We all know diamonds.  Most of us like them.  Generally we prefer the larger shiny ones, to the smaller duller ones.  But, do we really know how to pick out a valuable diamond? If asked, could we competently evaluate the worth of those shimmering glass-like objects that so often catch our fancy?  For most of us, the answer to the question is probably “no.”

But do not fret, whether you’re gearing up for you next round of cocktail party trivia or preparing for your next special trip to the jewelry store, here are the top six things everyone should know about picking out that perfect rock.

Choose a good jeweler.   First and foremost, you want a jeweler who is qualified, someone who has been in business for some time.  He or she should also be affiliated with a jewelry industry group or professional association.

Rarity equals value.   The rarer a diamond is the more valuable it is.

Learn your 4 C’s.   Carat (weight), Clarity, Color, and Cut are the keys to determining a diamond’s rarity and thus its value.
 
Carat.  Diamonds are weighed in metric carats.  Generally, the larger the diamond, the rarer it is. 
Clarity.  The fewer the “inclusions” (internal birthmarks) and “blemishes” (external birthmarks) on the stone, the more valuable it is.
Color.  The clearer the diamond is, the rarer it is.
Cut.  When jewelers talk about the cut of the diamond, they are also talking about its "make."  Whether your diamond is well proportioned and well cut can usually be found on the certificate of a certified diamond. 

It’s the 4C’s together that counts.   While each of the 4C’s is important in and of itself, it is the confluence of these factors that determines the value of the diamond.  So, while a diamond may be large, it is also its clarity, its color and its cut that help to determine its rarity and value. 

Ask for an independent diamond grading report.   Ask your jeweler or gemological professional for an independent grading report. 

Get insurance on your diamond.   Contact an insurance professional to make sure that your jewelry is adequately covered.  It may also be helpful to obtain an independent appraisal report by contacting a gemological institute.