Diamond Quality Q and A: If I am looking for a beautiful looking diamond ring or earrings, and want the best visual quality, where should I draw the line on color and clarity?
Most of this question has been answered in a detailed article called: How to Decide On the 4 Cs in Minutes.
Go here to start at the beginning of our Five Easy Steps, which covers this
I also want to add that for earrings, pendants, and decorative jewelry (as opposed to the all-important engagement ring which represents so much emotion) — you could, and perhaps should, target something with a little less quality and rarity. We usually recommend about SI or I1 clarity and I-J color or so. But the article will give you the details you need by giving guidelines to draw your own conclusions.
We tend not to give general guidelines because we sincerely believe that diamonds should be a very individual purchase since they mean so much as symbols of love and of the eternal.