Why are you saving by Buying Your Engagement Ring Online?
There are numerous reasons why diamond engagement rings are cheaper online. Below are just some of the benefits you can receive!
There is No Overhead Related to a Brick & Mortar Store
Since our preferred sellers don’t have physical stores, they don’t have the costs associated with running a store. I don’t know about you, but the last time I stepped into Jared’s (which I like in all fairness), the place felt like a hotel lobby. There were plenty of employees, courteous security, extra room in the back for appraisals, complimentary pastries, and drinks, and it was a standalone building in a very prosperous area. You add all these amenities up, and you get a significant fixed overhead that you must pay for when purchasing your diamond.
Fewer employees
When you walk into a jewelry store, you expect to be greeted almost instantly. The store has the incentive to briskly greet you and get you looking at what products they consider are best for you. Unfortunately, those employees cost a lot of money. With online retailers, you’re free to decide at your own pace, so those employees and their high costs are no longer needed.
Are There Tax Savings when Buying Your Engagement Ring Online?
Ever notice when you buy on Amazon that only a couple of items have taxes charged to them? That’s because the item is coming from a State that is not your own. So, except for a few States, you’re already looking at a baked-in savings of 7.5%. That’s not much when you’re buying a soda, but when it’s a $10,000 diamond. Well, I can think of a lot better uses for $750 than just handing it over.
Tax savings used to be a significant bonanza for consumers. However, as of October 2019, the number of States that still offer these savings has dwindled significantly. As a result, we recently posted a separate article detailing the new restrictions regarding online taxes, which you can click through here. As a quick primer, though, know that if you live in the specified States below, you still have the opportunity to save a significant amount through taxes.
Blue Nile: You don’t have to pay taxes if you live in Alaska, Delaware, Florida, Missouri, Montana, New Hampshire, or Oregon
James Allen: You don’t have to pay taxes if you live in Alaska, Arizona, Delaware, Florida, Kansas, Louisiana, Missouri, Montana, New Hampshire, Oregon, or Texas
Are there Additional Savings to Buying an Engagement Ring Online?
Like all online retailers, differentiating yourself is a cutthroat business. Luckily for us, the consumer, that means that our favorite diamond buyers offer coupons!
What does that mean? We’re talking from a couple of hundred dollars and up to 20% during the busy shopping periods, plus coupons for joining mailing lists, entering giveaways, etc. So if you can time your diamond buying to line up with Black Friday, Christmas, Valentine’s Day, etc., you’ll get an extra deal. Click here, as we always have a list of their current coupon offerings.
Additionally, both Blue Nile and James Allen offer a 1.5% discount when paying by bank wire. Now, this might not always be in your best interest if your credit card company offers you more in the form of points and/or rebates. Check and see which cards might give you more back, but if not, that’s an easy additional 1.5% savings.
