In fact, buying diamond engagement rings under 500 dollars is no rocket science. You can easily achieve this objective if you choose each and every element in your ring strategically. For starters, you must forget about the 4 C’s of the diamond. This is actually the marketing strategies introduced by the diamond sellers. All you have to do is to pick a gemstone of medium size that offers a decent brilliance. Additionally, make sure that the ring is flawless and colorless when viewed with naked eyes. After all, no one is going to come after you with a diamond loupe in order to check your gemstone. Next tip to consider in order to purchase cheap diamond rings is to play with the settings. In most cases, people may have their eyes on a huge diamond ring. However, their budget may keep them away from it. You can tackle this issue by selecting your diamond ring settings wisely. Go for the options such as invisible setting, halo setting, cluster setting, etc., that offer the illusion of a huge solitaire at an affordable price.