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I went through the engagement ring process a few months ago. I spent a lot of time researching and looking at diamonds in person. From my (albeit fairly limited) experience, focus on cut first and foremost. An ideal cut diamond with lower clarity and color grades will still look better than a lesser cut with better clarity/color.
A good cut will also look bigger in normal day to day wearing and lighting because of the way light refracts through the diamond.
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