A DIPLOMA is a document, usually paper - not sheepskin.
A DEGREE is an academic title conferred by an educational institution.
A Diploma is usually received after a two or three year course. A degree is acheived from a university after completing at least a 4 year of full time courses and declaring a major and minor.
A graduate diploma is generally a qualification that you get after post graduation, although some graduate diplomas involve the study of undergraduate level courses. The diploma is normally taken following a degree for bachelors and a successful award allows progression to a Masters Degree without having received Honors with the Bachelor's Degree.
PG Degree is generaly refered to as Master's Degree (such as MBA degree) and can be provided only by a University. Whereas PG Diploma is valued less than PG Degree, with exception of IIM's (which provide PGDM), which can be provided by any Institute affiliated / registered with Education department of Indian government. In short, PG Degree is anytime more valued than PG Diploma.
Diploma is not a short term course. In govt institutions it takes 3years to complete whereas one more year is added to degree.And the course materials are the same in engineering courses even the books reffered are of same author.The difference is degree is in more orderly taught than diploma and the students get more time to learn about the course.
Honours degree is really still classified as undergraduate studies as you are completing your degree, but with higher merit than a regular undergraduate degree. Whereas a postgraduate diploma is postgraduate studies and you dont have to do a research project if you dont want. I assume you have to graduate before completing the latter
The diploma programs are shorter term as compared to the bachelor's degree and typically very career oriented to give students all the expertise necessary for entry level positions immediately after completion. The diploma program does not meet the credit or curriculum requirements of the bachelor's degree because of its design and purpose. A bachelor's degree can take between 120 and 128 credits to complete where a diploma program may take 33 plus credits.
The diploma is typically shorter in length (although no always), and does not meet the credit, and/or course requirements of the degree. This is due to the absence of many general education courses such as humanities, social sciences, some English courses etc. Thus, the diploma is a more career oriented program.
Technically, a diploma is the piece of paper that says you have a degree; however, in the United States, when someone says "college diploma" they usually mean a bachelors degree from a college or university. Technically, a "college diploma" could be any degree (associate's, masters or Phd.) but that's not how it's used. In Canada, a college diploma is a degree received from a two-year institution of higher learning while a bachelors degree is a degree earned from a four-year institution of higher learning. The difference is not limited to the time spent at the institution but can also include the salary differences and the level of a job position. This is not to say that one with a bachelors degree will earn more than one with a college diploma. There are many graduates from a college who are successful (success is not measured by wealth but what one accomplishes in life and the happiness of the individual).
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