There are many factors that come into play when considering the value or pricing of diamonds. Size, which is actually carat weight, and the quality of the diamond in terms of cut, color and clarity are the primary drivers of price. Each of these 4c's have a direct impact on the value of all natural diamonds, primarily because of rarity.
Carat weight factors into price most heavily for the simple fact that the bigger the diamond, the rarer it is. For example, there are millions of 1 carat diamonds available around the world, but significantly fewer 10 carat diamonds. The larger the stone, the less likely mining operations are to find and extract these gems.
The remaining determiners of price and value are the quality factors. The better the cut, color and clarity, the rarer the diamond and they command a premium. There are also other factors, such as certification. What laboratory grades the diamond and issues a certificate can have an impact. GIA is the most trusted and respected institution in this space giving buyers the satisfaction that the diamond is indeed of the quality being represented.