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After carat weight, Clarity has the most influence on cost. But grading inclusion size, quantity, color, reflectivity, placement and type is difficult; graders are humans trying to mediate between buyers and sellers. Ultimately Diamond grading reports are just "expert opinions" under 10 times magnification. Even GIA has given different grades for the same diamond.
 
High Clarity is symbolic of "purity" and rarity. Diamond 'quality' traditionally meant 'Clarity'. Flawless and VVS (Very Very Slight) diamonds are said to be "investment grade", but that is nonsense; demand and liquidity of medium clarity, SI (Slightly Included) and VS (Very Slight) makes them easier to sell or trade up. Inclusions in diamonds are rarely "flaws" that result in breakage like, say, emeralds. Medium clarity diamonds are just as brilliant as Flawless diamonds.
 
SI2 is the borderline of 'eye visible'. My definition: if an inclusion is apparent to the naked eye, in normal light, from 14-16 inches, without knowing its position, the stone is 'I' for Imperfect or the European term – 'P' for Pique (PeeKay).
 
1 in 100 people can see VS2 inclusions; if this worries you then buy VS1, or wait a decade till your ability to focus close up drops away ;-)
 
EGL and EGL USA introduced an SI3 grade in 1992. Because of the big price difference between I1 and SI2, many dealers used SI3 for decades. The World Federation of Diamond Bourses wants labs to introduce SI3, most refuse, but most have softened their SI2 grades.
 
Most grading reports have plots of inclusions (marked in red for internal, and green for external features); they are useful for identification. Often only the main "grade makers" are plotted, and additional inclusions are listed in comments: "pin points not shown" etc. A worrying 'comment' is "Clouds Not Shown"; a cloud drawn on plots can look so bad that no one would buy the diamond. Clouds are only a problem on SI1 and lower clarity's if no other inclusion is marked on the plot, i.e. the cloud is the grade maker. Big clouds can dull the diamond. But it is rare for even I1 diamonds to be dulled by inclusions.

 
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Diamonds with SI1 (left) and I1 (right) Clarity, 10x magnification.
 
   


Imperfect - I (Pique - P)


Slightly Included - SI


Very Slight - VS


Very, Very Slight - VVS

 
  

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