First, let's take a quick moment to go over the 4 C's of diamonds. If you have looked into diamonds before you have probably heard of them before. If you are new to this, you are sure to hear about them during your search for an engagement ring (or other diamond jewelry).

The 4 C's are: Carat, Cut, Clarity and Color.

Carat is pretty straightforward - it is the weight of the diamond. One carat is equal to 200 milligrams. You need a highly accurate scale to measure this, but once you do it is as simple as putting the diamond on the scale.

Cut refers to how well the diamond is cut and how well the angles and proportions work together to produce a brilliant, fiery and full of sparkle diamond.

Color refers to the amount of color present in the diamond. Almost all diamonds have a slight tinge of yellow in them, although it is extremely difficult to spot for the most part. Diamonds are graded from D to Z, with a D graded diamond having no color whatsoever.

Clarity is a measure of how many "inclusions" or blemishes are present within the diamond. The grading scale for clarity (from the highest to lowest) is: IF, FL, VVS1, VVS2, VS1, VS2, SI1, SI2, I1, I2.

How do you know how a diamond measures up in each of these categories?

You will find all of these gradings on the diamond grading certificate. A diamond certificate is issued by a laboratory that will inspect the diamond using specialized equipment.

However, not all diamond grading certificates are created equal. Some labs are much more lenient than others. Keep in mind that grades given for color and clarity are determined by an individual while viewing the diamond under magnification. What one person considers a VS1 diamond may only receive an SI1 grade by someone else.

The two top labs are GIA and AGS. They are extremely consistent and are considered to be the least bias and most strict in their gradings. They have set the industry standards. HRD is another lab that I consider to be just as reputable, however it is not very common in North America. If you are in Europe, you are more likely to come across HRD diamond certificates.

There are a variety of other labs out there. EGL operates out of a number of different countries. You can find EGL-USA, ELG India or EGL in Belgium to name a few. EGL-USA is considered the best of the bunch, however none of these reports are as consistent as AGS or GIA. They are often one or two grades "softer" in color or clarity. This means that they are more likely to grade higher than AGS or GIA.

IGI and GemScan are two others. IGI has a particularly poor reputation and is known for giving out very inconsistent grades.

This is very important to keep in mind when you are shopping for a diamond. Remember, the price of a diamond is determined based on the 4 C's. The higher the gradings - the higher the price! If you have a diamond graded by IGI or a lab with a poor reputation, you could end up paying more money than you should simply because the lab was overly generous with their gradings.

I suggest only sticking to AGS or GIA. You just can't take any risk when you are buying such an important (and expensive!) item. By only shopping for diamonds graded by AGS or GIA, you make sure you get what you are paying for.

Go to my website if you want to have a look at a Diamond Buying Guide that will help you find that perfect diamond at the perfect price. I see way too many people overpaying for their diamonds - the guide will show you the secrets you need to save a huge chunk of cash on your purchase. I hope it helps!

What are the differences between white gold and platinum? This is one of the most frequent questions I get in my inbox. If you are shopping for an engagement ring and know that your special lady doesn't want yellow gold, then you are left choosing between platinum and white gold. There are some major differences between the two metal, so let's have a closer look.

First, let's look at exactly white gold is. Oddly enough, it isn't actually "white". White gold is actually the same gold used in yellow gold, but is mixed with other metals such as alloy and zinc to give it a white appearance. As well, white gold is then plated with another white metal - rhodium. This is done to give it an ever whiter appearance.

White gold actually has a tinge of yellow to it (especially if mixed with nickel) or a greyish tinge (often found is mixed with palladium). When the white gold is plated with rhodium, it gets a much crisper and whiter appearance. Rhodium has properties somewhat similar to platinum, however this plating will wear off. You will need to get the white gold replated about every 12-24 months. There are some people who don't mind the natural look of white gold so they never need to get it replated, however most people prefer the whiter look. This is very inexpensive, but the ring will be out of your hands for at least a few days. Platinum gets it fame from being the most durable metal out there. Platinum is very resistant to damage - it will literally last a lifetime. It is also a dense metal which means it is heavier than white gold.

