ENGAGEMENT RING PRICE NEGOTIATIONS

Price negotiations

Studies have shown that the mean ring cost is 11% of the man's annual income. Even if you want the ring to represent the love you have for your significant other - That is a lot of dough and warrants price negotiations. No matter whether you are buying a house, a car or an engagement ring - they are usually at least a few percent you can potentially save. If you don't do so, you are allowing the counterparty to benefit financially from your unwillingness to negotiate. In general, you can safely assume that the average jewellery store enjoys profit margins of 50% or more. So let's sum it up this way: if you don't try to negotiate a better price, you will never know whether it would have been possible.

Try to get the best possible offer you can. Once you feel that there is little movement left from the jeweller, feel free to offer to pay the purchase price for the engagement ring in cash. As you might know, credit card companies charge fees of several percentage points. Bypassing them and paying with banknotes saves the jeweller money and in most cases he or she is willed to grant a price concession if you ask.

If you prefer to pay for your engagement ring with a credit card, try to use one that offers you either some sort of cash back programme or points that can be redeemed at a later point of time. Think of it this way: If the ring costs you $3,500, each and every percentage point is worth a whopping $35. How long does it take you to earn this amount of money? In addition, paying via credit card allows you to pay the bill thirty days later than if you paid for the engagement ring with cash.