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Photo Courtesy of Catbird | Design by Amelia Manley

A traditional engagement ring typically features a diamond center stone and a band made of either silver, gold, or platinum. These rings are beautiful and classic, but they're also generally very expensive—it's not easy to find a diamond ring at a truly affordable price point. The good news is that there is no rule that says you have to spend your life savings on an engagement ring. There are gorgeous engagement rings under $500 so you can propose to the love of your life in style without emptying your bank account.

Finding an engagement ring under $500 might mean adjusting your expectations on what that ring is going to look like, however. You shouldn't expect to find a diamond or even a great quality, large colored gemstone at that price point. Instead, look for smaller center stones and unique shapes. These alternative engagement rings offer a fresh perspective and might be the non-traditional look some bride-to-be's are going for.

Here's a look at some of the best engagement rings under $500 available now.

Courtesy of Gema & Co

A more traditional look at a lower price point, this pear-cut solitaire features a center moissanite stone. You can choose to pair it with a yellow gold, white gold, or rose gold band for $500.

This dainty and feminine ring comes in at a super low price point if you opt for silver or yellow or rose vermeil with a cubic zirconia stone. It's dainty and could easily double as a stacking ring if you choose to upgrade to a larger ring one day.

This modern shaped pearl stone ring features a curved wedding band with a tiny diamond for a little sparkle. For less than $500, you can opt for silver or yellow gold or rose gold vermeil.

Courtesy of Jennie Kwon Designs

We love that this Jennie Kwon ring features a non-traditional style for an engagement ring. Instead of a center stone, there are three small baguettes in a 14K yellow gold band. It's delicate and pretty.

For brides looking for something very non-traditional, this ring is the perfect choice. The marbled green stone is produced by American miners in Lucin, Utah, and the golden bezel and carved silver is a beautiful mix that definitely makes a statement.

Mixing metals always makes for an interesting result, and this ring is no exception. A cluster of tiny diamonds sits inside a silver and yellow gold halo, and the entwined band is a unique touch.

Courtesy of Love Audry Rose

A sapphire is a decent stone for daily wear because it's hard enough to withstand the wear and tear. This ring was inspired by the glow of the moon, and the sapphire and unique texture makes it feel extra special.

This delicate ring feels more traditional than some of the other options here, with a small round-cut diamond and a thin gold band. The sharp bezel cut makes the stone sparkle even more.

This thin curved band is almost more like a wedding band, but it could also easily work as a simple and minimalist engagement ring with its three small diamonds embedded in the curve. For under $500, you can choose between 14K yellow gold, white gold, or rose gold.

Simple with a modern feel, this band is a lovely engagement ring or can double as a stacking ring if one ever chooses to add more. Five tiny diamonds in a gradient from white to gray make for an interesting look.

Courtesy of Gema & Co

This solitaire round stone on a simple band is very traditional and classic. A Charles & Colvard Forever One moissanite stone shines on a delicate and durable band for the perfect minimalist design.

For something modern, cool, and non-traditional, opt for this Marrow piece. Available in rose gold, yellow gold, or white gold, it also features a small pearl in the center.

Courtesy of Meadow Lark Jewelry

This ring has a slightly masculine feel to it that really makes it stand out in a sea of dainty engagement rings. It features a round stone in a hexagon setting and you can choose between morganite, black diamond, midnight sapphire, rhodolite garnet, rose quartz, or Thai garnet for the type of stone.

Agate is a beautiful stone that is a version of quartz, and it comes in a variety of different shades. This crystal clear moss shade is particularly beautiful and surrounded by small marquise-cut diamonds on a rose gold band, it's ultra-feminine and pretty.

The light green color of this amethyst stone is so different and beautiful, and we love the cushion cut. Accented by tiny diamonds and a textured band, this is a very pretty piece.

We love the marquise cut of the diamond stone here, and the sharp bezel edge makes it sparkle more. The delicate band can come in yellow or white gold depending on what you want.

If your goal is an engagement ring that looks, well, nothing like your traditional engagement ring, then this one is ideal. Rose-cut recycled diamonds are arranged in a cluster meant to mimic the flurry of a fairy ring, making it delicate, beautiful, and very different.

Three round-cut gemstones in varying sizes sit on a delicate rounded band here. The smokey quartz, morganite, and white diamond variety with the sterling silver band comes in at under $500, but there are other pricier options as well.

This pear-shaped center moissanite stone, surrounded by smaller moissanite stones in other shapes, has a bit of an Art Deco vibe to it. The stone is meant to mimic a diamond for a lower price tag.

Described on the website as "a slightly mysterious and foreboding ring," this features tapered claws and three rose-cut diamonds. Delicate and simple while still being very pretty, this is a good mix of classic and non-traditional.

Look for a band made of a durable metal that is still fairly inexpensive. Silver or rose gold are two great options. You may not be able to find platinum bands at this price point.

For this price, you'll likely have to find a smaller center stone. You should also make sure you're picking out a stone that can handle daily wear, like moissanite or morganite.

Generally speaking, a more expensive engagement ring will likely be of better quality than a cheaper one. That's because a less expensive engagement ring will be made of lower quality metal and the stone will not be as hard or durable as a diamond. That doesn't mean the ring is bad quality, it just means it isn't as great as a more expensive one might be.

Instead of shopping at large jewelers, look for smaller stores. You can also look for general rings rather than focusing on just engagement or bridal rings. Etsy is another great spot to find inexpensive and beautiful engagement rings.

You might be able to, but the diamond will be considerably smaller than your average engagement ring diamond.

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