What is difference between a Production and a Competition faceter

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Joined
Sep 21, 2016
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Location
Toowoomba, QLD
Keep coming across these terms but can't see what the difference is.
Is it in the quality of the cutting?
I understand Competition cutting is extremely demanding and everything must be as perfect as possible.
Does that mean Production cutting is acceptably of a lower quality? Such as meetpoints not meeting, polish not as good?
 

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