5 min read

Purchasing an engagement ring should be among the most exciting times in your life. Not only are you on the cusp of popping the question to your significant other, but you’re about to create a lasting memory of a moment in time when your relationship took the next step towards a lifelong commitment to one another. 


Today, due to the COVID-19 global pandemic, we live in an uncertain world. A world where many people are fearful of not only their health and well being, especially those who are at risk due to underlying health issues, but also fearful of their jobs, careers, and livelihoods of those around us. For many, this global pandemic has threatened the sense of financial wellbeing and stability many had been working hard towards and looking forward to achieving in the near future. As the days, weeks, and months ahead lead toward changes in our everyday lives, slowly we’ll regain our sense of living in this “new normal.” Everyone’s situation is different, thus we all live in various life stages which will inevitably, from a long-term perspective, go back to normal (whatever normal may be is to be determined). 


As so many people are self-quarantining, staying isolated from the family, friends, and significant others we’ve come accustomed to interacting with, you may be nearing the point of your relationship where it’s been on your mind to take the next step with your significant other. Though weeks prior and the weeks ahead may not be an ideal time on paper to plan a thoughtful and romantic proposal, especially with so many businesses, travel, and outdoor activities cancelled, it may not be a bad time to answer the question of how you plan on paying for your significant other’s engagement ring.

Halo engagement ring on hand couple


For most of our clients, purchasing an engagement ring is the third largest purchase they’ll ever make, right there behind home and car purchases. Unlike purchasing a home or buying a car, purchasing an engagement ring tends to be a much more personal and intimate experience, not only in the design and selection process, but also financially. What this means is that when you take a preliminary glance at engagement rings, unlike the two other largest purchases in your life, prices will vary significantly for the perception of what you’re receiving! Thus, when seeking the advice or opinions of family and friends, you’ll likely receive varying levels of knowledge about certain aspects of the engagement ring shopping experience. It’s important to self-educate, which will certainly calm your nerves, and even more important is to choose to work with a trusted jeweler and gemologist who will patiently take the time to learn about you and your significant other, and to educate and answer your questions truthfully and transparently, which is arguably equally as important as the finished engagement ring itself. Why? Because the third largest purchase you’ll make deserves the time, attention, and most importantly, the expertise of a trained professional for you to make the best decision for you and your significant other.


I should pause and mention that the traditional way of shopping for an engagement ring is to walk into a jewelry store, browse, and with little to no education point at prospective rings with various diamond or gemstone center stones and glace at the price and be shocked that it’s two or three times what you were expecting to pay for an engagement ring. At Soha Diamond Co. we abstain ourselves from this sort of shopping experience as we take great pride in actively involving you (as much as or as little as you’d like). Many of our clients feel comfortable sharing their budget so we can assist in helping them better understand the aspects of their engagement ring that will dictate large portions of their budget. For example, design implications, choosing an appropriate center stone type and quality, and precious metal type and purity all have financial implications that can align with your goals without compromising the overall desirability of the engagement ring.


Clearly, part of the decision making process for any large purchase, whether or not it’s a home, car, or engagement ring is affordability. To learn more about how much you should spend on your engagement ring, please clickhere to read our blog post. 


Today, we’re going to focus solely on the aspect of whether or not you should consider financing your engagement ring. As you shop at online or local jewelry stores, you’ll likely be bombarded with credit card and special financing offers. Generally, these are tactics to ease the “sticker shock” associated with shopping for engagement rings. At Soha Diamond Co., we do not suggest purchasing an engagement ring solely based on the monthly payment. Most of our clients who choose to finance their purchase do so for other reasons, including cash flow purposes and friendly repayment schedules. 

french set engagement ring in rose gold


As you know by now, today, more than ever before, you have the option to utilize various forms of payments. Financing a purchase can be a great way to add flexible payment options via monthly payments over a period of time as opposed to making an outright purchase. No retailer should guarantee or quote you a specific interest rate as most of the time they are not the ones actually providing you the financing. For example, there may be a special financing promotion going on that’s a zero or low interest rate offer, but only for qualified buyers, therefore eligibility may vary and the offer you receive may be different than what was advertised. 


Keep in mind that when researching and/or checking out, that a soft or hard credit inquiry (otherwise known as a check or pull) will likely be required in order to give you an accurate repayment schedule (term) and interest rate. Some promotional interest rates vary depending on introductory offer and payment schedule, while aspects of the offered terms and interest rate may change outside of the introductory period. It’s important to take your time, fully understand the terms and conditions, and ask any questions to both your retailer and financing company. At the end of the day, the account setup and financing are subject to credit approval.


At Soha Diamond Co., we are proud to have partnered with Klarna to make shopping and paying for an engagement ring simple, safe and above all, smooth as possible. Klarna Inc. is headquartered here in the United States in Columbus, Ohio. They have fantastic customer service and provide the most seamless shopping and checkout experience imaginable. For additional information on Klarna, please visit our financing page by clickinghere.