In Western tradition, an engagement ring is a ring worn by a woman indicating her engagement to be married. In some countries, such as the United Kingdom, it is worn on the left-hand ring finger, while in other countries, such as Poland and Ukraine, it is customary for the ring to be worn on the right-hand. By modern convention in countries such as the United States, the ring is usually presented as a betrothal gift by a man to his prospective bride while or directly after she accepts his marriage proposal. It represents a formal agreement to future marriage.

Similar traditions purportedly date to classical times, dating back from an early usage reportedly referring to the fourth finger of the left hand as containing the vena amoris or “vein of love.” In the United States and Canada today it is becoming more common, but still quite rare, that a woman will also buy an engagement or promise ring for her partner at the time of the engagement.

In Egypt, Brazil and many European countries, both the man and the woman usually wear engagement rings, most often in the form of matching plain bands of white, yellow, or rose gold. In these countries the man’s engagement ring often also eventually serves as the wedding ring. Some men wear two rings, but this is rarer. The woman’s wedding ring can sometimes have a precious stone. In Spain, the woman sometimes buys a wristwatch for the man as an engagement present.

With more and more couples living together prior to marriage, however, it is becoming more common for a couple to select the engagement ring while purchasing a wedding band together. In countries where both partners wear engagement rings, the matching rings tend to be purchased together. In the United States the ring is to be worn on the left ring finger (4th finger) for both men and women.

The price for an engagement ring can vary considerably depending on the materials used, the value of the gemstone, and the retailer. A conventional buying price ranging from two to three months wages for a ring guideline originated from De Beers marketing materials in the early 20th century, in an effort to increase the sale of diamonds.

When shopping for a diamond ring, the price can depend significantly on the carat weight, color, clarity and cut of the diamond, otherwise known as gemological characteristics of the diamond. While less frequent, the practice of using other gemstones such as sapphires, rubies, moissanite, emeralds, occurs to honor tradition, reduce the price of the ring, or to make it unique.

Source: Wikipedia.org

People mark special events with sentimental gifts of jewelry. While weddings reign as the biggest diamond event, there are many small celebrations that are honored with beautiful diamonds, too, such as new jobs, anniversaries, graduations and births.

So how do people learn about diamonds so they can buy, own and enjoy them with confidence? The nonprofit Gemological Institute of America (GIA), the world’s foremost authority in gems and jewelry and the creator of the famous “Four Cs” of diamonds offers these tips:

Research. GIA’s Web site on www.gia.edu offers in-depth information on diamonds, pearls and other gemstones. GIA even built a special www.gia4cs.gia.edu Web site on the Four Cs. Knowing the Four Cs helps you speak the language of diamonds and communicate with jewelers.

Learn the “Four Cs.” All diamonds are rare and no two diamonds are alike. A diamond’s quality and rarity is determined by its unique combination of characteristics of Color, Cut, Clarity and Carat Weight. The International Diamond Grading System, used around the world since its invention by GIA in the 1950s, is based on the Four Cs.

• Carat: Diamonds are weighed in metric carats. Two carats weight about the same as a small paper clip. A carat is divided into 100 “points”, so a diamond of 50 points weighs 0.50 carats.

• Clarity: Nearly all diamonds contain unique clarity characteristics. Flawless diamonds are exceptional and costly. Most inclusions are invisible unless magnified.

• Color: Colorless diamonds are extremely uncommon. Most diamonds have a slight yellow or brown tint. GIA uses letters to represent colors, beginning with D (colorless) and ending at Z (light yellow or brown). “Fancy colored diamonds” come in every color imaginable, are also very unusual and have their own GIA color grading system.

• Cut: While diamonds come in different shapes, such as round, pear or marquise, the term “cut” refers to proportion. The well-cut, balanced diamond has unbridled brilliance, sparkle and fire.

Get an independent diamond grading report. A diamond grading report tells you the exact gemological quality of your diamond. Is it a natural diamond? Is it a synthetic diamond? Has it been treated and how? What are its quality ratings according to the Four Cs?

Have your diamond appraised and insured. A diamond grading report describes the precise gemological quality of your diamond while an appraiser puts a monetary value to the stone. You can laser inscribe a personal message or the diamond’s unique GIA Grading Report number on the diamond’s girdle.

Source: Gemological Institute of America (GIA) October 2008