Hear the word "diamond" and the first image that comes to mind is likely a classic round sparkly gem. No surprise, considering that 75% of all diamonds sold today, particularly engagement rings, are the round brilliant cut. However, if your tastes lean to the less traditional, you can also choose from a wide selection of attractive diamond shapes on the market today. These are collectively known as fancy cuts.

Based on the standard established by the International Committee on Weights and Measures, the weight of a 1 carat diamond is 200 milligrams or one-fifth of a gram.

The diamond is a true marvel of nature. Magical. Mysterious. Universally treasured. And no two are exactly alike. Yet choosing a diamond youll both love is not so mysterious - when you understand the characteristics that distinguish one gem from another. Any explanation of a diamonds beauty and value centers on three key quality factors: cut, color and clarity, and one unit of measure: carat weight. Collectively these are known as the four Cs. Learn what to look for. Decide your priorities. Then make the choice thats right for you.

Diamond grading is often assumed to be an exact science. In reality, it is a very subjective practice. A qualified gemologists judgment of a diamonds grade is merely a visual opinion based on previous experience and training. While many consumers have been taught to look for GIA reports as "the final word of expertise" when they purchase a diamond, the GIA report itself clearly states: "This report expresses an opinion at the time of inspection of the stone, not a guarantee, valuation, or appraisal. No representation or warranties as to the accuracy are made." Yet, many diamond purchasers are willing to pay a premium for this certificate.

There are four Cs that you should pay attention to while making your loose diamond purchase; carats, clarity, color and cut. Educate yourself before making a purchase in the four Cs and you will get a better deal and quality for your moneys worth. Unless you have a lot of money to spare, it is important to determine which C is most important to you. Ranking them according to your own order of priority will be helpful in deciding to go for a bigger diamond with less brilliances or a smaller one with more flare. Briefly describing each: Diamond Carat - refers to the weight of diamonds. Diamond Clarity - measures the amount of inclusions (inclusions interferes with light passing through, therefore lowers the brilliance and fire). Diamond Color Grading - evaluates the whiteness of loose diamonds (the more yellow the less its worth). Diamond Cut - measures the quality, not shape of the diamonds (better cut results in more sparkle, simple as that)