Carat refers to how much a diamond weighs. Jewelers use "points" to refer to the size and weight of a diamond, with one point = 1/100th of a carat. This means that a one carat diamond will equal 100 points.
In general, if a diamond’s clarity, color, and cut are good you can expect to pay the following for a diamond:
0.5 carat, $1,500
1.0 carat, $5,000
1.5 carat, $8,700
2.0 carat, $13,000
3.0 carat, $22,000
Quality vs. Quantity
If, in your hunt for the perfect diamond, you find your self a little out of your price range try moving down in size. As you can see from the chart above price drops dramatically with the carat size without compromising quality. Most people prefer to have a smaller, higher quality stone than a larger, duller one.
Another important thing to remember when buying a diamond is to view the stones loose instead of set in a ring. A setting can hide a multitude of flaws, and you want to see the diamond in its pure state before making a purchase.
Selecting a Setting
Choosing a setting for your diamond is much easier than deciding on the diamond itself. Remember, a setting that holds the diamond low or flush with itself is far less likely to snag on clothes or scratch people, but it is less showy than a setting that holds the diamond high. It’s also a good idea to determine what type of jewelry the wearer of this ring typically chooses. Gold? Silver? Platinum? White gold? Try to match the ring setting with the other jewelry this person wears. Also, check the setting to make sure it will hold the diamond safely and securely for many years to come.
Don’t be intimidated by the dazzling array of diamonds in a fancy jewelry store. With a little knowledge and the willingness to ask the right questions you can be sure you’re getting the right diamond at the right price.