The princess cut diamond, was created by Israel Itzkowitz and Betzalel Ambar in 1980, and is the most popular fancy cut, particularly for engagement rings. Princess cut diamonds are like round cut diamonds in that they work in almost any style of ring. Unlike round cut diamonds however, princess cut diamonds usually have a lower price-per-carat.
The shape of the princess cut diamond is close to half the octahedron rough stone from which a princess diamond is cut. This allows for two princess cut diamonds of equal size to be cut from the same rough stone with very little waste (nearly 60% of the original rough stone is preserved after cutting). This higher yield allows for a lower price.