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.
Setting Burs are similar in shape to hart burs, but with straight sides. They are used primarily for cutting seats in prongs, bezels and tube settings, often roughing out seats that are then refined with a hart bur.