First Time Buying a Diamond, Need Advice!

A few red flags.

1) EGL graded means your getting more like an I1-I2 and probably L-M in color.
2) It is not well cut, the angle measures 35.5/41.2 qualify for what is known as steep deep which is bad.
3) It is not cheap for its characteristics.

Here are some diamonds that are better.
http://www.jamesallen.com/diamonds/K-SI2-Ideal-Cut-Round-Diamond-1353910.asp
http://www.jamesallen.com/diamonds/J-I1-Ideal-Cut-Round-Diamond-1458714.asp
http://www.jamesallen.com/diamonds/J-SI2-Excellent-Cut-Round-Diamond-1482071.asp
http://www.jamesallen.com/diamonds/K-VVS1-Excellent-Cut-Round-Diamond-1390384.asp
http://www.jamesallen.com/diamonds/K-SI1-Ideal-Cut-Round-Diamond-1479329.asp

And that was a real quick search. You can find something lots better.

Yep, I have to agree that the EGL report is a big red flag. EGL is notorious for it's soft grading. They are a dealers best friend, not a consumers. Diamonds that are sent to EGL are done so for a reason. This stone was likely sent there because of it's clarity. A dealer hopes to make certain grade cuts, and I1 will for significantly less than the a stone that is SI, since this stone was graded SI3, it has some large inclusions that will either affect it's brilliance or the durability of the diamond. I'm betting that there are some durability issues with this diamond.

If you'd like to give us an idea of what your looking for and your budget we could help you find a much more beautiful diamond.

I am looking for a stone that is around 2500. I have a 500 dollar store credit with jewelry exchange so I will be buying the setting from there. I'm pretty open as far as size, clarity and such, as long as I'm getting my money's worth. Also I'm looking to get it by next month since I will be proposing the week of July 4th.

Thanks.

That stone is way too deep resulting in a smaller facing stone you can do much better.

Here are three from JA I would have their gemologist look at and request idealscope images

http://www.jamesallen.com/diamonds/J-VS1-Excellent-Cut-Round-Diamond-1432057.asp

http://www.jamesallen.com/diamonds/J-VS1-Excellent-Cut-Round-Diamond-1469643.asp

http://www.jamesallen.com/diamonds/J-VVS2-Excellent-Cut-Round-Diamond-1471785.asp

This is great. This definitely helps a lot. Thanks guys!

Hi, I am now looking at another stone and need to know if I am overpaying or not. Thanks in advance:

GIA REPORT NUMBER: 2121202888
Measurements: 5.58 - 5.62 x 3.58 mm
Carat Weight: 0.70 carat
Color Grade: G
Clarity Grade: SI2
Cut Grade: Very Good
Price: $2890

I am not an expert but I could not see any noticeable inclusions with or without the loupe.

That is not a great stone, its VERY deep, and not very well cut. Stick to excelent cut.

Here is a much better one: http://www.jamesallen.com/diamonds/F-SI2-Excellent-Cut-Round-Diamond-1390185.asp

If you are choosing SI2s you need to stick with somewhere that can give you assurance that you are getting eyeclean.

You also want somewhere that can give you idealscope images.

This one is about the same size 5.56-5.58, and seems to be selling for 2100, and will give you best of the best performance.
http://www.goodoldgold.com/diamond/9239/
I would get that one.