3/32" dia. shanks are the jeweler's preferred standard for burs and small rotary tools. They fit the adjustable chucks found on most flexshaft handpieces as well as 3/32" handpiece collets.
High Speed Steel (HSS) burs strike a balance between cost and durability. They maintain their hardness (temper) better than vanadium steel and cost less than carbide steel.
Wheel Burs are cylindrical in shape with cutting edges along the outside and sometimes on the top surface as well. They are often used to remove material from stone bezels that are too thick.