Formal:
* Diolch yn fawr iawn - This is the most common and polite way to say "thank you very much".
* Diolch yn fawr iawn i chi - This adds a touch of formality by directly addressing the recipient.
Informal:
* Diolch yn fawr - This is a more casual way to say "thank you very much".
* Diolch o galon - This literally means "thanks from the heart" and expresses a sincere appreciation.
You can also use the phrase diolch am bopeth which means "thank you for everything".
The best choice will depend on the context of your conversation.