Diamonds are graded and priced according to what is universally referred to as the '4C's'. They are Cut, Color, Clarity and Carat weight. Each is a description of the various characteristics of a diamond. For example, Cut refers to the shape of the diamond, which affects its fire and brilliance. Color refers to the amount of color in the diamond (the less color a diamond has, the more valuable it is, all other factors being equal). Clarity describes the number of natural blemishes and inclusions a diamond has, and Carat Weight is simply a measurement of the diamond's weight (not its size).