Buying A Diamond Engagement Ring - You can save $2000 or more by reading this lens

Before getting into the details of the 4 C's, there are a few points I'd like to make up front. First, it is absolutely true that a diamond is forever. The diamond you present your beloved is millions of years old, even if was just mined and cut this year. Given proper care, it will last forever.

If you go to a brick and mortar store and mention that you are also shopping online, the salesman may try to give you a line such as "They only sell heirloom (antique, old, used, etc) diamonds that are more likely to break or chip." Walk away because he is lying to you! If you're buying certified diamonds, you can see when it was inspected. Even if it was true that older diamonds are easily breakable (they're not), chances are you are not buying an older diamond online.

The diamond you are buying now will be with your bride for the rest of her life. She may someday replace the setting, but she'll never replace the diamond. You want to buy the highest quality stone you can. Don't be cheap and buy something from the jewelry counter at Sears just because it looks large and sparkly.

Quality diamonds, of the sort I am writing about here, are inspected and certified by an independent agency such as GIA, the Gemological Institute of America. GIA will inspect a diamond, rate it, measure it, and engrave a serial number into it with a laser. With this serial number, you can match your diamond to the certificate, which gives very precise information regarding the Cut, Clarity, Color, and Carat Weight... The Four C's.

Is two months salary a rule? Not at all. Lower or higher doesn't matter so much. Prices vary widely from retailer to retailer. A diamond which might cost three months salary at your local brick and mortar showroom might cost only one month salary online.

And yes, I do think it's safe to buy a diamond online. By time you have read about The Four C's, you will be able to look at a GIA certificate and picture the diamond in your mind. The certificate information is far more exacting and detailed than anything you will be able to see under a jeweler's loupe at a retail store. You won't need to see the sparkle to know how perfect the sparkle is.

The size of a diamond is measured in carats. 1 carat is 0.2 grams, or around 0.007 ounces. A one pound diamond would weigh almost 2268 carats.

Officially, the largest diamond in the world is Cullinan I, which was cut to 530.20 carats and is now part of the sceptre of King Edward VII. As I write this (Sept 3, 2007) there is a stone being examined which weighs 7000 carats. It has yet to be independently authenticated.

An engagement ring diamond is usually going to be between 0.5 and 2.5 carats. Diamonds smaller than 0.5 carats will be overwhelmed by even a small ring setting. Heavier diamonds, on the other hand, will seem too large on a feminine hand.

The carat weight you should purchase is strictly a matter of taste and finances. Weight is no indication of quality or beauty. In fact, a larger diamond is more likely to be of lower quality unless you are able to spend a considerable amount.

When shopping for diamonds, consider the other quality indicators first, then purchase the largest diamond you can afford within the other quality parameters. You should also have an idea of the size your fiancée will like. Does she complain about her mother's "chunky" jewelry? 1carat will suit her just fine, then. (congratulations!)

One important tip to remember if your budget is limited and your fiancée has not indicated a style preference:

Princess cut diamonds look larger than they are.

Because of the cut, the majority of the diamond's mass is at the top of the ring, giving it a larger visible surface area than most other cuts. A Princess cut diamond appears to be a perfect square when looking down on it. This is a beautiful, popular cut that will please any woman. It's not called "Princess" because it's shaped like a princess, after all. A 0.8 carat Princess cut diamond will look larger than a 1 carat stone of most other cuts.

A diamond's cut is not just the shape. The chart pictured above displays most popular shapes, but there's more to it. The quality of the cut is based on the symmetry, proportions, and quality of a cut.

Cuts are often rated on a scale of Poor to Ideal. My recommendation is to look for diamonds rated Very Good, Excellent, and Ideal, as these provide the most beautiful sparkle.

The cuts of a diamond are referred to as the "facets". The facets are where visible light is refracted, or broken into a rainbow-like color spectrum. When light enters a diamond, it is reflected off the lower facets, which sends the light back into the diamond. The light is then reflected off the opposite side back toward the top of the diamond. As the light exits the top of the diamond, it is refracted into the beautiful sparkle women love so much.

The first factor in rating a cut is the proportions. For example, a Princess cut diamond should have a 1:1 "table", the flat surface at the top of the diamond. A diamond that is 5.34mm by 5.33mm is very close to a perfect square, where one that is 5.3 x 6.9 (a 1:1.3 ratio) is quite rectangular and barely qualifies as a Princess cut.

