How to Buy An Engagement Ring

Diamond or sapphire, round or cushion cut? Choosing an engagement ring can present a challenge. For expert insight on what is arguably the most significant jewelry purchase you’ll ever make, Luxury Defined spoke with Tom Burstein, International Director, Christie’s Jewelry.

Luxury Defined: What are the most important factors to consider when beginning the search for an engagement ring?

Tom Burstein: Buying an engagement ring is a serious purchase not only for what it symbolizes but in terms of value. The primary concerns should be aligning a budget with the weight, shape, and quality of that one is looking for. In most cases, the first objective of the buyer is to achieve a certain minimum weight, and a good jeweler will make sure the budget will allow for a good quality stone within that weight or discuss raising the budget or lowering the weight. Other factors to consider are whether the proposal is a surprise, or if your fiancée/fiancé has any prior expectations. These questions set the parameters, which help us to find what you’re looking for. You can then feel confident that you’re going to get the best ring within your budget.

Luxury Defined: Does Christie’s offer an engagement ring service?

Tom Burstein: Christie’s Jewelry department can assist with a wide range of requests, from finding the perfect engagement ring to acquiring the world’s rarest jewels, whether your budget is $10,000 or over $10 million. Specific jewels can be acquired through our live auctions, online sales, or via private sale — through our extensive client database and global network. Prospective buyers can contact a jewelry specialist in their region—we have departments in New York, , London, Paris, Amsterdam, Dubai, Hong Kong, and Shanghai.

Luxury Defined: Where is the best place to buy a ring: live auction or private sale?

Tom Burstein: Whether you purchase a ring at auction or through our private sales channel depends on timing and what is available. Our specialists will look to an upcoming auction to see if any rings match the already established criteria. Each sale is constructed to meet market demands and comprises a broad spectrum of jewels: estate jewels, antique or vintage, newer pieces, and stones from gem cutters. With engagement rings in particular, the buyer is usually working within a set time frame as the proposal may be planned around a holiday or vacation. Therefore, the ring must be ready in time to execute the plan! Whether it is timing or auction availability that is the issue, we can source exactly what a buyer is looking for on their schedule, while at the same time providing them with a good value that is comparable to a final auction price.

Luxury Defined: Is there an advantage to buying a ring at an auction?

Tom Burstein: At an auction, there is the possibility to buy a ring for less than it would be offered for private sale, as our pre-sale estimates are designed to leave room for bidding. Also, there is a greater chance to acquire a signed ring, by Harry Winston or , for example, which are more likely to show up at one of our live auctions. If you are buying at an auction, it is important to know in advance what you are bidding on and your budget.

Luxury Defined: What are the current engagement ring trends?

Tom Burstein: Today, consumers are much more open to what constitutes an engagement ring; the types of stones within the bridal category are a much wider offering than in the past. The type of stone and design of the ring are based more on personal style or taste rather than established norms. Though there is a heightened demand for fancy colored and colored stones such as sapphires, rubies, and emeralds, trends tend to slowly enter the market rather than dominate it. They then become part of the vernacular. An example of this would be the type of engagement ring selected by a celebrity or world presence, such as The Duchess of Cambridge, whose famous sapphire ring demonstrates that an engagement ring does not have to be a diamond.

Luxury Defined: Are diamonds the most valuable gemstones, or can sapphires, rubies, or emeralds exceed their value?

Tom Burstein: By the nature of how colorless diamonds are graded and priced, there tends to be a high and low value range in which each combination of shape, weight, and quality sells. Fancy colored diamonds on the other hand have much broader ranges and the top end is much more elastic with rarer colors such as pinks and blues breaking records year-after- year. For example, a perfect 5-carat colorless diamond may fetch up to $125,000 per carat whereas a 5-carat vivid will bring well over $1 million per carat. With colored stones such as rubies, sapphires, and emeralds there are countless variables that make up the value — with the most important being the origin and whether or not a stone has been treated to improve its color and clarity. For example, one could be viewing two 10-carat emeralds, both of Colombian origin and the per-carat price could range from under $5,000 to $150,000. In short, white diamonds have very well-defined objective grading criteria resulting in more precise value ranges while with colored gemstones the value is based on very subtle nuances in color and other factors and that leads to a much broader range of possible values.

Luxury Defined: With regard to the four Cs, what is most important factor when choosing a diamond?

Tom Burstein: The four Cs—cut, color, clarity, and carat—characterize a diamond’s quality, allowing us to determine its value. Although a diamond’s weight (carat) is a major driver of its price, the combination of other Cs (cut, color, clarity) within the context of weight will be more significant when taken together. For example, a round (the most expensive cut), 3-carat, J (color), VS2 (clarity) can be worth around $20,000 at auction, whereas a lighter 2-carat stone with an F color and VS1 clarity would fetch considerably more at $35,000. All these variables work in concert, so it’s not as clear-cut as it seems. Luxury Defined: Does a ring’s setting affect its value?

Tom Burstein: Generally, the focus of a ring’s value is on the center stone. A classic setting will not have an impact on the overall purchase price; if it is signed by a major jewelry house, such as Harry Winston, Graff or Cartier, then it will have an impact on its value. The type of setting can increase the cost considerably — especially if the setting includes pink or blue diamonds, which cost several thousands of dollars for a small accent stone. In any engagement ring budget, the total cost has to be broken down to include both the center stone and the setting.Luxury Defined: What should buyers beware of when purchasing an engagement ring?

Tom Burstein: It is important to go to a reputable and established jeweler or auction house. Their expertly trained specialists will be able to answer questions so that you know exactly what it is that you are purchasing. This is a big investment — you do not want to learn anything negative about a piece of jewelry after you have bought it.

If you are buying a diamond, it is imperative that you accept only a diamond grading report from the GIA (the Gemological Institute of America), the leading source of knowledge, standards, and education in gems and jewelry.

You should also try to commit to one jeweler or specialist throughout the entire process. It can get confusing to look at too many rings from different sources; it can also become a chore to dissect all the information, which can take the romance out of what should be the most romantic of occasions.

Tom Burstein is the International Director of Christie’s Jewelry.