MONEY-SAVING MOMENT: Sales of diamonds have dropped precipitously during the global recession, according to recent separate reports in The Financial Times of London and The Washington Post.

This trend has particularly affected the mass market for diamonds, which are at 1.5 carats or less.

Diamond dealers are upset that some sellers are doing sales on diamonds. For example, one English retailer called BrandAlley.com sells diamonds online like you would in a discount market. However, you need a local address in the British Isles to be able to register for their sales.

But as The Financial Times wrote, "Discounts may mark the end of the myth." There's a perceived value around diamonds that makes them worth more than an appraisal suggests.

So the deals are out there, but how to know if you're getting a deal or if you're being had?

Clark suggests only buying from a source that allows you to return the diamond for a full refund. After the purchase, you can take it to a certified gemologist to assess the clarity, cut, color and carat (the Four Cs) to make sure you were sold what was promised.

BlueNile.com and Costco Wholesale are among the retailers that allow full refunds on diamonds.

Meanwhile, Christa weighed in with a woman's opinion and said that many women look at the size of the rock, so guys can forget all about the Four Cs. She also suggests it's acceptable (and thrifty) to buy at a pawn shop -- instead of at a brand-name retailer -- if and only if you first make it clear to the woman that you'll be buying second hand.