Process Main article: Diamond cutting

The process of shaping a rough diamond into a polished gemstone is both an art and a science. The choice of cut is often decided by the original shape of the rough stone, location of the inclusions and flaws to be eliminated, the preservation of the weight, popularity of certain shapes amongst consumers and many other considerations. The round brilliant cut is preferred when the crystal is an octahedron, as often two stones may be cut from one such crystal. Oddly shaped crystals such as macles are more likely to be cut in a fancy cut—that is, a cut other than the round brilliant—which the particular crystal shape lends itself to.

Even with modern techniques, the cutting and polishing of a diamond crystal always results in a dramatic loss of weight; rarely is it less than 50%. Sometimes the cutters compromise and accept lesser proportions and symmetry in order to avoid inclusions or to preserve the carat rating. Since the per carat price of diamond shifts around key milestones (such as 1.00 carat (200 mg)), many one-carat diamonds are the result of compromising "Cut" for "Carat." Some jewelry experts advise consumers to buy a 0.99 carats (200 mg) diamond for its better price or buy a 1.10 carats (220 mg) diamond for its better cut, avoiding a 1.00 carat (200 mg) diamond which is more likely to be a poorly cut stone