Should You Buy Your Engagement Ring at Costco?

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When you think of where to buy your engagement ring, you might think of Zales, Tiffany & Co., or Blue Nile. But if you've ever walked past the diamond counters at a Costco warehouse, you might be wondering how Costco's prices compare to these other traditional merchants -- and if the quality of its engagement rings matches theirs.

At a glance, Costco does offer decent prices on high-quality engagement rings. But it doesn't have the widest selection of styles, nor does it allow you to customize or design your own ring. Costco also doesn't offer cleaning or repair services for rings purchased there, perks most jewelry stores have.

Whether you're about to drop down on one knee or do as I did and nervously let the ring fall on the table, let's look at Costco's engagement rings and see if it's worth buying yours there.

Costco's diamond engagement rings meet high standards

Costco uses the evaluation standards established by the Gemological Institute of America (GIA) to grade its diamonds. These standards -- known as the 4Cs -- assess a diamond's color, clarity, cut, and carat weight to determine its quality and value.

We don't have to get into the nitty-gritty of these 4Cs (each has its own scale, system, and terminology). But it's worth noting that Costco guarantees that its diamonds meet standards of excellence for each one. For example, its diamonds have a cut grade of Good to Excellent, while its color is guaranteed to be "I" or better, where D is the best color and Z is the worst.

Costco's diamonds are also untreated, meaning they haven't undergone any artificial enhancement to improve their appearance. Though treated diamonds can offer a range of fancy colors and clarities at a much lower price, the treatment can affect its value and durability. An untreated diamond can potentially last longer and have a higher resale value.

You can't customize your engagement ring, but you have some ring options

Costco doesn't offer many of the services that a traditional jeweler does, such as free resizings, cleanings, and in-house repairs. It also won't customize your engagement ring. So if you like the diamond in one ring but prefer the style of another, Costco won't create a one-of-a-kind ring to match your preferences.

That said, it does have a variety of rings to choose from. Its website lists more than 200 engagement rings with six shapes (emerald, round, oval, cushion, princess, and pear), four metals (platinum, yellow gold, white gold, and two-tone), and six styles (solitaire, bridal, one-of-a-kind, halo, multi-stone, and three-stone). Meanwhile, Zales has almost 5,500 engagement rings on its website with 11 shapes and four styles.

As far as price goes, you can buy an engagement ring at Costco for as low as $500 or as high as $300,000 or more. But while Costco only has a few rings under $1,000, Zales has hundreds of them. The quality may not be as high, but the price could fit your budget better.

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The verdict: Should you buy your engagement ring at Costco?

If there's one thing Costco's engagement rings have going for them, it's the standards of excellence. When you buy an engagement ring at Costco, you can rest assured that it's a high-quality ring.

That said, Costco isn't a jeweler and doesn't offer the lifetime services you'd get from a traditional jewelry store. While it sells some unique rings, it can't customize one to your preferences, nor will it offer any post-purchase services. If you'd rather buy your ring from an artisan who will help you maintain it long after you've purchased it, you might be better off going somewhere else.

Of course, if you buy your engagement ring from Costco and it doesn't meet your future spouse's standards, you can always take it back for a full refund. Just keep in mind that diamonds of 1.00 carat or larger must have all original paperwork. This might give you some peace of mind, knowing you can always take the ring back to Costco if you find something else. Or worse -- your special someone says no!

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