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Shopping for diamonds

By Emily Hendricks | Special to amNewYork

June 19, 2007

Walking around the Diamond District -- on 47th Street between Fifth and Sixth Avenues -- it's easy to get entranced, and not just by the sparkling rocks.

Sellers beckon to you with cries of "We buy gold!" and "Are you buying or selling today?" Men and women peek at baubles on display.

There are more than 2,000 predominantly Jewish-run businesses in the district, most of them located in booths in one of the 25 diamond exchanges.

As a result, navigating the Diamond District can be tricky business, especially for shoppers making a large purchase like an engagement ring.

Before heading over, do research about the type of diamond you want to purchase. Consider which of the 4 Cs -- factors jewelers use to describe and classify diamonds -- are most important to you. The 4Cs are cut, color, clarity and carat.

Find a combination of these factors that allows you to get a good diamond but not spend a fortune. For example, if diamond size is important but you are on a budget, you'll probably have to get lower-quality color, clarity and cut grades.

The best way to get a good deal is to be flexible on the clarity of the diamond, said Sally Morrison, director of the Diamond Information Center.

Choose a diamond that has inclusions (scratches and other imperfections). Those that don't have any inclusions are rare and therefore expensive. But, make sure the inclusions are not visible to the naked eye (VS1 or VS2 grade).

This allows you to save a bit because you're not buying the best grade (the one with zero inclusions) but you still can't notice a difference in quality.

Once you know what you want in a ring, hit the stores. When you walk past the booths in the exchanges, some dealers will try to get you to stop at their store by asking, "What can I help you with today?" or "What are you looking for today?" If you're not interested in their pieces, it's best to walk by with a quick, "I'm just looking."

If you see something you like, ask for the dealer's business card and write down the details of the ring on the back. After you've perused the booths, compare and contrast rings to find the best deal.

Comparison-shopping can be difficult because no two diamonds are the same. However, if you know the shape, setting, carat, clarity, cut and color you want, you can compare similar pieces. You may be able to bargain with the salesmen to get them to give you a lower price.

They may offer good deals because there's so much competition in the district and jewelry manufacturers and dealers are so close to the shops.

The 4Cs of diamonds

CUT. The cut of a diamond refers to its proportions, not shape. A well-cut diamond will have a lot of brilliance and sparkle.

COLOR. The best stones are colorless. D is the most colorless rating; Z is the worst -- those diamonds may be light yellow, brown or gray.

CLARITY. Most diamonds have inclusions, which are scratches and other imperfections. Those that don't have any inclusions are rare and therefore expensive. FL and IF are the best grades; I1, I2 and I3 are the worst.

CARAT. This is the weight of the diamond -- one carat equals 1/5 of a gram. Larger stones are hard to find and therefore cost more than smaller stones.