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This is simple to understand; the bigger the stone, the higher the price. However, there is a catch. The price of a 2-carat diamond, all other factors being equal, is not twice as much as a 1-carat diamond's price. It would be most likely three to four times the price of a 1 carat because scarcity plays a considerable role in determining diamond prices. Because a 2-carat diamond is scarcer than a 1-carat diamond, its price would be significantly higher.
The diamond-cut is probably one of the most critical factors in how the diamond is priced, affecting its overall brilliance and fire. It is a human element often manipulated to save as much of the rough diamond's weight as possible. A diamond-cut ranges between excellent, very good, good, fair, and poor. The GIA assigns a cut grade for round brilliant-cut diamonds and the fancy-shaped ones, such as oval-cut or princess-cut, but it has yet to finalize a grading system. However, we have developed important insights for each stone shape, and we recommend that you read them before buying a diamond.
Clarity is one of those factors that you can play with depending on your budget. Diamonds are formed over millions of years under intense heat and pressure and, as a result, often have impurities and inclusions. These inclusions are the stone's natural birthmarks and are often evaluated to determine each diamond's level of clarity. Clarity ranges between Flawless (Fl), Internally Flawless (IF), Very Very Slightly Included 1 & 2 ( VVS1/VVS2), Very Slightly Included 1 & 2 (VS1/VS2), Slightly Included 1 & 2 (SI1/SI2), and Included 1, 2 & 3 (I1, I2, I3). Stones above VS2 graded by the GIA are often considered eye-clean, implying that you may not see any inclusions in the diamond without the aid of a jeweler's loupe. In under 1-carat stones, SI1 and SI2 would be considered eye-clean. I-I3 are almost always not eye-clean unless the diamond has large black crystals.
In white diamonds, color is probably the second most important factor after the cut of a diamond. The absence of color makes the diamond more desirable; therefore, the lower the yellow tint, the better the diamond. Color grade ranges from D to Z, where a completely colorless diamond would obtain the higher color grade of D. Colorless range is D-F, Near Colorless range is G-J, Faint range is K-M, Very Light Yellow Range is N-R, and Light Yellow is S-Z.