While comparing Hematite and Diamond physical properties, the important data you should know is its chemical composition. Since chemical formula defines the molecular structure of the crystal, most of the physical properties like color, tenacity, solubility are governed by Hematite and Diamond chemical formula.
Another important criteria for qualitative analysis of gemstones is Hematite and Diamond Specific gravity. Specific gravity is the relative density of a gemstone compared with respect to density of water. Gemologists use Hematite and Diamond Optical Properties during the identification of gemstone. Specific gravity of Hematite is 3.50-3.53 whereas that of Diamond is 3.50-3.53.