The 4 C's?

When talking about diamonds, the 4 C's refer to the Clarity, Color, Cut, and Carat Weight of the diamond.

Carat Weight
The first thing most people ask about a diamond is "How big is it?". A Diamond's weight is measured in carots and points. One carot is equal to 100 points, and weights about .2 grams.
The carot used in diamond ratings should not be confused with the karot used in gold rating which refers to the purity of the gold.

Clarity
Some diamonds are more perfect than others. Clarity refers to the amount and sized of imperfections in the diamond. These may be internal flaws (called inclusions) and external flaws (called blemishes). Depending on how a diamond is mounted, some minor flaws can be hidden. The following table is a standard clarity chart, starting from the best clarity rating and working downwards.

FFlawlessFree from all inclusions or blemishes - No inclusions visible at 10x magnification.
VVS1Very Very Slightly Included #1Inclusions that are extremely difficult to locate at 10x.
VVS2Very Very Slightly Included #2Inclusions that are very difficult to locate at 10x.
VS1Very Slightly Included #1Minor inclusions that are difficult to locate at 10x.
VS2Very Slightly Included #2Minor inclusions that are somewhat difficult to locate at 10x.
SllSlightly Included #1Noticeable inclusions that are easy to locate at 10x.
Sl2Slightly Included #2Noticeable inclusion that are very easy to locate at 10x.
Sl3Slightly Included #3Some inclusions may be seen with the unaided eye.
I1Included #1Obvious inclusions. Somewhat easy to locate with the unaided eye.
I2Included #2Obvious inclusions. Easy to locate with the unaided eye.
I3Included #3Obvious inclusions. Very easy to locate with the unaided eye.

Color
Color refers to the color of the diamond (how easy was that?). Diamond color is denoted by a color scale used the letters of the alphebet (from D - "colorless" to Z -"light yellow color"). For a ring, you are most likely to be looking at diamonds in the first two groups:

D-E-FColorlessThe colorless diamond group is the most expensive. D and E show virtually no color. F starts to show the very slightest of color and is the transitional color to the Near Colorless group
G-H-INear ColorlessThe Near Colorless group is a very popular color group because of its relatively low price, yet still high color. These colors are hard to detect in mounted diamonds, showing a very light shade of color.

Cut
The single most important aspect of a diamond is its cut. The proportions, finish, symmetry, and polish are what creates the the fire and brilliance we associate with diamonds.


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