I have seen this pring type on another forum - I think they're called ribbon prongs? But not sure. They sort of "fold over" the top of the stone.
Stci, to answer your question, I second Amy - I think that light should be able to penetrate the diamond from the sides!
I have a similar style setting for my OMC and it is plenty light and bright. I had the same concern about blocking light from entering the sides of the diamond, but at the same time I wanted a setting that would protect it as much as possible. Mine, too, has the flat ribbon prongs - I love them!
Just my old $100 4MP Kodak LS-something. I bought it a few years ago. I LOVE it! The key is to have lots and lots of light, set the camera on macro (flower symbol) and rest the camera on something. Windowsill shots are great - I lay the rings on the sill in the light, then rest the camera on the edge of the sill to hold it steady (holding your breath helps too).
With macro shots, holding still and good lighting are key.