Hello Trident,
I am sure you can find a beautiful ring suitable for your budget and you may still have some change left if you are smart about where and who to buy from,... Someone sugessted o line dealer, and I agree with it. But sometimes you can get a "smoking deal" at the store you wouldn't expected to buy from.
I had a 1.63ct F/vvs2 em cut in 14K setting with 2bagette diamonds totaling .30ct on sides also F/vvs. This ring was new and given to me on consigment by a cutter who needed a quick cash,... Things likr this do happen the ring was sold for $7500,...Fast!
If you think you should look at lower grades to fit your budget I agree with you,... However if you choose the emerald cut diamond please don't forget that Em cut is one of the most honest cuts so the inclusions on SI stone will be eye visible. They can be possibly visible also in Vs2 ,... So you really want to keep the clarity high good VS2 or better, VS1.
Vs1 clarity is a large step up ftom vs2, no way you can cee the inclusions with naked eye,... However with Em cut you have the luxury to go to lover color. Why? Because this type of cut does not retain the color as well as oval, round or princess,.. If you go as low as G-H the price at H starts to be very reasonable. You can go as low as GIA I if you like. The diamond will still look white to the eye when face up,..
If you buying an oval,... You should go the oposite route. Higher color and lower clarity Si1 is fine , because the brilliance of the oval will hide any inclusions visible to the eye,...
Emerald cut color is trully visible thorough the facetes and only expert can tell the difference. It needs to be graded from the side view so if you go for lower color , choose a setting that will hide the sides!
The Color of ovals can be easily graded face up co be carefull there!
Ovals of dood priportions can be very beautiful ,... One thing to watch out for is the lenght versus with. So the thing does not look like canoe. Another important thing to watch for is the bow tie efect when face up that can look very ugly
Happy Hunting!
George