|
|
The use of diamonds as gemstones of decorative value is the most
familiar use to most people today, and is also the earliest use,
with decorative use of diamonds stretching back into antiquity. The
dispersion of white light into a rainbow of colors, known in the
trade as fire, is the other primary characteristic of gem diamonds,
and has been highly prized throughout history. Over time, especially
since around 1900, experts in the field of gemology have developed
methods of characterizing diamonds and other gemstones based on the
characteristics most important to their value as a gem. Four
characteristics, known informally as the four Cs, are now commonly
used as the basic descriptors of diamonds: these are carat, clarity,
color, and cut. |
Most gem diamonds are traded on the
wholesale market based on single values for each of the four
Cs; for example knowing that a diamond is rated as 1.5
carats, VS2 clarity, F color, excellent cut, is enough to
reasonably establish an expected price range. More detailed
information from within each characteristic can then be used
to determine actual market value for individual stones.
Consumers who purchase individual diamonds are often advised
to use the four Cs to pick the diamond that is "right" for
them; to these is sometimes added the "fifth C" of cost.
Other characteristics not described by the four Cs can and
do influence the value or appearance of a gem diamond. These
characteristics include physical characteristics such as the
presence of fluorescence, as well as data on a diamond's
history including its source and which gemological institute
performed evaluation services on the diamond. Cleanliness
also dramatically affects a diamond's beauty.
There are four major gemological associations which
"certify" diamonds: that is, define the four Cs of a
diamond. While carat weight and cut angles are
mathematically defined, the clarity and color are judged by
the trained human eye and are therefore open to slight
variance in interpretation.
Gemological Institute of America (GIA) was the first
laboratory to issue modern diamond reports, and holds the
highest reputation amongst gemologists for its consistent,
conservative grading.
American Gemological Society (AGS) is not as widely
recognized nor as old as the GIA, but garners an equally
high reputation.
International Gemological Laboratory (IGL) is a generally
respected laboratory but suffers from a negative industry
reputation for its grading practices, which are perceived by
critics as being either less conservative or less consistent
than the GIA and AGS.
European Gemological Laboratory (EGL) has a similar
reputation to the IGL.Carat
The carat weight measures the mass of a diamond. One carat
is defined as exactly 200 milligrams (about 0.007 ounce).
The point unit—equal to one one-hundredth of a carat (0.01
carat, or 2 mg)—is commonly used for diamonds of less than
one carat. All else being equal, the value of a diamond
increases exponentially in relation to carat weight, since
larger diamonds are both rarer and more desirable for use as
gemstones.
The price per carat does not increase smoothly with
increasing size. Instead, there are sharp jumps around
milestone carat weights, as demand is much higher for
diamonds weighing just more than a milestone than for those
weighing just less. As an example, a 0.95 carat diamond may
have a significantly lower price per carat than a comparable
1.05 carat diamond, because of differences in demand.
A weekly price list published by Rapaport of New York, of
diamond prices per carat, for different diamond cuts,
clarity and weights, is currently considered the de-facto
retail price baseline. Jewelers often trade diamonds at
negotiated discounts off the Rapaport price (e.g., "R -3%").
In the wholesale trade of gem diamonds, carat is often used
in denominating lots of diamonds for sale. For example, a
buyer may place an order for 100 carats of 0.5 carat, D–F,
VS2-SI1, excellent cut diamonds, indicating he wishes to
purchase 200 diamonds (100 carats total mass) of those
approximate characteristics. Because of this, diamond prices
(particularly among wholesalers and other industry
professionals) are often quoted per carat, rather than per
stone.
Total carat weight (t.c.w.) is a phrase used to describe the
total mass of diamonds or other gemstone in a piece of
jewelry, when more than one gemstone is used. Diamond
solitaire earrings, for example, are usually quoted in t.c.w.
when placed for sale, indicating the mass of the diamonds in
both earrings and not each individual diamond. T.c.w. is
also widely used for diamond necklaces, bracelets and other
similar jewelry pieces.
|