When diamonds are mined, they have less value, but when cut and polished, they become more precious. If you are not like my mother then you should be thinking of putting that expensive opal into a pendant or earrings. Again it is good to know that you are dealing with a very soft item and it might be best as earrings.
Explanation of Cut, Color and Clarity of This Diamond
Cut Quality Diamonds cut to ideal proportions are made to reflect the most amount of light. This results in a display of brilliance and fire, thereby placing ideal-cut diamonds higher on the quality pyramid than deep or shallow-cut diamonds. Ideal cut diamonds have most intense brilliance of all diamond cuts.
Color Diamonds of E color are virtually colorless. Only less than 0.7% of natural diamonds have this color. Diamonds of this color grade will appear colorless even when observed face down against a flat white background.
Clarity VS1 diamonds have very small inclusions. Usually an experienced grader does not find any internal faults, but does not have great difficulties to see the inclusions when he moves the diamond a little from side to side. Typical inclusions of this group are small, light clouds or small light cracks on the girdle.