Carat Weight
Diamond carat weight is the measurement of how much a diamond weighs. A metric "carat" is defined as 200 milligrams. Each carat can be subdivided into 100 'points/cents.' This allows very precise measurements to the hundredth decimal place. If everything else is the same, diamond price increases with diamond carat weight, because larger diamonds are more rare and more desirable. But two diamonds of equal carat weight can have very different values (and prices) depending on three other factors of the diamond 4Cs.
It's important to remember that a diamond's value is determined using all of the 4Cs, not just carat weight.