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Personally I never go below H colour when I buy diamonds. So I'd pick G too. I agree with Contessa. Why not consider a slightly smaller stone in the Embrace setting? Embrace looks less "engagementy" than the Novo and i think a teenager will like it better than a plain Novo.
As for price increases, there's been already an increase worldwide for diamonds of certain carat sizes (up to 10% increase). I understand the smaller carat size increase will follow shortly.
bb10lue - Hoping to hear your opinion! I guess I shouldn't worry about my SA getting mad after bringing in the 2 Novos and then I change my mind. I'm afraid I might think the novos also look a little small in that size. I wonder how hard it would be to get a hold of a small Embrace.
bb10lue - I forget - do you have a round solitaire also? I vaguely remember that you're engaged. Do you know what style band you will do? I'm sorry if you already mentioned but I sometimes have a hard time keeping members straight!