When it comes to sealing the deal with a proposal, choosing the perfect engagement ring is a crucial decision. Among the dazzling array of options, an emerald cut engagement ring stands out as a timeless and exquisite choice, epitomizing class and elegance. Nevertheless, budgeting for this vital piece of jewelry involves more than its acquisition cost. Hence, you should be aware of the hidden costs that come with such a significant investment.
Here are some little-known expenses you must include in your budget when buying a beautiful emerald cut engagement ring.
- Appraisal Cost
The first expense is one that few people ever expect — the appraisal cost for rings. For insurance purposes (highly advisable due to sentiment and value involved), a ring must be appraised. The job of conducting these appraisals is often left to certified gemologists and appraisal professionals.
They study factors like carat size, color, clarity, and cut in relation to the diamond, as well as the overall quality of the ring. Generally, these fees can vary between $50 and $150 or even more per ring appraisal.
Insuring engagement rings after having them appraised might seem like a waste of money at first glance. However, given how much they cost and the sentimental value, getting insurance is better than not having any backup plan in case something goes wrong with it.
Most insurance policies cover losses due to damages and thefts. Yearly rates are quite low, usually 1-2% of the assessed value.
If you want your emerald cut engagement ring to retain its luster and beauty over time, then regular maintenance will be required. The maintenance includes professional cleaning as well as checking if there are signs of loose stones or needs for tightening or mending prongs.
The price for cleaning and inspections varies from one jeweler to another, with some offering free cleaning and checking services while others don’t. The annual maintenance charges might range between $20 and $100 or even higher, depending on the complexity of the design.
Even after thorough planning, the engagement ring sometimes won’t fit your partner’s finger. In such a case, you have to resize the ring, which would call for more money.
Several jewelry shops offer free resizing once only, whereas others may charge from $20 to $100. The cost usually depends on the design’s complexity, the type of metal used, and the degree of resizing involved.
- Sales Tax
The sales tax is yet another expense that can be easily omitted when budgeting for an engagement ring. Depending on where you buy the piece and local tax regulations, this can significantly increase its final price. Enquire about sales tax beforehand so that no unpleasant surprises occur during checkout.
These hidden costs shouldn’t discourage you from going for the stunning emerald cut engagement rings. The step cuts, rectangular facets, and subtle elegance exuded by these rings are iconic of a forever classic look. Planning and budgeting are necessary, but that moment when your spouse first sees their emerald cut ring is priceless.
Ultimately, there is more to buying an engagement ring than just the price tag. It means putting thought into something that symbolizes affection and love within a relationship. These additional costs are vital in safeguarding your investment and ensuring that your emerald cut engagement ring remains shiny and sparkly throughout your journey.
Remember these hidden expenses as you prepare for that next exciting phase of life, and enjoy the process of getting the perfect symbol of your love.