Diamonds

There are four quality factors that are most commonly used to describe a diamond; Color, Clarity,  Carat weight and Cut .

Color describes the amount of color a diamond contains. This can range from colorless to yellow with slight tints of yellow, gray or brown. Colors can also range from intense yellow to brown, blue, green, pink and red. These fancy colors are rare and therefore more valuable.
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Clarity describes the purity or clearness of a diamond. This is determined by the number, size, nature, and  location of the internal (inclusions) and external (blemishes) imperfections.
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Carat is the unit of weight for a diamond. A carat is further subdivided in 100 points ( 0.01 carat = l point ). One carat is equal to 0.20 grams. Value per carat increases with carat size, because larger rough diamonds occur less frequently. In other words, 2 half-carat diamonds taken together will not cost as much as 1 one-carat diamond, as the one-carat stone is more rare.
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Cut refers to the proportions, finish, symmetry, and polish of a diamond. These factors determine the fire and brilliance of the diamond. Well cut diamonds sell at a premium while poorly cut diamonds sell at discounted prices.
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