Unlike white gold, Platinum does not need to be plated with anything. You will never have to take it in for replating. It does requite polishing from time to time though, otherwise it can get a "matte" or somewhat dull look to it. Some people also feel platinum starts to get a greyish look until is is polished. Platinum is gonna cost you about three times as much as white gold. It is a rarer metal which is why you can expect to fork out more cash for it. I don't like to recommend one over the other, as it can depend on the person. In terms of looks, I think they are equally beautiful. You have to look at what is important to you.

If money is tight, stick with white gold. You will have to take it in every now and then for replating, but it really isn't that much of a bother. And don't automatically think that because it is cheaper that it isn't as "good" as platinum. It's a beautiful metal - just not quite as strong as platinum. If you want a ring that is truly going to last a lifetime(maybe you want to pass it down to future generations) I suggest going with platinum. You also won't have to worry about taking it in as often as white gold which some people find to be a huge upside.

It is also a good idea to go and have a look at the two metals in person. Can you spot any difference? If so, do you prefer the look of one over the other? Of course you will also have to find the most important part of your ring - the diamond! I can save you a lot of money on that part of the ring - just go read the guide I put together on buying a diamond. You can find it on my website.

If you are shopping for a diamond engagement ring, you may have come across the term "conflict diamond" or "blood diamond". This refers to a diamond that has been mined in a war zone and sold to help finance an insurgency or possibly a warlords efforts. The proceeds of these diamonds fall into the hands of evil men and rebel movements that attack innocent government - innocent people suffer because of it.

Many people do not like the idea of buying a diamond that has been mined under these circumstances. It's an ethical decision and one that is made in order to try to do "the right thing". The trade in these illicit stones has contributed to devastating conflicts in countries such as Angola, Cote d'Ivoire, the Democratic Republic of Congo and Sierra Leone. Canadian diamond companies have caught on to this and are now marketing their diamonds as being Canadian and therefore conflict free. It's a way for customers to know that the diamonds they are purchasing are not "blood" diamonds.

So do you need to but a Canadian diamond to be sure the diamond is conflict free? Well, perhaps to be 100% certain. But the good news is that because of the Kimberley Process - a joint government initiative, international diamond industry and civil society initiative to stem the flow of conflict diamonds that was established in 2002 - the percentage of blood diamonds in circulation is extremely small. It is estimated that only 0.2% of diamonds (1 in every 500) have some sort of ties to these illicit organizations. It really depends on your level of comfort. If you must be 100% certain that your diamond is "conflict-free", you should consider purchasing a Canadian diamond. These diamonds are laser inscribed so you know exactly what you are getting.

However, the number of conflict diamonds on the market is getting smaller and smaller each year. It is highly unlikely you would ever come into contact with one - however I suppose you can't be 100% certain. As rare as it may be, even lightning can strike twice. If you are shopping for a diamond, I put together a guide that will help you out. You can find it at my website - you will be happy to hear that it will save you money. Diamonds aren't cheap! This will help you get the most out of your money.

There has been a lot of buzz lately about the economic and environmental advantages of recycling the jewelry that you no longer enjoy or which is too badly damaged to be repaired. So, we thought it might be useful to discuss the realities of recycling.

Recycling, in the strict context of this article, involves melting down an old piece of jewelry and then reusing the gold (silver, platinum) to make something new, thereby eliminating the need to mine more (gold) for the new piece. It is the exception rather than the norm for a jeweler or designer to actually melt scrap him or herself. In most instances, jewelry to be melted is accumulated until there is enough quantity to send to a refiner - a company that is in the business of 'refining' (melting and purifying) precious metals in relatively large lots. 'Scrap' from many different sources are processed together, so you never get back 'your' gold. The refiner reduces the 'scrap' to the pure metal and either pays the jeweler the market value based on the estimated weight of pure (gold, etc.) in the batch, less a refining fee, or returns an equivalent amount of gold (etc.).

In a less strict sense, 'recycling' would include selling your unwanted jewelry for cash on eBay, or selling it or 'trading it in' to a jewelry store or designer for cash or in exchange for something new...similar to trading in your old car when buying a new one. (Giving it as a gift could also qualify if it was in lieu of going out and buying a new piece).

FINANCIAL CONSIDERATIONS

Before you do anything with that old jewelry, there are a number of things you should determine.

What do I have?

