Shapes
Round
Round brilliant cut is the most popular shape of diamond. Round cut diamonds will typically give you more flexibility in terms of balancing cut, color, and clarity grades while still getting the fire and brilliance you want. Round brilliant cut is more expensive than all other shapes.
Princess
Princess cut is the second most popular shape after round brilliant cut. The princess cut has pointed corners and is traditionally square in shape. On a GIA report, it mentioned as a square modified brilliant.
Pear
Pear due to its shape, this modified brilliant cut is often referred to as the teardrop diamond. Pear shape diamond is an elegant, timeless choice. The diamond is always worn with the narrow end pointing toward the hand of the wearer.
Marquise
Marquise shaped diamond features pointed ends with a curved middle for an eye-catching look. The Marquise Cut Diamond is a boat-shaped brilliant stone that is considered to be a “classic” shape for diamond engagement rings.
Oval
Marquise shaped diamond features pointed ends with a curved middle for an eye-catching look. The Marquise Cut Diamond is a boat-shaped brilliant stone that is considered to be a “classic” shape for diamond engagement rings.
Heart
Heart Shape is most romantic Diamond shape, symbol of true love. The unique look of the heart shape diamond makes it a distinctive choice for a variety of diamond jewelry.
Emerald
Emerald Cut Diamond offers abundant reflections through its long, straight lines or ‘steps’, With its large table surface. It doesn’t have same sparkle & shine as Round brilliant cut.
Cushion
Cushion cut diamonds, also known as “pillow cut” diamonds, have rounded corners and larger facets to increase their brilliance. Cushion cut diamonds are available in shapes ranging from square to rectangular.
4C’s
Clarity
The degree to which diamond presents inclusions & blemishes.
The organic process of diamond creation involves natural heat and pressure, which may result in internal inclusions and external blemishes. The number, size and position of these inclusions and blemished determine the clarity of the diamond. These characteristics make each diamond unique. So, clarity refers to the purity of the diamond and as purity improves the value also increases. A diamonds clarity ranges from FL(No Inclusions) to I3(Heavy inclusions).
The below are most used gemological terms to define clarity:

Color
An important characteristic consideration when choosing a diamond.
The color differences of a diamond are graded on an alphabetical scale from D to Z. These grades are determined based on the absence of color in a diamond. For instance, a colorless diamond would be graded D-F whereas a light color diamond would be graded S to Z.
Diamonds with a vivid color are an exception to the color scale as they are categorized as fancy colored diamonds.

Cut
People often use the words cut and shape interchangeably. They think of cut as the shape or outline of the diamond, rather than the arrangement of facets needed to create an attractive face-up appearance.
Round is the shape used in most diamond jewelry. All other outlines are known as fancy shapes. Examples of traditional fancy shapes include the marquise, pear and oval. Hearts, triangles and a variety of others are also gaining popularity in diamond jewelry.
Carat
The unique unit of weight measurement used to weigh diamonds.
The term carat is derived from the Greek word kerátion which translates to carab seed. The carab seed was used by diamond traders as a unit of weight.
Caratage today refers to the weight of the diamond. A carat can be converted to 200 milligrams. Moreover, a carat can be further divided into 100 points to allow accurate measurements.
