4Cs of Diamonds

Diamond DiagramOne of the first things most people learn about diamonds is that not all diamonds are created equal. In fact, every diamond is unique. Diamonds come in many sizes, shapes, colors, and with various internal characteristics.

A diamond’s value is often affected by the rarity of one or more of the 4Cs. Colorless diamonds are scarce—most diamonds have tints of yellow or brown. So a colorless diamond rates higher on the color grading scale than a diamond that is light yellow. Value and rarity are related: In this case a colorless diamond is more rare and more valuable than one with a slight yellow color. The same relationship between rarity and value exists for clarity, cut, and carat weight.

Subtle differences in color can dramatically af­fect diamond value. Two diamonds of the same clarity, weight, and cut can differ in value based on color alone. Even the slightest hint of color can make a dramatic difference in value.

Diamonds come in many colors. Diamonds that range from colorless to light yellow and brown fall within the normal color range. Within that range, colorless diamonds are the most rare, so they’re the most valuable. They set the standard for grading and pricing other diamonds in the normal color range.

Many diamonds emit a visible light called fluorescence when they’re exposed to ultraviolet (UV) radiation. Although invisible to the human eye, UV radiation is everywhere. Sunlight contains it. Fluorescent lights emit it, too. Blue is the most common fluorescent color in gem-quality diamonds. In rare instances, fluorescence can be white, yellow, orange, or many other colors. Strong blue fluorescence can make a light yellow diamond look closer to colorless in sunlight. Blue and yellow are color opposites and tend to cancel each other out, so blue fluorescence masks the yellow color. If the fluorescence is too strong it can make the stone look cloudy or “oily,” which can lower the value of the diamond.

Few things in nature are absolutely perfect. This is as true of diamonds as anything else. Diamonds have internal features, called inclusions, and surface irregularities, called blemishes. Together, they’re called clarity characteristics. Clarity is the relative absence of inclusions and blemishes. Among other things, blemishes include scratches and nicks on a diamond’s surface. Inclusions are generally on the inside, and some might break the surface of the stone.

Like the rest of the 4Cs, clarity’s influence on value is directly related to the concept of rarity. Flawless is the top grade in the GIA Clarity Grading System. Diamonds graded Flawless don’t have visible inclusions or blemishes when examined under 10-power (10X) magnification by a skilled and experienced grader. Flawless diamonds are very rare—so rare, in fact, that it’s possible to spend a lifetime in the jewelry industry without ever seeing one, and they command top prices.

At the other end of the scale are diamonds with inclusions that can be easily seen by the unaided eye. Between the two extremes are diamonds with inclusions visible only under 10X magnification. Stones in the middle range make up the bulk of the retail market.

The effect of a clarity characteristic on the clarity grade is based on its size, number, position, nature, and color or relief.

A diamond’s proportions determine how light performs when it enters the diamond. If light enters through the crown and goes out through the pavilion, the diamond will look dark and unattractive. Diamonds with different proportions and good polish make better use of the light, and will be bright, colorful, and scintillating. A well-cut diamond displays the beauty consumers expect to see in a diamond.

A beautiful diamond looks the way it does because of three optical effects: white light reflections called brightness, flashes of color called fire, and areas of light and dark called scintillation. Pattern is the relative size, arrangement, and contrast of bright and dark areas that result from a diamond’s internal and external reflections.

The diamond industry has long known that some proportion combinations make light perform better than others. In recent years, however, scientists and researchers in GIA’s Research Department and the GIA Laboratory have shown that there are many variations and combinations of proportions that will maximize brilliance and fire in round brilliant cut diamonds.

Diamonds are weighed to a thousandth (0.001) of a carat and then rounded to the nearest hundredth, or point. Fractions of a carat can mean price differences of hundreds—even thousands—of dollars, depending on diamond quality.

Over a carat, diamond weights are usually expressed in carats and decimals. A 1.03-carat stone, for example, would be described as “one point oh three carats,” or “one oh three.” Weights for diamonds that weigh under a carat are usually stated in points. A diamond that weighs 0.83 carat is said to weigh “eighty-three points,” or called an “eighty-three pointer.”

The relationship between rarity, weight, and value can be surprising. It’s really a simple concept: Large diamonds are more rare than small diamonds. The more scarce something is, the more it is worth. So a larger stone doesn’t just cost more. It also costs more per carat. A 1-carat diamond weighs the same as four 0.25-carat diamonds. But even if all the other quality factors are equal, the larger diamond is worth much more than the sum of the four smaller diamonds.

Don’t confuse the term carat with karat. Karat is a unit of measure used to describe how much pure gold there is in an alloy.