How does the "Four Cs" standard (cut, color, clarity, and carat weight) apply to the valuation of diamonds, and are there similar standards for other precious stones, such as emeralds or sapphires?

How does the "Four Cs" standard (cut, color, clarity, and carat weight) apply to the valuation of diamonds, and are there similar standards for other precious stones, such as emeralds or sapphires?
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