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I'm materialistic and pedantic, so here's a quick guide to diamonds.

Shape:

Round Brilliant Diamonds
This shape has set the standard for all other diamond shapes, and accounts for more than 75% of diamonds sold today. Its 58-facet cut, divided among its crown (top), girdle (widest part) and pavilion (base), is calibrated through a precise formula to achieve the maximum in fire and brilliance.

Carat:
A carat is a unit of measurement to weigh a diamond. One carat is equal to 200 milligrams, or 0.2 grams. Large diamonds are rare and have a greater value per carat. For that reason, the price of a diamond rises exponentionaly to its size.

Colour:

A colorless diamond allows more light to pass through it than a colored diamond, thus emitting more sparkle and fire. The formation process of a diamond ensures that only a few, rare diamonds are truly colorless. Thus the whiter a diamond's color, the greater its value.

Clarity:

F and VS1-VS2

Diamonds have two types of flaws: inclusions (internal flaws) and blemishes (surface flaws). Clarity is graded as follows:

F - Flawless: No internal or external flaws. Extremely rare.
IF - Internally Flawless: no internal flaws, but some surface flaws. Very rare.
VVS1-VVS2 - Very Very Slightly Included (two grades). Minute inclusions very difficult to detect under 10x magnification by a trained gemologist.
VS1-VS2 - Very Slightly Included (two grades). Minute inclusions seen only with difficulty under 10x magnification.
SI1-SI2 - Slightly Included (two grades). Minute inclusions more easily detected under 10x magnification.

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