This is what I discovered.
1. Round diamonds are a commodity. Even stuff in the 1.5 carat range is quite common in reality.
2. Diamond grading varies in its standards. The two labs which are regarded as being the best are AGS and GIA New York.
3. Tiffany's grades their own diamonds. I'll let you figure out what the implications are.
4. You should go to Pricescope.com and crack open Excel.
5. In order to assess the likely "shininess" of the diamond, use the HCA score (round cut diamonds are very much figured out from a physics perspective).
6. You'll find that diamonds slightly under 1.0 carat have a distinct discount to them. Might also be true, but to a lesser extent, at the round tenths (0.6 0.7 0.8 0.9 etc.)
7. Round diamonds are so commodities you can literally buy off a spreadsheet. That's what I did. I have a regression model that I put together with Pricescope data and picked the most undervalued diamond in the range of candidates I was searching in.
8. I got diamond and the setting custom made from
www.whiteflash.com. Excellent service, absolutely recommend them. I was able to webex with the CAD designer and actually move the nodes around in the CAD software they use to make the setting. LMK if you go with them I think one of us will get a referral discount.
9. A comparable diamond and setting from Birks would have been well over $10k. I was done for about $6.5k...most of that was the setting actually as Platinum prices were high at the time. And instead of an off the shelf design I got something custom.