in nontraditional ways online. Sites like I Do, Now I Don’t allow you to score huge savings on preowned wedding rings. I Do, Now I Don’t allows you to shop individual sellers’ wedding rings, which have all been pre-loved, and purchase exquisite pieces for much, much less than at a traditional jewelry store⁶. More and more rings are appearing on the site now as people look for ways to make quick cash.

Diamond Rings Are a Timeless Investment

Although weddings are becoming more scaled back and intimate in today’s world, your wedding bands don’t have to be less significant or special. You can still opt for classic, timeless rings that hold both emotional and sentimental value.

And one aspect of wedding rings that many people don’t think about is the financial value. While it’s tough to reconcile spending hundreds or thousands of dollars on a pair of rings during a time of financial instability, your wedding rings are actually an investment⁷.

Your wedding rings can be an investment that gives you some security for the future. Certain types of jewelry hold their value very well, even over decades and decades. And the more rare your wedding rings are, either in their metals or their gemstones, the more they’ll hold their value over time.

For example, rare types of diamonds are considered more desirable and valuable than others. Colored diamonds are the rarest type of diamonds, along with exceptionally high-quality white diamonds – so they hold their value best⁸. Red and blue diamonds in particular are quite valuable, as well as pink, orange, green, and yellow diamonds.

Investing in jewelry like this can help you diversify your financial portfolio⁹. It can help protect against fluctuations in the stock market and shifts or crises in the financial world. And it offers a sense of security against financial instability, as you can always turn to your precious jewelry if you need an influx of money.

Wedding rings can represent a way out if you need money in uncertain times. They can be a stable investment you can rely on, if needed, in the future. And if you’re able to get a great deal on wedding bands now, while rare discounts and savings are available, you can protect yourself with this investment going forward. Shop around online for savings on wedding rings made of precious metals and gems, and you can secure an investment piece for your lifetime.

Heather Fishel