5 Ways to Pay for an Engagement Ring


5 Ways to Pay for an Engagement Ring – 5 Popular Methods

In this article, we are delving into the 5 main ways to pay for an engagement ring. The following options cover a full range of methods used in the purchase of an engagement ring. Each method offers its own incentives. Alongside advantages there are also disadvantages. For this reason it is important to consider all information and to make an informed decision based on the research. We now support all the following options. As a result we can offer advice on each of these. We are not going to discuss here what you should spend. This is always a very personal decision but the course of action should be affordable and based on your own circumstances. Rather this than any suggestion on what you should be spending.

Credit via finance (Buy Now Pay Later)

Finance has steadily increased in popularity over recent years. There are many options allows a finance package tailored to your requirements. Every retailer will have their own approach, from how the application processes (online, over the phone, by email, in person etc.) and minimum requirements. We offer finance for engagement rings through Pay4Later, (this page includes the online calculator tool). Although our online finance suggests a 10% deposit, provided the item price is above £500, an applicant can place upto 50% of the item value by way of deposit. There are criteria which have to be met, including UK residency. Finance works by arranging a contract for payment with the bank (via Pay4Later) allowing the item go, before full payment completes. Our Layaway system (see below) is less flexible in this way. Probably the most beneficial package is now the 6 months interest free option which exists on most items above £500.00.

Credit via cards

Credit cards are one of the most popular ways to pay for an engagement ring. This method enables the purchaser to ensure they have the best credit card, payment plan and interest rate to suit their requirements. Since we accept Mastercard and Visa (generally the most widely used card types) this type of payment can be arranged either by phone or via the website.

Saving / Outright Purchase

This method is ideal for anyone who has either saved towards a particular purchase or has the funds readily available. There are advantages with having the funds saved and ready. Buyers can pounce on particular special offers at a moments notice. Such items often come with limited availability.


The layaway method of purchase is one of the very popular ways to pay for an engagement ring within the US. But UK sales of engagement rings are supported less by this method. Under this system, a deposit is placed for the item. The item is then manufactured and the balance is arranged over two or more months. Upon completion of the full payment, the ring is then delivered. Finance (see above) provides a similar method of instalments but allows the item to be released prior to full payment, one of the reasons we introduced this in 2012.


Part exchange is something we decided to include because it might not actually come to mind when considering an engagement ring purchase. Existing items of precious metal (Gold, Platinum etc.) can be included to offset the end cost of the engagement ring. We offer the current scrap metal value on the day this is arranged. This can be an effective method to pay for, or offset a purchase and worth consideration if you have items of jewellery no longer required.

We hope that by offering some guidance on ways to pay for an engagement ring, those interested in buying a ring will have more information to help them with the purchase. The above methods are based on our own systems, but are generally adopted across the jewellery sector by many retailers.

Mark Johnson

About Mark Johnson

Mark attended Liverpool University and went on to pursue a career in the diamond industry. After more than a decade working in polished diamonds, Mark moved to the Isle of Wight where he launched Serendipity Diamonds. He works most days from their busy Ryde showroom, photographing jewellery and writing for the Serendipity Diamonds website.

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