Engagement Rings Explained

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Everything you need to know about engagement rings

Purchasing an engagement ring can be incredibly overwhelming. There are countless options for what to buy, how much to spend, and whether you should purchase online or in-person at a jeweler. It’s definitely a lot to take in, especially if you’re not sure where to start. Luckily for you, that’s why we’re here! This is a comprehensive guide of frequently asked questions on engagement rings including when you should buy, how to set your budget, engagement ring costs, what financing options are available, and the pros and cons of purchasing online versus in-store. We hope this helps answer any questions you may have!

How far in advance should I buy an engagement ring?

It’s best to purchase your engagement ring as far in advance as you can. Depending on what type of ring you’re getting (we’ll get into that more in a minute), it may take some time to create your ring and you don’t want to be left in a rush. It’s also good to have your ring early because you never know when the perfect moment to propose may appear. The sooner you have the ring, the more prepared you’ll be for when that perfect moment arrives. 

A good rule of thumb to follow is to purchase your engagement ring at least 2-3 months before you plan on proposing.

photo of three diamond rings on a woman's finger

What engagement ring should I buy?

This one is a bit tricky, as this depends entirely on your partner and their preferences. Definitely see if you’re able to creep their Pinterest boards and look at the types of engagement rings that they’ve been re-pinning. Some partners will even describe exactly what they want to their significant other.

A great option to have your partner visualize what they would like is to have them use our online 3D Engagement Ring Designer! This allows you to custom-design your own unique engagement ring. Once it is finished, you can then send our team of Custom Design Specialists an inquiry and they will reach out to you to discuss pricing and have it made! We’ve found that this makes the process of figuring out what to get your partner much simpler and smoother. 

If you want the engagement to be a total surprise and you’re not quite sure what types of rings your partner likes, don’t worry! You can never go wrong with a classic solitaire engagement ring with a simple band. All of these rings are stunning, go with anything, and give you the largest number of options when it comes to choosing wedding bands!

What size engagement ring should I buy? Can engagement rings be resized?

When it comes to buying an engagement ring and not knowing your partner’s size, it’s best to aim a little bigger just to be safe. If the ring is too big, you can still slip it on their finger during the proposal and they can still wear it for photos. If it’s too small, you don’t get the joy of doing either of those things. 

The average ring finger size for engagement rings is size 6-6.5. So if you’re unsure, go with one of those! Engagement rings can always be resized later. However, keep in mind that resizing works best when it’s only by a couple of sizes. It’s also more difficult for some rings to be resized than others. If you’re concerned, discuss it with your Diamond Specialist! They will suggest what will work best.

Is it weird to shop for engagement rings with my partner?

Absolutely not! Some people prefer to surprise their partner, which is awesome. But more and more couples are shopping for their engagement rings together. This ensures that your partner absolutely loves their ring and allows you to find one that you feel best encapsulates your relationship together. In fact, most of our couples tend to shop for their rings together. You should do whatever feels most comfortable to you!

How much do engagement rings cost?

The answer is: It depends on a lot of different factors. The type of band you’re looking at will affect price (a simple metal band versus an eternity band covered with diamonds) along with the number of stones (a solitaire vs. side stones for example) and the quality of your diamond. 

Diamonds all vary in price depending on their size and quality. Diamonds are judged based on the “4Cs:” Cut, Carat, Clarity, & Color. You could look at two diamonds that are the same exact carat size but vary wildly in price simply because they’re of different clarity and color. 

This may seem daunting, but this is actually a positive to engagement ring shopping! Because the pricing varies so much depending on your choices, you are able to make those choices depending on what works best for your budget. This helps ensure that you aren’t stuck paying an amount that you aren’t comfortable with.

How much should I spend on an engagement ring?

This depends entirely upon your budget and what you are most comfortable with. There is no right or wrong answer as to how much you should spend on an engagement ring. 

If you aren’t sure what your budget is, think of it this way: You may not know exactly what you’re willing to spend, but you likely know what you aren’t willing to spend. What price seems outrageous to you? You can go down from there and see what options exist below that number. Keep going until you find a price range that feels most comfortable!

What financing or payment options are available when I purchase an engagement ring?

Richter & Phillips offers special financing with approved credit through Wells Fargo. The Wells Fargo Jewelry Advantage credit card is issued by Wells Fargo Bank, N.A. Apply online or ask your sales associate for details. We also offer one-year, interest-free layaway. We also offer a Price Protection Guarantee; if within 90 days of your purchase you find a diamond with the same specifications and is graded by the same gemological laboratory at a lower price anywhere in the United States, Richter & Phillips will match it and give you 10% of the difference.

Does Richter & Phillips Jewelers ever have any sales or discounts on engagement rings?

We have an annual Engagement Ring & Diamond Sale every year in the spring, usually sometime in March. During this sale, we offer 15-70% off engagement ring settings along with special pricing on loose diamonds.

We like to follow this sale up with our annual Wedding Band Sale every year in the fall, usually in September. During the Wedding Band Sale, we offer BOGO 50% off wedding bands. 

These are definitely the two biggest times of the year to save and are always a hit! To stay in the know and receive reminders for the sales, send us a message & we will add you to our email list!

If you do miss these sales though, don’t fret! We pride ourselves on offering the most competitive, fair pricing in the Cincinnati area with no middle-man markups.

Buying engagement rings online versus in-store

These days, it’s so easy to gravitate towards buying everything online. There’s something so convenient and gratifying about being able to purchase what you need while being warm and cozy in your bed. However, there are a lot of benefits when it comes to purchasing an engagement ring in-store as opposed to online.

When you purchase an engagement ring in-store, you get to see the exact diamond that you are purchasing. When you buy online, you may not be viewing that exact diamond or it may appear differently in person than it does in photographs. With such an important purchase, it is paramount that what you see is what you’re actually getting. 

A lot of online jewelers offer online diamond stock where you can choose your own diamond. Did you know that we have access to the exact same stock? They don’t actually own these diamonds. It’s an online inventory that every jeweler has access to. So if you find a particular diamond that you really like online, we can actually source that exact same one and get it in-store for you to view in-person with your own eyes to ensure that you like it. We do this all with no deposit required. 

If you’d rather scout out your options prior to coming in-store, use our online 3D Engagement Ring Designer! This way you can create the exact ring that you want and then send our team of Custom Design Specialists an inquiry where they will then send you pricing information about the ring. This can help save or shorten you a trip to the store, while still ensuring you get the exact ring that you’re wanting.

Still have questions? No worries! We are here to help! Send us a message and we would be more than happy to assist.

3D Ring Designer Diagram With Diamond Shape Options, Setting Style Options, Metal Options, Dimond Detail Options Listed Out Around A Diamond Ring In The Center

3D Ring Designer

Create your very own engagement ring from the ground up!

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