The best and the cheapest way of buying diamonds it is to buy loose diamonds. The advantage is that they are cheaper and come in bulk and then you can mend it in any shape and size you want. But before buying any diamond you need to know the four properties of loose diamonds. It is carat weight, diamond cut, diamond clarity and diamond color. When you are buying any diamond jewelry please keep in mind that the fitting should suit that jewelry application like solitaire looks best on the diamond ring but it may appear very small for a necklace. Loose diamonds are available in various shapes and sizes like round, oval, radiant, emerald, cushion etc. These are the basic cuts. They are also available in fancy cuts like heart shaped, princess and pear cut. They are not very cheap, so you really need to be careful while selecting them. While you are purchasing loose diamonds make sure that you ask for Diamond grading certificate from the dealer. That would give you an idea about its weight, color, clarity and cut.