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The color and clarity knowledge is somthing you should read up on so you don't get overly screwed price-wise.
I had perhaps the most annoying shopping trip for my wife's ring, let me share with you what I learned.
Buy what looks good to you.
My wife's stone is an emrald cut .38 ct, and techinically speaking it shouldn't look as good as it does. However, the stone's been regularly mistaken for over half a carat. I have no problem with that, lol.
Also, it looks clear and clean as heck; though it's C's say it shouldn't. Also, it should have more visable inclusions than we can seem to see.
All the fuss over diamonds is a system to generate high prices for a bunch of rocks that shouldn't cost nearly as much as they do. If you keep that in mind, you'll hopefully keep yourself from being rooked. Beyond all that stuff, if it looks good to you, and the price is right: Buy that puppy.
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I can sum up the clash of religion in one sentence:
"My Invisible Friend is better than your Invisible Friend."
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