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One carat of diamond weight equals .20 grammes, which means that a diamond that weighs one gramme is about five carats. (There are 28.3495 grammes in one ounce.)

A five-carat, gem-quality diamond, depending on its cut, colour and clarity is available for purchase today from Blue Nile, and you can spend between US$49,000 and US$84,000 to buy it.

If, however, industrial diamonds are preferred, you may be able to pick up a pound for about US$1.60. You won't be able to purchase just a single pound, you'll be required to purchase hundreds of pounds regularly in order to qualify for this price.

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