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The size of the diamond is called it's carat weight and actually refers to its mass. All other characteristics being equal, the carat weight is the biggest determinant of the price of a stone.
A one carat diamond ring will always cost more than a ring made of smaller diamonds that weighs the same or even more.
Generally, once you have decided on which cut, color and clarity you want, the next important decision is to decide on the carat weight.
The chart below exemplifies how different carat weight looks after it is set in a ring. |