Saving For an Engagement Ring?
In recent news it would seem that even guys are preparing for married life years before the event. We have all heard the stories of young women having every detail of their wedding planned out from since they were small children.
But the recent trend for young and single guys to start a ring savings plan, even though there is no guarantee it will be ever used is a new one.
Good Preparation or Wishful Thinking?
Well, there is no such thing as being overly prepared!
However a single Guy, in his late teens, or early 20’s has a huge amount of financial pressures. Cars, a flat, audio equipment, gym membership, the latest video game. Sure, that’s fine. Engagement ring savings plan? Surely not.
Actually saving over a longer period of time may save you thousands of pounds in the long run. It’s impressive planning.
Ring Savings Accounts the New Trend?
Well there are two options. Keep the money to buy that engagement ring in a ring savings account or go ahead and purchase a diamond. Diamonds are not likely to drop in price. Buying now for eventual use, say, in 15 years could save you a lot of money in the long run. Also the whole concept of an engagement is far more fashionable and pivotal to a relationship than it was even just 20 years ago.
Even 21 year old guys want the best engagement ring they can get and are willing to put together a ring savings plan so they can get more diamond for their dollar.
Is it Really a Smart Investment?
In these days of low inflation, poor savings rates and volatile share returns, diamonds do actually deliver a sensible possible return. Over the last 5 years diamond prices have risen by over 25% a year. Huge increased demand from Hong Kong, China and India against reduced production and supply has maintained very high investment returns.
However a diamond is not a great liquid asset. If you need to cash it in it is harder to convert to cash than stocks or even a car. Diamond returns are also taxable.
A ring savings plan may accrue a decent value that in the event of not finding the right girl can be used for other things but it is not a traditional marketplace and huge numbers of forgeries, and man-made diamonds, may well impact on the market quality over the coming years. It is important to choose a reputable jeweller early if you want to set up a rings savings plan who can advise you on the best course of action.
Of course just opening a savings account to put money in for a future engagement ring may be a better option for some than purchasing a diamond so soon. That way over time and before meeting the perfect girl a young man may have saved enough to get that D colour, internally flawless diamond a girl dreams of. And if he never meets her, well then, he has a savings account full of money to spend on something he wants for himself. Win win situation really.
How about Fashion?
Fashions change. So surely buying a ring in advance of the actual gift may lead to the ring being unfashionable? This is simply not the case.
In reality many ring savings plans will fund the purchase of the diamond itself and when the time comes a jeweller can design and create the perfect engagement ring, bespoke for your fiancee. Or simply saving money ready to make the purchase when the time comes will avoid any issues of changing trends.
On the other hand many engagement rings are pieces of timeless beauty and it is not unheard of for rings to be passed down through the generations. So can an engagement ring really go out of fashion?
What do I do Next?
If you like the idea of a ring savings plan to cater for potential romance than speak to an expert jeweller, like online retailer ComparetheDiamond.com (formerly diamondgeezer.com) who can advise the best possible diamond for your plan. We offer a design service and a range of styles, settings and cuts to cater for all. With multi-accreditation you can buy with the full knowledge that the transaction is genuine and all certifications is to be relied on.
