Finding the perfect engagement ring can be an exciting time for you and your partner. But it can also be overwhelming, confusing and...expensive! Friends and family will most likely come at you with 'rules' about what to look for, how much to spend and where to buy. Here's our guide on what to look out for in an engagement ring, some of the biggest myths out there and why you should consider an antique or vintage piece to get a great ring at a great price!
Myth 1: The 3 month salary rule
When it comes to engagement rings, there's a lot of talk about how much should be spent. The idea behind this is that if the person can scrape together 3 months of wages, they must be doing ok, right? The reality is a bit different. In Australia, a recent survey by Diamondport Jewellers revealed that the average spend is around $5000 AUD in 2019, which is less than one month of wages. For the US it's more like two weeks pay, according to a 2019 New York Times article. With the rising costs of living and other competing expenses (student loans, house deposit, mortgage, child care, the list goes on), this is no longer a sustainable approach for many couples without sacrificing other goals or on the quality of diamonds. Remember that spending more does not always mean better quality. By buying antique or vintage, you can get a beautiful high quality engagement ring and diamonds for a fraction of the price (often under $1000 AUD, about $700 USD)!
Myth 2: New diamonds are higher quality
Buying a diamond can be a confusing and intimidating experience. Despite the increase in online shopping, buying in person from a physical jewellery store is still a popular choice. Take a trip to your average shopping centre (or mall for our US friends), and you'll notice that many of the diamonds in solitaire rings are at the 'lower' end of the GIA scale with many in the I1 or even I2 clarity range! This means that they may have inclusions that are visible without magnification (so can be seen easily). Brands like Tiffany offer more premium quality diamonds (VS2 clarity and above), but this is reflected in the price and you may be paying extra for the brand name. Many people assume that antique or vintage diamonds are inferior cuts, have lots of inclusions or are somehow undesirable. The reality is that antique diamonds may have inclusions in the same way that 'new' natural diamonds do, but at a fraction of the price. There are also some very expensive antique diamonds on the market. Diamonds can be beautiful with inclusions too! Antique diamonds often have great unique character that comes from old artisan hand cutting methods including old mine and Old European cuts. Many people are now searching for these rare antique diamonds for their personality and sparkle! These are often reclaimed diamonds taken from existing pieces which may be broken or have limited wearability (tie pins, tiaras, cufflinks, brooches etc), so are a sustainable option too!
Myth 3: Engagement rings can only be diamonds
When it comes to engagement rings, it hasn't always been about diamonds! In 1947 De Beers (international diamond conglomerate) launched the incredibly successful "diamonds are forever" campaign. This has been burned into our collective consciousness, but it wasn't always this way. In the Victorian era, diamond was only one of the many types of gemstones used in engagement rings - for example, emerald was a popular choice. Diamond engagement rings did exist, but popularity truly skyrocketed following the De Beers campaign. Many people are now considering other gemstones for engagement rings, such as rubies and sapphires. By buying antique and vintage jewellery you can get a beautiful natural gemstone - diamond or otherwise! - that speaks to you, not De Beers!
Myth 4: All old diamond rings are bad luck
It's sometimes said that antique and vintage engagement rings come from broken relationships and have bad luck associated with them. These beliefs are personal, but there are many reasons why engagement rings can come up for sale that have nothing to do with bad luck. Owners may be selling family pieces or opting for a ring upgrade (many vintage pieces feature smaller stones, but many people now prefer over 1ct in size for an engagement ring). Another thing to consider is that diamond rings only became popular for engagement rings in the 20th century. Many antique diamond rings are not engagement rings at all! A good example of this is 'gypsy' rings, which were originally worn mainly by men or were given as friendship rings. This also goes to show that diamonds can be worn by anyone, at any time, they're not just for engagement rings!
Myth 5: Diamonds should only be pure white in colour
There is a very popular myth that white diamonds are the most desirable. This probably comes back to the Western association between white and purity (think wedding dresses), as well as the GIA colour scale (this starts at 'D', which is colourless/pure white). This is a relatively recent development - the GIA scale was only created in the 1950s, probably not so coincidently after the De Beers diamond campaign! The reality is that coloured diamonds are the rarest, with red, blue and orange being some of the most desirable (and expensive), along with pink and yellow. Although very rare, orange diamonds have less market appeal, so are mainly sought after by collectors. Yellow diamonds are getting more popular, and can be a more cost effective option if the colour is not considered 'fancy' by the GIA scale. It just goes to show that diamond colour preference is a personal thing!
Now that we know that many of the 'rules' of engagement rings are actually twentieth century myths, it's time to branch out into new possibilities. Antique and vintage engagement rings open up new options for those in the market for that special piece. At the end of the day, you should buy something that speaks to you and your partner, without breaking the bank!