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carat weight
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Carat weight measures the mass of your diamond, and is often expressed in “points”, 100 points = 1 Carat, just like pennies to a dollar.

For example, a half carat diamond would be approximately 0.50 carats. 
It can also be expressed in milligrams: 1 carat = 200 milligrams = 100 points.



As for the pricing of diamonds, you will notice that a half carat diamond does not mean it will be half the price of a full carat, because of their rarity. Therefore the price scale does not increase smoothly, but exponentially.

You may see an abbreviation tcw or total carat weight.  This is used when describing a piece of jewelry that has more than one diamond, often a tennis bracelet or necklaces.  This describes the total carat weight of all the diamonds combined.

“Carat” comes from an ancient unit of measure, derived from the carob tree. Because these seeds from this tree were remarkably uniform in size and weight, diamonds were traditionally weighted against these seeds until a standardized system was invented and one carat was fixed at one-fifth of a gram.