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Buying loose diamonds and having them put in a setting

Tom and I got married 25 years ago next month. When we got married we had no money for nice rings, so for our anniversary we decided to look into buying loose diamonds and having rings made for the stones. We had heard that it was less expensive to buy the stones separate and then have a jeweler set them into the ring settings that we want. I have waited a long time for this ring and I want it to be nice. If we can save money this way, then we can look for some good quality stones to buy.