• Are those 'white' stones diamonds...or zircons, or glass?; are the blue stones sapphires, etc.?;

• If the stones are real (precious or semi-precious), what type, size, quantity, and quality are they?;

• Is the jewelry made of silver, or gold, or platinum?; the Marking and Stamping Act of 1906 requires quality marks (purity stamps), and trademarks (the registered mark of the maker), as a 'guarantee' of authenticity for virtually all gold and silver jewelry made and sold in the United States;

If it's gold, what karat is it?: 10Kt (10 parts out of 24, usually marked '10K'), 14Kt (marked '585' or '14K'), or 18Kt (marked '750' or '18K'), and some designers use even higher karat gold; (pure gold is 24K, and is almost never used for jewelry because of its softness, except in some oriental jewelry made for the Asian market as a way of 'carrying one's wealth');

if it's silver, it should be marked '925' or 'sterling' (92.5% silver) or 'Fine' (pure);

if it's platinum, it will usually be marked '900' or '950' (depending on the percentage of platinum vs. alloy);

• Is it repairable and how much will that cost?;

• Was it designed/made by a famous maker?; in some instances, this can mean a world of difference in market value (e.g. David Webb, Cartier, Boucheron, Suzanne Belperron, etc.); the makers name and/or trademark is usually stamped on the jewelry, and can be researched online or in any good library, as well as in the jewelry sales records of major auction houses.

Your best sources for answers to most of these questions are

a) your original bill of sale, which should tell you the metal it's made of, the types and sizes of stones the piece contains, and the total weight of each type; and

b) a well-established fine jeweler, preferably in a small-to-medium sized town or city - reputation being everything in the jewelry business, you are less likely to be taken advantage of in a small community than might be the case in a large metropolitan area where anonymity is still possible. If you are in a big city and don't have a jewelry store that you regularly deal with, ask friends for recommendations or contact the Better Business Bureau. Also, try to speak directly with the owner. He or she may be more likely than an employee to value developing a new customer beyond a quick, single transaction.

What is my jewelry worth?

Once you have determined what you have, you should try to find out what it's actually worth 'at retail'. Assuming your jewelry is in saleable condition, take a look on eBay before making any decision. Check out the auction results for items similar to yours so that you'll have an idea of how much people are actually paying. At the very least, you'll be in a better position to negotiate if you do decide to 'recycle' with a designer or jewelry store.

Once You've Decided to Recycle

As an individual, the only practical way to recycle (other than on eBay or similar), is to 'sell' or 'trade-in' your old jewelry for cash or for a new item of jewelry, with a designer or jewelry store. However, it's important for you to remember that these people are in business to make a profit.

When you buy, you are paying not only based on the market value of the precious metal and stones, but also for design and for labor, which includes such things as casting the metal, setting the stones (which, for small stones, can be as or more expensive than the stones themselves), cleaning, soldering, polishing, etc. - all, plus a markup for overhead and profit for the maker AND for the retailer.

When you sell to a designer or jewelry store, on the other hand, you're only likely to get 'scrap' value unless your piece is in really good condition and still in fashion, or you are 'trading up' for something much more expensive. In a nutshell, this means that the price of the stones and/or gold (silver, platinum) will need to have gone up dramatically from where they were when you bought, in order to recoup anything close to what you spent originally. You will avoid feeling insulted and disappointed if your expectations are realistic.

Oh, and if you're only getting 'scrap' value, don't include the stones if they are not damaged, especially if they're small. (I can probably buy equivalent stones from my gem dealers for a fraction of what you paid for them as part of your jewelry, so why should I pay you more)? They can probably be removed from the 'scrap' quite easily and you can incorporate them into a new design now or in the future.

The bottom line is, if you have a piece of jewelry that you no longer wear, it certainly makes financial sense to either sell it, trade it in, or repair it.

ENVIRONMENTAL CONSIDERATIONS

This is a no-brainer: though certainly simplistic, the more damaged or simply unused jewelry that we bring out of the drawer or safe deposit box and recycle, by whatever method, the fewer the new pieces that will be made and/or the less mining that will be necessary to meet the demands of the market. Not only does mining require major energy input (not that jewelry manufacturing and precious metal refining don't also consume energy, though dramatically less on a per unit basis), but mining for precious metals is among the dirtiest and most polluting types of mining. The impact we have individually is, of course, miniscule. Cumulatively, however, it can be quite significant and since it also makes financial sense, there is precious (no pun intended) little excuse not to do it.