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Going from position 14 to completely disappearing ?

We've been super active with Facebook and actually the last two months added 8000 fans. We also have a Facebook contest active at this time. http://www.facebook.com/UneekFineJewelry

For the last 3 months we've been working on www.UneekJewelry.com to get it rank for "unique engagement rings" and got it to position 14 but since September 18th, 2012 that all changed. The website no longer ranks for our money keyword not even in the top 500. We haven't been building exact match keywords but using more phrase match and I can't tell if its because we don't have enough exact match or something else.

We have been working on trying to figure out what the issue is as they still rank for other keywords like "unique engagement rings in los angeles", therefore we don't know if this is a keyword penalty or glitch in Google, can anyone give us any insight on what could cause such a drop in those specific keywords for our site.

Most of the link building we have done for this client is from in content blogs.  The only blog we were suspicious of we removed the article from that blog two days ago.  The ranking have not come back.

This was the last blog that the exact match keyword was used where we removed the article from:

http://colorfuljewelry.blogspot.com/

Thanks,

Hey guys, I need some advice regarding the keywords I want to target for a new website. The website is e-commerce and is about 60% done but i wanted some advice.

home page - http://www.diamondengagement.com/

For link building purposes I only want to target the domain name for the anchor text "diamond engagement" and "diamondengagement.com"

for internal pages like ....

http://www.diamondengagement.com/engagement-rings/

I want this page to rank for "engagement rings" but that's a very competitive keyword. I was thinking for the first 3 or 4 months I only build links to this page with the domain name again "diamond engagement" and phrase anchor text's using "diamond engagement" than just out right building "engagement rings" or "engagement ring" to start off.

What are your thoughts??

Currently working on a new project, website isn't finished yet but i'm planning out the anchor texts.

www.diamondengagement.com/new/ - you can view the site here but here are a few anchor texts that I was thinking to start with...

1. Diamond Engagement
2. DiamondEngagement.com
3. Diamond Engagement Rings
4. Engagement Rings
5. Diamond Rings
6. Anniversary Rings
7. Diamonds
8. Loose Diamonds
9. Certified Diamonds
10. Diamond Earrings
11. Diamond Jewelry
12. Fine Jewelry

Here's what I need help with, how would I make partial match anchor texts using these 12 exact match examples?

Also what's the maximum amount of anchor texts variations can I use per page?

Here are a few top competitor sites

www.jamesallen.com
www.bluenile.com
www.adiamor.com

Thanks,

harry