A cutting element, insert or compact, is provided for use with drills used in the drilling and boring of subterranean formations. This new insert, in its preferred embodiment, has a “hoop” region of polycrystalline diamond extending around the periphery of the compact to reduce the residual stresses inherent in thick diamond regions of cutters. This compact has improved wear and durability characteristics because it avoids failures due to stresses, delaminations and fractures caused by the differences in thermal expansion coefficient between the diamond and the substrate during sintering. Moreover, this invention may provide multiple polycrystalline diamond edges as the PDC wears. This exposure of multiple polycrystalline diamond edges slows the rate of wear flat surface development and reduces the weight on the bit required for acceptable drill penetration rates.