An engagement ring is an important and expensive purchase. It is something that your loved one will have forever so you will want to put a lot of thought into the purchase. Here are a few tips that will help you with your shopping:

Setting a budget

It used to be a rule of thumb that the groom should spend two months salary on an engagement ring. That is not so much the case anymore. You know what you can afford so you should decide what is a reasonable amount to spend.

Choosing a stone

When choosing a diamond it is important to know what you are looking for before you even go to the jewelry store. Educate yourself on the characteristics used to decide the quality of the diamond (the four "C’s") and the different stone shapes.

The four "C’s"

The quality of a diamond is decided upon by four characteristics of the stone: color, cut, clarity and carat weight. Although size is a key consideration, a bigger stone is not always better. The higher a stone’s rating is in the four categories, the more valuable it is.

• Color: Diamonds come in a variety of colors including white, yellow, brown, blue, green, pink and red. The rating scale for diamonds begins at D (colorless), the most valuable, and runs through Z (yellow), the least valuable.

• Cut: The cut of a diamond determines how sparkly or fiery the stone is. If a diamond is cut too deep or too shallow, it will not reflect light well and will look dull.

• Clarity: This refers to the number, size and color of imperfections the diamond has. A stone with no imperfections is considered flawless and is more valuable.

• Carat weight: The size of a diamond is measured by carat weight.

Stone shape

You may want to have the shape of the stone in mind when going to the jewelry store. This will help you narrow down the selection.

Some shapes include:

Round (brilliant cut): traditional cut

Pear (teardrop): round at the bottom and pointed at the top

Oval: oblong and is rounded at both ends

Marquis: oblong but pointed at both ends

Heart

Emerald: rectangular

Princess: square

More to consider

Although diamonds are the choice for most weddings, colored precious stones are also used in engagement rings -- especially in second weddings. Keep in mind that some gemstones are more durable than others, with sapphires being the most durable.

Buying the ring

Shop around at different jewelry stores to get an idea of price, but here are some tips for when it comes time to buy:

• Use a reputable jeweler. Ask friends, family and other people you know who have had recent dealings with a jeweler. It may be a good idea to use a jeweler who has been in business a long time.

• Get a written guarantee/certification of the diamond’s value.

• Ask you jeweler what their policies are on price guarantees, exchanges and trading up to a more valuable stone

• Call you insurance agent and have the ring insured