When the block is intended for installation on a bench it is called a bench stone. Small, portable stones (commonly made of bonded abrasive) are called pocket stones. Being smaller, they are more portable than bench stones but present difficulty in maintaining a consistent angle and pressure when drawing the stone along larger blades. However, they still can form a good edge. Frequently, fine grained pocket stones are used for honing, especially "in the field". Despite being a homophone with wet in most dialects of modern English, whetstones do not need to be lubricated with oil or water, although it is very common to do so. Lubrication aids the cutting action and carries swarf away.
"Sharpening is like a hangover cure," says Laurie Timpson, founder of Savernake Knives in Wiltshire. "If there was a cure and you knew about it, I'd stay at your house, crash on your sofa and have whatever it was when I woke up. Everyone would have it and there'd be no discussion. Everybody says they've created a perfect sharpening technique, and they haven't." 
The grit range is important only in regards to the type of knives you will sharpen. It is entirely up to the consumer and how they utilize their knives. Obviously you want a stone that is capable of sharpening all your blades to the appropriate sharpness. As a rule of thumb, the higher the grit, the more you will be able to get the finest razor's edge. However, this might mean several more swipes back and forth along the stone, which can be quite time consuming.

In most cases a sharpening stone will be a combination of sharpening grains and a binding agent. However, in case of a Ardennes Coticule it is a completely natural product. The grains have cutting edges which enables them to sharpen your knife. As soon as a sharpening stone is used little pieces of the grains break off, revealing a new cut ing edge. The higher the number, the finer the grain. Stones with coarse grains (up to grain 400) can be used to shape the blade of a blunt knife. You can subsequently take care of the fine finish with a stone with a smaller grain.
Lubricant. Most knife sharpening experts recommend you use some sort of lubricant when sharpening your knife. The lubricant can come in a variety of forms, from water to oil. Most of the literature out there recommends mineral oil to be used for knife sharpening. The lubricant reduces heat from the friction that is created from sharpening your knife. Too much heat can actually warp your blade. Lubrication also helps clear out the debris, or swarf, that is created as you grind your knife blade on the stone. You can pick this up at most hardware stores for about $5. I used Norton Sharpening Stone Oil in the video.
Not sure why I bought this item and then I received it. It has a bit of a 'cool' factor and is well made. I took the sharp edges of the stone as they were a bit uncomfortable on my chest but have since been wearing it a lot. Used it to put an edge on some workmates knives and to tickle up my own daily use knife. I like it, it is a bit different and useful.
Contrary to popular belief, the whetstone is not called so because it is soaked in water prior to sharpening. To whet an object means to sharpen; the soaking step aids in priming the stone for sharpening. The process of sharpening a blade with a whetstone is aptly called stoning. The water combines with the small particles in the stone to create an abrasive surface to grind the blade.
The newly designed dual-sided combination whetstone from Fallkniven features a super fine white ceramic stone (0, 1 micron) with a grit of 1400 to 2000 and the dark grey ceramic stone is made of synthetic sapphires (1 micron) and has a grit of 800-1000. There is no need to add any oil or water, just lay the blade on the stone, raise the blade's spine and deburr your blade on the grey side until it has a razor-sharp edge and then use the smooth white side to get a nice polished edge.
Prior to using any kind of sharpening stone, it is advised that individuals soak the sharpening stone in light machine oil or household oil for at least 12 hours before being used. Before being used, it is advisable to wipe the surface of the sharpening stone to get rid of grime, grit or dirt that may have accumulated overtime during the time of storage.
I used this stone to add the finishing touches on my 210mm Tojiro gyuto and wow is it sharp - it slices through red onions with zero effort. While this particular stone isn't the largest, it still does the job just fine for all my cutlery. Take note of your sharpening angle; too steep and you'll end up cutting into the stone itself, which is fairly soft to begin with.
I'm using this for a set of kitchen knives. As far as their quality goes, they are a name brand, but middle tier at best. The kind you can pick up at a mall kitchen store. They were all dull and in need of sharpening. After using these stones, my knives were all insanely sharp. They were noticably sharper than when I first bought them. I'm not experienced with sharpening stones, so I can't say how these compare with others, but for my needs as a non-professional, this set is perfect. Outperforms my needs.

As you continue to repeat strokes on the first time, eventually a tiny burr will form on the other side of the blade. To check for it, place the blade on your thumb, and pull it backwards. If the burr has formed, it should catch slightly on your thumb (with really fine grit stones, say 2000 or above, you won't feel this). This may take up to 30 or 40 strokes, and is the indication that you should switch and start sharpening the other side.

Oilstones, like the Norton whetstone, can be made out of natural or synthetic material like Novaculite, Aluminium Oxide, or Silicon Carbide. As per the name, oilstones require the use of oil as you sharpen your knife's blade. This type of stone is slower at sharpening or honing a blade and it can be messy and you need to always have some oil on hand but it creates a nice sharp edge and a beautiful polish. 
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