Unlike diamonds, colored gemstones can be cut to be faceted or unfaceted.

Unfaceted gemstones are called cabochons, a popular form being the sugarloaf carbochon, which has a smooth high-domed table. Translucent gemstones are frequently cut and polished into cabochons. Trapiche gemstones, such as trapiche emeralds, are also cut into cabochons, making exquisite jewelry pieces.

Transparent gemstones are faceted. For faceted diamonds, all different shapes and cutting styles exist. Some of the more popular gemstone shapes include square, round, oval, pear-shaped, and heart-shaped.