Looking at the diamond from the side reveals the other important measurements. The "depth" refers to the distance from table to "cutlet", the lower tip of the diamond. A diamond that is cut too deep will look dark when viewed from the top. Light will be refracted through the sides ("pavillion") rather than back through the table and "crown" (the top facets). The sparkle will be hidden by the ring setting.

At the opposite extreme, a diamond that is too shallow will not reflect light back into itself. It will act like a lens rather than a prism. It may look clear, but there will be no sparkle.

Evenness of the facets are important also. Uneven facets can result in light being inwardly reflected at bad angles, reducing the sparkle.

I hope my explanation of the diamond's cut was not too painful. Cut is, by far, the most complex of the diamond's measurements. By contract, Color is EASY to understand.

Perfectly colorless diamonds are fairly rare, and highly valuable. Most of the diamonds you will see actually have a slight yellowish coloring due to the impurity of the coal which formed the diamond.

Unlike cut, color is given a very simple to understand rating. A diamond's color is given a rating from D through X. D is perfectly colorless. X is a medium yellow, and is considered very impure. For the sake of this tutorial, I will not go into colored ("Fancy") diamonds, except to say that they do not fit the traditional image of the engagement ring diamond.

Diamonds rated G through K are fairly common and not particularly expensive. Any lower than K and the color becomes more noticeable to the naked eye. A "D" with otherwise identical ratings to a "G" can cost as much as 40% more. Color is the one rating you should skimp on (a little) if funds are tight.

And finally we come to Clarity. Clarity surprises most people when they first learn about diamonds, because you don't expect to hear that there are imperfections on the inside of a diamond.

Clarity is rated on a slightly confusing scale, SI2 to IF. Once you learn what the ratings, mean, it's easy to judge the clarity of a diamond. Lower clarity ratings mean the diamond is less brilliant, either due to inclusions, surface blemishes, or cloudy spots within the diamond.

I3 is the lowest clarity rating, and effectively means the diamond is noticeably imperfect. Here is the rest of the scale, in order from flawed to perfect. "2" is worse than "1" in these ratings:

I3 - Noticeable inclusions
I2
I1
SI2 - Slight Inclusions, easily noticeable flaws under a 10x microscope
SI1
VS2 - Very slight inclusions - noticeable flaws under a 10x microscope
VS1
VVS2 - Very very slight inclusions, very hard to notice flaws under a 10x microscope. The "VVS2" rating means the flaw can be noticed from the top of the diamond.
VVS1 - Very hard to notice flaws, only visible from the bottom of the diamond.
IF - Internally flawless, external flaws only. These can be removed by additional polishing.
FL - Flawless

Any flaws above a VS2 are not noticeable to the naked eye, and should not noticeably effect the sparkle of the diamond. When all else is equal, clarity ratings between VS2 and VVS1 should not affect the price more than 10 to 15%. IF, on the other hand, can increase the price substantially, because those flaws are repairable.

"FL", flawless diamonds are exceptionally rare. Many online retailers do not even include this as a search option because they do not keep them in stock.

Look for diamonds that are VVS1 or VVS2. They are not that much more expensive than a lower clarity diamond, but when your fiancée sees that you bought her a nearly flawless stone, she will appreciate it more. Spring for IF if you can find one that meets your other quality needs, but do not consider it a necessity. The price difference between a VVS1 and an IF, when all else is equal, can be 25 to 30%.

Once you've got this far, you have everything you need to know to make an informed choice when you buy. If you're still not sure about how a diamond will look, do this:

First, take all of your credit cards out of your wallet and set them aside. Then go to a local jewelry store and ask to see a 1.2 to 1.5 carat diamond, whatever shape you like best, D or E color, Excellent or Ideal cut, VVS1 or VVS2 clarity. The salesperson will be impressed with your preparation and will happily show you anything you ask about.

But do not be tempted to buy right then just because they were helpful to you! That's why I recommend you don't even take your credit cards with you. The desire to purchase from a helpful salesperson can overcome your need to save thousands of dollars if you're not ready for it.

Ask about prices and take notes, then come home and do your shopping online. I have links to a few online diamond sellers below to help you out. You will almost certainly find a better selection of diamonds online, and be able to save a great deal of money.

Thank you for reading my guide to diamonds!