Thankfully, the following tips are designed to help you stick to your budget while you shop for diamond engagement rings. Whether you choose a 14k or 18k gold band, platinum settings, or anything in between, you can find something affordable for your special someone.

The 4 'C's'

Prior to shopping, it's important to research what makes a quality diamond. Deciding to purchase a ring solely on price isn't the way to go, and the price of a diamond ring means very little unless you understand the 4 'C's' of diamond quality.

The four 'C's' consist of color, cut, clarity, and carat size. These components are very important in determining a diamond's quality, but they can show you that a cheap diamond doesn't necessarily mean it's worthless.

Granted, an engagement ring that's 14k gold will cost considerably less than a band that's set in 18K Gold. Similarly, the larger the carat size, the more money you can expect to shell out towards a fitting ring.

Saving Money on Engagement Rings

Once you've educated yourself on the components of a high quality diamond, it's time to figure out how you're going to find a ring that still retains its quality.

There are several places you can search for without breaking the bank. First and foremost, you can choose to use a family ring as an engagement ring, which will eliminate any major costs right from the start.

However, if that isn't an option for you, there are several other places to search for cheap yet high quality diamond engagement rings. For example, consider purchasing a ring from an antique store or pawn shop. This might sound a little odd, but you might be surprised at what you can find if you only take the time to look!

You could also search through jewelry classified ads and find a ring that will suit your needs - you can always have the stone reset, if you prefer. Finally, you might also want to consider purchasing a ring that has several small stones in the setting rather than one large stone. You'll save money this way, and still have an affordable diamond engagement ring for your bride to be.

Once you learn what makes a high quality diamond and how to comparison shop for the best price, you'll be able to find a "cheap" diamond engagement ring she'll love - without breaking the bank.