Here’s when to buy an engagement ring and tips for ensuring you get the biggest bang for your buck. 

August
Prices on engagement rings tend to drop during the summer, particularly in August. This is off-season for engagements, so fewer people are buying rings. Retailers are eager to bring in business and often host sale events with drastically reduced prices. 

Presidents’ Day weekend
February is another slow time of year for the jewelry industry. With the holidays long gone and the spring proposal season still months away, they can be desperate to attract customers. Take advantage of this by shopping Presidents’ Day sale events for a discounted engagement ring. 

Holiday season
You likely won’t find deep discounts on high-quality diamonds on Black Friday, but you can score a small price cut by shopping inside the holiday season. You may also find additional perks offered at this time, such as expedited shipping and free gifts that come with your purchase. 

Tips for purchasing an engagement ring

Here’s how to save on your purchase no matter when you buy it, and ensure you’re getting good value for your money:

• Be mindful of the four Cs. Diamonds are graded according to four Cs: Cut, clarity, color and carat weight. Diamonds with better grades will cost a lot more, but ask about your diamond’s grades because a higher price doesn’t guarantee a higher-quality diamond.
• Choose your metal. The metal of the ring’s band will also affect its price. Gold is highly popular, but can get pricey. You can get around this by purchasing a silver band and dipping it in gold for the same look at a lower cost. 
• Know the brand’s reputation. You want to buy your ring from a reputable retailer, but established brands often charge more than independent retailers. Your best choice may be a small retailer with an excellent reputation.
• Consider a lab-grown diamond. You can save a lot of money without compromising on your diamond’s quality or beauty by choosing a man-made stone. 
• Think outside the jewelry box. For example, you can buy a cheaper gemstone, such as a sapphire or emerald for your ring. 

Use this guide to learn when to buy engagement rings and how to ensure you get the biggest bang for your buck.