How to Get a Diamond Deal Online

PR Log (Press Release) – Nov 20, 2008 – For custom work, Whiteflash.com is the lord of the online rings. Unlike many e-tailers, Whiteflash customizes nearly half its jewelry. Kevin Dolorico, a Web operations analyst in New York City, exchanged designs by e-mail with Whiteflash when he was shopping for an engagement ring last spring. Dolorico wanted a ring that combined the head from one standard setting with the shank of another. Whiteflash nestled a 1.34-carat diamond that was graded good but not flawless in Dolorico's ideal setting. His fiancée, Janelle De Rivera, was dazzled, and he was pleased with the roughly $6,000 price. When he asked a gemologist to appraise the ring's value, he was told that an equivalent piece from a local jeweler would cost about $9,000.

Whiteflash's return policy for custom work is that you can't bring it back unless there's an error (exceptions apply to partly customized work). For loose stones and standard settings, Whiteflash offers a full refund ten days from receipt for any reason -- including if you propose and she turns you down.

Whiteflash can tap a pool of about 50,000 stones, most of which are also available for sale at other online retailers, too. It says its prices for finished pieces are competitive with Blue Nile and many other e-tailers, though we've sometimes found that isn't the case. Yet Whiteflash unquestionably trumps brick-and-mortar jewelers on price. Plus, it offers a trade-up program that Blue Nile and most other online rivals don't match: Swap your rock for a higher-priced one at any time, paying the difference between your new diamond and your trade-in.

Buyer's guide: Five measures of perfection
You've heard of the traditional four "C"s to size up a diamond - carat, clarity, color and cut. Some of the best diamond-raters have added a fifth "C" to that list: cut grade. Use these measures to make sure you get the right diamond for your needs, especially when buying one sight unseen.

CARAT refers to a diamond's weight, not its size.
Fact: A carat is one-fifth of a gram.
Tip: A lighter rock will likely fetch a lower price per carat, but that 0.9-carat diamond will sparkle more than a 1.0-carat example if the cutter trimmed its excess weight correctly. The lesson: Heavier isn't always better.

CLARITY is the degree to which a diamond is free of flaws.
Fact: Flaws cut a gem's price.
Tip: The naked eye would easily see the flaws in a stone with the GIA's clarity code of I2. A non-gemologist using a magnifying lens would have difficulty seeing flaws in a diamond graded VVS1.

COLOR refers to a diamond's transparency.
Fact: As a rule, the more transparent the ice, the higher its price.
Tip: Compromises on color may escape unnoticed. A nearly colorless stone will look the same to an untrained eye as a colorless stone (with a higher grade) but will cost less.

CUT refers to a diamond's shape and style.
Fact: A diamond's shape (round or square, for example) and style (such as brilliant, with facets radiating outward) are factors that together make up the stone's cut.
Tip: Cut can make a diamond appear larger or smaller than its carat weight.

CUT GRADE (NEW) judges brilliance and sparkle, plus other factors.
Fact: Cut grade is the most important indicator of a diamond's wow effect. Fewer than 5% of diamonds on the market would earn high marks if given a cut grade.
Tip: Stones with similar cut grades should be priced about the same.