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Diamond carat weight (GIA)

The fourth C, and the one that is measured rather than graded. There is no "excellent" carat weight — unlike clarity, colour and cut, carat has no scale positions, only a number. It also carries the sharpest price cliff in the category.

PropertyValueAuthority
What it measuresWeight, not size. A metric carat is defined as 200 milligrams, subdivided into 100 points, allowing measurement to the hundredth decimal place — and to the thousandth for rounding. [1]
Two diamonds of equal carat weight can look different sizes: cut proportions decide how much of the weight sits where it can be seen.
Applies toDiamonds and, as a unit of weight, gemstones generally. [1]
Viewing conditionMeasured on a calibrated scale, not assessed by eye. [1]
This is why carat is not a grade. The other three Cs place a stone on a scale of named positions; carat returns a number.
Grades in fullNo grades — a continuous measurement. Trade usage: a 0.25 carat stone is a "twenty-five pointer"; above one carat, weights are spoken in carats and decimals ("one point oh eight carats"). GIA identifies 1.00, 1.50 and 2.00 carats as "magic sizes" whose desirability creates a price step. A 0.99 carat diamond is difficult to distinguish visually from a 1.00, yet the price difference can be significant — which makes buying just below a round weight the most actionable saving in the 4Cs. [1]
  1. GIA — Diamond Carat Weight — Gemological Institute of America (GIA 4Cs, Diamond Carat Weight)