No matter who the recipient is, jewelry is always a welcome gift. Rather than wracking your brain for gift ideas the next time a holiday or special occasion comes around, give jewelry.
While you have a number of finance options for paying for jewelry, jewelry financing through lease-purchase programs can often help buyers who do not qualify for store credit and require some form of no credit needed financing. When using lease-purchase programs for jewelry financing, a leasing company purchases your chosen piece of jewelry for you, then leases it to you for a fixed, recurring fee. In this way, you are able to take the jewelry home with you, typically with no down payment required. Here are five occasions for buying jewelry using jewelry financing:
Engagement and Wedding
As of 2017, about half of adult Americans were married. Marriage proposals are probably the occasions most closely associated with gifts of jewelry. Almost all wedding proposals include an engagement ring and 83% of those engagement rings have a diamond center stone. The average spend on a diamond engagement ring is $6,300, although Millennials typically spend $3,000 on diamond engagement rings.
Most people do not have $3,000 to $6,000 saved for a diamond engagement ring. In fact, this number represents about two months of salary for most buyers. Since most people have other expenses, this usually means saving over several months.
An alternative is engagement ring financing through lease-purchase programs. This type of financing is available for anyone who wants to buy an engagement ring but does not have the cash readily available, including those with bad or no credit.
When it comes time for the wedding, another investment is made in wedding bands. Wedding bands are typically less expensive than engagement rings, but buying two means double the cost. Surveys suggest that two wedding bands run about $2,000 total.
Did you know that different anniversaries are associated with different gemstones and precious metals? Keeping up with the traditional schedule can be a bit of a chore and require a bit of planning and saving. Here are the first five anniversary gemstones and metals:
- 1. Gold
- 2. Garnet
- 3. Pearl
- 4. Blue topaz
- 5. Sapphire
You might want to start saving early or begin planning for jewelry financing to meet each of these special occasions.
Like anniversaries, birthdays are associated with birthstones. Birthday jewelry is an appropriate gift for anyone, including a spouse, children, grandchildren, parents, or a significant other. Here are the birthstones associated with each month’s birthdays:
- – January: garnet
- – February: amethyst
- – March: aquamarine
- – April: diamond
- – May: emerald
- – June: pearl
- – July: ruby
- – August: peridot
- – September: sapphire
- – October: opal
- – November: topaz
- – December: turquoise
The costs of these birthstones vary widely. Rubies, not diamonds, are the most expensive. In fact, for a ruby and diamond of equal size, the ruby will almost always be more expensive. After rubies, diamonds and emeralds are the next most expensive. On the other end of the scale, turquoise, amethyst, and peridot are the least expensive.
Americans spend more on gifts for Valentine’s Day than any other holiday (other than Christmas and Mother’s Day). In 2019, Americans spent over $20 billion on Valentine’s Day gifts alone. The top gifts by amount spent are:
- 1. Jewelry ($3.9 billion)
- 2. Dinner date ($3.5 billion)
- 3. Clothing ($2.1 billion)
- 4. Flowers ($1.9 billion)
- 5. Candy ($1.8 billion)
Amazingly, 11% of Americans also treat themselves on Valentine’s Day by indulging in a special treat. For these self-gifts, clothing and jewelry top the list. Whether you’re buying for someone else or for yourself, jewelry purchased through jewelry financing is a very popular purchase for Valentine’s Day.
Mother’s day is the second-highest gift-giving holiday after Christmas. Consumers spent about $25 billion on Mother’s Day in 2019. It’s thanks to purchases like these that, over the past ten years, spending on jewelry has more than doubled from $2.3 billion to $5.1 billion.
While giving jewelry is traditionally tied to certain special occasions and holidays, any day is a good day to buy jewelry as a gift. For those with bad credit or no credit, and those who require a zero down payment financing option, jewelry financing through lease-purchase programs is an option.