The dynamic price updater does work nicely. I have a feeling that this may be enough to ensure that idiots at least retract their stupid multiple selections.
I don't know that it would be possible to separate an option name into three dropdowns, so if you want that rather than radiobuttons, you probably have the best stock setup possible now.
If you want to offer the flexibility of tradeoffs, you might have a separate radiobutton (without price modification) for the customer to indicate a preference within a range for emphasizing cut, color or clarity (or none in particular). Then the jewelers could select from stock which will have some variation according to the customer'spreference.



