One carat equals 1/5 of a gram or about 0.007 ounces. Each carat is divided into 100 points. For example a 25 point diamond is also called a quarter carat and a 50 point diamond is also called a half carat. Loose diamonds weighing less than 20 points are often called melee. Another term you might encounter is grainer. A grain equals to 0.25 of a carat. For example, a one carat diamond might also be called a 4 grainer. A loose diamond is always weighed to a thousandth of a carat and then rounded to the nearest hundredth of a point.