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WEDDINGS SPECIAL REPORT: How to save on the diamond

It's common knowledge that a wedding is the most expensive party most people will ever throw.

Diamond rings made from gemstones mined from the Northwest Territories are a popular purchase. photo courtesy of Kennady Diamonds

Every little part of a wedding SA国际影视传媒 from the venue right down to the invitations SA国际影视传媒 is going to cost money. And these costs add up quickly.

The expected cost of a wedding in Canada in 2015 was $30,717, according to a Wedding Bells magazine survey SA国际影视传媒 and one of the priciest items couples purchase for a wedding is an engagement ring.

Last year, the rate comparison website RateSupermarket.ca pegged the average price of an engagement ring to be $4,957.25.

In general, men are encouraged to spend at two or even three months salary on the engagement ring but where does that leave grooms who donSA国际影视传媒檛 necessarily want to spend a fortune?

SA国际影视传媒淚t is kind of a good rule because it keeps the guys from cheaping out,SA国际影视传媒 joked Patricia

Caffet, director of the NWT Diamond Centre.

SA国际影视传媒淏ut I personally donSA国际影视传媒檛 like it because some people are just starting out and they canSA国际影视传媒檛 afford it,SA国际影视传媒 she said. SA国际影视传媒淭hey have small children at home. They need diapers, they need milk and theySA国际影视传媒檙e also spending on a wedding.SA国际影视传媒

Caffet said there are ways to save money when buying an engagement ring.

The NWT Diamond Centre offers a layaway option where the buyer can pay a down payment and then take six months or more to pay off the purchase.

In addition, you can compromise on some of the four CSA国际影视传媒檚 that determine the value of a diamond (cut, color, clarity and carat).

SA国际影视传媒淵ou can sacrifice any one of those four things in order to enhance another area to keep the price relatively stable,SA国际影视传媒 explained Caffet.

If youSA国际影视传媒檙e willing to sacrifice clarity SA国际影视传媒 a measure of the imperfections in a stone, which are often invisible to the naked eye SA国际影视传媒 you can save some money.

The most sought-after diamonds are colourless, which means yellow, blue or green gems can be more affordable.

SA国际影视传媒淚f youSA国际影视传媒檙e looking for size then you can go down in colour and go down in the clarity as well and get a much larger stone,SA国际影视传媒 said Caffet.

In terms of shape, regular round diamonds are the most expensive so there are savings to be had if you go for oval, heart-shaped or a princess cut diamonds.

SA国际影视传媒淓veryoneSA国际影视传媒檚 preferences are different and there are many ways to work around that,SA国际影视传媒 said Caffet.

Fact file: Highlights from the 2015 Wedding Bells magazine survey:

  • The average age of Canadian brides was 30.
  • The average number of wedding guests was 129.
  • More than one in four women chose their engagement ring before becoming engaged.
  • Forty per cent of engaged brides thought pre-nuptial agreements were a good idea.
  • Twenty-three per cent of weddings occurred in August.
  • Seventy-five per cent of brides agreed that they were likely to spend more than anticipated on their wedding.




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