Diamonds are elegant and timeless, and have been used throughout history to show wealth and extravagance. The market for engagement rings is built on a similar concept – which is why we love to ask about the ring as soon as our friends have gotten engaged. But, did you know that diamond engagement rings can cost as much as a European vacation? There are hundreds of equally beautiful stones for rings that won't break the bank. Check out these ideas from our friends at Coinage to find out the best option for you and your beau.
[MUSIC] Coinage, Life, well spent, presented by GEICO. The average engagement ring in 2016 cost a whopping $6,163, that's enough for a vacation across Europe for two, or you could also buy a decent used car with that six grand. Why are engagement rings So expensive. Well, it's partially due to a marketing campaign in the 1940s that convinced the US that diamonds were the only option for an engagement ring. Historically, the purpose of the big rock was to guarantee the financial future of the bride-to-be if the wedding was cancelled and her marriage prospects dimmed. Nowadays, the engagement ring is just a very pretty symbol of love, not a financial investment. Especially since the resale value of diamond rings is low, often less than 50% of the original price. Couples wanting to save money can opt for cheap alternatives. Moissanite is a great option. It's a lab-created stone with low environmental impact that is less than half the price of a diamond. It's almost as hard as a Diamond and has twice the brilliance. Or try sapphire. These beautiful jewels come in an array of colors. Not just blue. And white sapphires can look similar to a diamond. Plus they're a fraction of the price. Colorful gemstones make for an elegant look as well. Look for rings with Amethyst, Opal, Emerald, or Garnet. A ring is unique as you are, it can save major money. If your heart is set on a diamond ring though, check out estate sales or websites that specialize in pre-owned diamonds. There's no reason to pay full price for your sparkle. Coinage, life, well spent, presented by GEICO.