A gemstone cut into a shape other than round. Fancy cuts include princess, pear, marquise, oval, baguette, emerald, heart and less common but very unique shapes such as stars.
A gemstone that is cut to a shape that is anything other than round. This would suggest that baguette and emerald cuts are 'fancy' but in my mind these are normal nowadays and it is cuts such as pear or heart that are 'fancy'
Any type of cut that is not brilliant (round). Examples include marquise, emerald, pear, heart, oval, square baguette, and triangle.