Choosing and purchasing a diamond can be a nerve-wracking decision and it is important to be prepared and educated ahead of time. Research diamond information thoroughly before going to the jewelry store; learn about what makes one diamond better than another one, what a quality diamond looks like and what all the technical terms mean.
Where to Start
To make the process of purchasing a diamond simpler, the Gemological Institute of America created the four basic components that define a diamonds quality (or lack of) and value. Look for all four of these qualities; cut, clarity, color and carat when making a decision; all four are a necessary consideration before making an expensive purchase.
Cut
The quality of the cut of the diamond is probably the most important component to determine. A well cut diamond will have a high degree of brilliance and have a higher value but a poorly cut one will result in lesser brilliance and therefore will have a lower value. The shape of the diamond will also affect brilliance. A round diamond offers the highest brilliance as it reflects the most amount of light when cut.
Beware of diamonds cut in such a way as to maintain a higher carat weight but that in the process have produced a lesser brilliance, which decreases the quality and value of the diamond. When examining diamonds, look at them on a white background, stores will often show case diamonds on dark backgrounds and use bright store lighting that artificially increases brilliance.
Clarity
Natural diamonds usually have flaws called inclusions. These may be due to air bubbles or black carbon deposits. These flaws can be very small and seen only under a microscope but brilliance is still affected. The larger the flaw, the more the quality of the diamond diminishes. Flawless diamonds are those diamonds without imperfections and are very rare and expensive to buy. A sliding scale grades diamonds from flawless to imperfect.
Carat
Carat refers to the weight of the diamond and not necessarily, the size of it, as commonly thought. Therefore the larger the diamond, the more expensive it will be. Larger diamonds are rarer and will be much more expensive than the next size down. Expect to pay more than double for a 1.00-carat diamond than a 0.50-carat diamond. Carats may also be expressed in points, for example, 1.00-carat = 100 points and 0.25-carat = 25 points.
Color
A grading scale rates diamonds based on their color and the best and most expensive white diamonds will be colorless. The scale starts at D for colorless diamonds and goes down to a Z for the lesser quality diamond. The less color the diamond has, the better in most cases.
Many diamonds will have some slight hint of yellow or brown in them, detected only by an expert, which will affect their value. According to Forbes though, in the case of fancy diamonds such as red, blue or pink diamonds, this grading scale does not apply, as these diamonds are some of the most expensive and rarest in the world.
For more information on the Gemological Institute of America’s diamond grading system, watch their video.
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