Step 1: Prepare

Economists usually refer to the problem of "asymmetric information advantage" during a transaction.  In layman's terms:  The party with the most knowledge has the advantage.  Even if you consider yourself aggressive or particularly charismatic, you haven't got a prayer if you can't talk intelligently about diamonds.

The next thought that pops into your head should be, "how can I possibly gain advantage over a jeweler with professional certifications, education, and 25 years of experience?"  You can't, of course.  However, that same thought should compel you to level the playing field as much as reasonably possible.  Here are a few good steps:

1.  Start with our tutorials, but also check out other tutorials from the Web (a Yahoo! search is a good place to start) to get multiple perspectives on the issues.

2.  Check our consumer price database, and if you can get access, try to get a hold of the Rappaport Diamond Report, which contains a price list that dealers use amongst each other.  Be aware, though, that the actual transaction prices vary widely from those published on the "Rap."

3.  Buy one of the books recommended by us on how to purchase diamond rings.

4.  If any of your friends has recently gotten engaged -- ask for advice!

5.  Start visiting nearby jewelers, seeing diamonds under the microscope, and asking lots of questions -- but don't be tempted to buy anything just yet!

It is during this preparation process that you should start to figure out what type of diamond you want (how large?  how shiny?  which shape?), what type of setting you'd like (solitaire?  platinum ring?), and how much you feel comfortable spending.