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Diamonds are precious, lustrous gemstones made of highly-compressed carbon. Diamonds are one of the hardest materials known. Diamonds have a hardness of 10, a specific gravity of 3.5, and a refractive index of 2.417 - 2.419. Colors of diamonds range from colorless, yellow, orange, brown, to almost black. Rarer colors are red, blue, green, and purple; these colors (called fancies) are quite valuable. Canary diamonds have a deep yellow color. A diamond's value is based on the "4 C's": color, cut, clarity, and carat weight. A diamond's color (saturation) is rated on an alphabetical scale ranging from D (white) to Y (yellow). "Z" diamonds are fancy, or deep-colored diamond.

A diamond's cut is designed to maximize the stone's natural "fire"; brilliant cuts are preferred. A diamond's clarity depends on the number and size of its flaws and inclusions (of other minerals, like quartz). Clarity is rated from FI (flawless), IF (flawless at 10x magnification), a series of V ratings (very small flaws at 10x magnification), a series of S ratings (small flaws at 10x magnification), to I1, I2, and I3 (having inclusions visible to the naked eye).

A diamond's carat weight is simple how much it weighs (a carat is about 0.2 grams or about 0.007 ounces). The largest-known gem-quality diamonds include the Cullinan (aka the Star of Africa, 530.20 carats), the Excelsior, the Great Mogul (an ancient Indian diamond which is said to have originally weighed 787.5 carats, but its location is not not known and nothing about it has been authenticated), the Darya-i-Nur, the Koh-i-Nur, and the Hope diamond (named for a purchaser, Henry Thomas Hope).

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