The term .031 may indicate the carat weight of the stone. Without a context it is uncertain, however.
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3.1% or 31/1000.
31/1000 = 0.031
Diamond is _____.
A diamond is not a square, but a square is a diamond. A diamond is another name for rhombus.
Diamond grits can be joined together by an adhesive to form diamond blade. This diamond blade can be used in cutting or polishing another diamond. Diamond is the hardest mineral known and is the only mineral hard enough to cut another diamond.