As Chertoff said, you can also save a bundle by going for a diamond that’s lower on the color scale. Tricks like using a yellow or rose gold setting, and picking a stone with some blue fluorescence, can both make a stone with a low color rating look whiter, Hirsch said.

Once you buy, take the stone for an independent appraisal to confirm its quality and value, Chertoff said. Then get it insured, either as part of your homeowners or renters coverage (you may need a separate rider) or a separate policy.

“You don’t want to be in a situation where the stone falls out, or is stolen, and you don’t have coverage,” she said.

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