You're attempting to determine the weight of a stone given its measurements, which can not be accurate, since the two units of measurement are different.
Roughly, however, if the stone is round, it may weigh between .40 and .50 carat, if the 5mm measurement is at the girdle of the diamond.
A one-half carat diamond, in a round brilliant cut, measures about 5.2MM at the girdle.
The diamond weighs 112 carats, or 0.790136 ounces.
Both Asscher cut and Princess cut diamonds have at least one measurement that is 5mm, and both with this perimeter weigh in the one carat range. ('Square' diamond is a description for a rather generic cut.) A certified gemologist can give you an exact weight for your diamond.
A 2 mm round diamond weighs about .03 carats, so a 1.5 mm round diamond would be smaller than .03 carats. A .01 carat diamond is about as big as a grain of sand.
You've given the carat weight of a diamond. 'Big', then, is based on the cut of the stone.
The diamond weighs .125 carats. Its mm measurements depend on the cut.
If the diamond is an ideal emerald cut with these measurements, the diamond may weigh about one quarter of a carat. Otherwise, you have stated the diamond's 'big' size in measurements.
There are 45.52 carats on the hope diamond
Carats and millimeters do not correlate directly. If, however, your question is about a gemstone cut as a round brilliant gem, it may weigh between .40 and .50 carats or 40/100ths or 50/100ths of a carat. Take your gemstone to a jeweler whom you trust and ask that the diamond be removed from its setting and weighed. That is the only way to know the exact weight of any gemstone.
Zero carats means that there is no weight to the stone. Perhaps that the stone is not a diamond? There is no notation for a diamond equal to zero carats.
Diamonds are weighed in carats.
All the carats in the Hope Diamond are classified as blue-gray.