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Abbreviations
Carat may be abbreviated as "Ct" or "ct" -- either with or without a period; if the word "weight" is abbreviated and included in the description of a diamond, you may also see diamond weights abbreviated as "Ct Wt" or "ct wt." All of these mean the same thing, namely "carat weight." The carat weight of a diamond is one of the so-called "essential four Cs" along with color, clarity and cut.
Carats
1 carat weighs 1/5th of a gram (0.2 grams, or 200 mg); in other words, there are five carats to a gram. According to Robert Hensley, President of Diamond Helpers, there are 142 carats in 1 ounce, so 1 carat is the equivalent of 1/142th of an ounce. A diamond that weighs 0.16 Ct therefore weighs 0.001128 ounces.
Points
For diamonds weighing under 1 carat, a weight in points may be given. A carat is divided into 100 points; a 10 point diamond weighs 1/10th of a carat, while a 50 point diamond weighs 1/2 carat. Conversely, a diamond that weighs 1.4 ct is equal to 1 carat and 40 points.
Common Carat Weights
Common fractional carat weights for diamonds include 0.50 and 0.75 ct. Common whole carat weights for diamonds include 1.00 ct, 2.00 ct and 5.00 ct.