Let's talk about diamonds

RedHot thought this was worth mentioning said
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I'm no stranger to jewelry shopping, and I'm very familiar with diamond grading scales. The scales were very helpful for my wife's engagement ring and I appreciated the jeweler's help because it was a huge purchase for me at the time.

Now I'm looking for diamond studs. Not enormous but large enough to sparkle. My question for you all is how much does the clarity matter in smaller diamond jewelry? I've seen .5C studs for $1500 and for $500. Is it worth the extra cost when buying something like this? By worth I mean can I (and she) really see the difference? another way

I realize I can save money is by buying IGI instead of GIA certified diamonds. I plan to do this because I don't care about the prestige of the certifying group. Not for this purchase.