Choosing Your Diamond

The quality - and expense - of a diamond is based on four criteria:  cut, clarity, carat, and color.  Deficiencies in any of these areas cause the diamond to be less expensive.  Very few diamonds are "perfect" in all four categories.  You should choose the diamond with the best combination of the categories you feel are important. 

For example, if the size of the stone is the most important thing to you, sacrificing on cut or color could allow you to buy a bigger stone.

Here's a quick look at each of the four criteria:

1. Cut.   A diamond's cut is simply its overall shape.  There are a number of different kinds of shapes, but the most common are round, pear, oval, marquise, and emerald.  Cut refers to the overall shape; the diamond will also have a number of cuts made on the surface of the stone to allow it to reflect light and appear brighter.
2. Clarity.  Clarity is determined by the nuber of imperfections in the stone, either on the outside of the stone or on the inside.  Unless the flaws are fairly major, it's hard to see them unless you use a magnifying glass or a jeweler's eyepiece.  Typically, though, the greater the clarity, the prettier the diamond.  Small flaws that are hard to see with the naked eye still affect the beauty and brilliance of the stone.
3. Carat.  A diamond's size is measured in carats.  The carat is the weight of the stone and not its quality.  (Gold is also measured in carats, but in the case of gold the carat refers to the quality or purity of the gold and not its overall weight.)  Carat weight is important, but a larger diamond will not automatically be more expensive than a smaller one, especially if it is infererior in terms of clarity or color.
4. Color.  Diamonds shouldn't have color - a colorless diamond is considered to be perfect in terms of color.  The more color in the stone, the less valuable it is.  If you want a larger diamond, sacrificing a little on the color will allow you to afford a larger stone.  A small stone that is colorless is likely to be more expensive than a stone two or three times its carat weight that has a number of color and clarity flaws.

Once you've chosen a diamond, you'll need to choose a ring.  If you're choosing gold, you'll choose from different carat weights.  The quality of gold is determined by carats, but this time a carat refers to how many parts out of 24 of gold are in the piece of jewelry.  A 12 carat gold ring has 12 parts of gold out of 24, or is half "pure" gold.  A 24 carat ring is "pure" gold, although 24 carat jewelry tends to be a little soft.  (The other metal in the ring gives it more strength.)  Many people choose 18 carat gold for that reason - it's pretty, it's valuable, and it's a little more durable than 24 carat gold.  You'll wear your engagement ring the rest of your life; you want it to beautiful and fairly durable.

When you choose a setting (how the diamond is placed on the ring), consider your lifestyle. If you use your hands a lot, a lower setting is safer.  On the other hand, a lower setting lets less light under the diamond, causing it to appear a little less brilliant.  Normally the higher the setting the "brighter" your diamond will be, but also the less "safe" the setting.  Talk to your jeweler about your lifestyle and try to balance the appearance of your diamond with a durable and lasting setting.

Whatever stone, ring, and setting you choose, make sure to insure your ring.  Some jewelers sell specialty policies, but in general it's cheaper if you add the ring to your homeowner's or renter's insurance policy.