February 13

What Is a 4.38-carat Diamond Worth? | Guide to Price Range and Features


Author: Alene Geed

The rareness and allure of colored diamonds stem from their dazzling appearance and vivid colors. Indeed, the most striking and rare diamonds are also the most expensive per carat. Although buying a rough (or uncut) diamond can save you a lot of money, is it worth it? 

Key Takeaways

  • Raw 4.38-carat yellow diamond costs around $3500 per carat.
  • A diamond's symmetry, polish, and proportions determine its "cut."
  • A 4.38-carat yellow diamond is big relative to national and international norms.
  • Colored diamonds are rarer than colorless ones accounting for less than 1% of all diamonds.

Often referred to by its alternative name, "raw," an uncut diamond is an unpolished diamond; it comes in a wide range of sizes and is mined naturally but can be a lab-grown diamond, as well. Since "raw" diamonds are cheaper than cut diamonds, should you still buy them? This guide will examine "what is a 4.38-carat diamond worth?"

What Is a 4.38-carat Diamond Worth?

A carat diamond price ranges from about $2,500 per carat to over $20,000. A "good quality" yellow 4.38-carat diamond will set you back between $3,000 and $3,500 per carat. So, with that in mind, a 4.38-carat yellow diamond valued at $3,500 per carat, would be worth $15,330.

Value Evaluation of a Cut Carat Diamond

A cut carat diamond, the most common type of diamond used in engagement rings, makes the rings sparkle. The diamond's cut, carat weight, color, and clarity are the four factors determining its price (see red diamonds). The diamond cut is the single most essential determinant in pricing.

People often confuse a carat diamond cut with its form (round, princess, marquise). The term "cut" refers to a carat diamond's proportions, symmetry, and polish. Together, they modify the intensity of how light reflects from every crevice. A diamond's brilliance depends on how beautifully it's cut.

An expert carat diamond cutter uses advanced equipment and extraordinary talent to create a flawless diamond. The time and effort required to cut a diamond makes them quite expensive. While the quality of the stone's cut affects its value, its natural quality has an even more significant effect. A raw diamond's size, color, and clarity are all essential characteristics.

raw diamonds on the white background

Value Evaluation of an Uncut Diamond

In contrast to polished stones, rough diamonds lack brilliance. However, the final cut diamond's price per carat will depend on its high quality. As with cut diamonds, the estimated value of an uncut stone depends on its carat weight, clarity grade, and color. Let's look at each:


A diamond's value depends on its carat weight. It's predicated on the assumption that every other factor is the same. In some cases, the price of a more minor, let's say 3-carat, but clean rough could be more than that of larger, yellow rough with many flaws.


Inclusions are internal defects in nearly every diamond, affecting the stone's clarity. The greater the clarity grade, the fewer inclusions in the diamond. A raw diamond with perfect clarity could be more valuable than a polished diamond with poor clarity.


Most "colorless" or "white" diamonds have slight yellow or brown traces. A diamond's brilliance and sparkle will diminish as its color saturation increases. With colored diamonds, the more color they have, the higher their price tag per carat.


Another consideration that could affect the value is the shape of the rough, especially if you want to cut it. It's common to remove a lot of material to get a single little polished diamond from a huge rough with an unusual form. As a result, its value would be lower than that of a smaller rough that is nicely symmetrical.

Pros and Cons of Buying an Uncut Diamond


  • They are significantly cheaper. Rough diamonds like the 4.38-carat have a more incredible allure because of their lower cost per carat than polished ones. You can purchase an uncut diamond ring of one carat for a few hundred dollars, while cut diamonds of the same carat cost several thousand.
  • They're conflict-free. Rough diamonds must get a Kimberley Process Certificate for import or export from any country to guarantee they are conflict-free. However, the Kimberley Process no longer controls a diamond once it's polished.
  • An uncut 4.38-carat diamond ring and jewelry are unique and eye-catching. Rough diamonds have a certain allure because of their near-quartz-like look.


  • They lack sparkle, unlike cut diamonds.
  • It takes time to pick right, and you need a skilled specialist to evaluate a rough diamond's potential for success in the cutting process and to execute it.

Can You Hire An Expert To Cut Your Diamond?

a person holding the diamond under the magnifying glass

It's not a guarantee that you can save money by having a raw 4.38-carat diamond cut. Even if you can have specific rough diamonds polished, there are a few factors to keep in mind:

  • Your rough 4.38-carat diamond should be of gem quality, which shows that an expert can polish it to a desirable appearance. The raw diamond must have relatively few impurities and no internal cracks.
  • The stone's size is also essential because the size of a finished diamond is typically half that of the rough one from which it's cut.
  • You must hire a professional diamond cutter, and you need to be an expert at selecting raw diamonds that have promise.
  • Having a professional cut your 4.38-carat diamond might be pretty pricey. Costs range from $125 to $400 per carat for cutting services. 

Do Yellow Diamonds Cost More?

It's standard practice to cut and re-cut yellow diamonds into elaborate shapes that highlight their vivid yellow color when viewed from above. As the new decade begins, their lower price per carat and rarity make them suitable for fashion trends and a ring. It's important to remember that the more intense the yellow in a stone, the higher its value per carat.

GIA typically grades any white diamond with yellow inclusions lower on the scale, making them cheaper per carat. If you're looking to buy an ungraded yellow diamond per carat, one with a light yellow color will be cheaper than one with yellow inclusions. 

The greater the saturation and decent quality cut of a yellow diamond, the higher its price per carat. A yellow diamond is more valuable per carat based on its cut, clarity, and color.

an engagement ring with a canary diamond


Is a 4-carat Diamond Considered Large?

Yes, a 4-carat diamond is considered large relative to national and international norms. The carat weight works well for an engagement diamond ring and everyday jewelry.

Does a Raw Diamond Sparkle?

No, a raw diamond does not have any sparkle. Most of the diamond carats' final weight, color, and clarity become pre-determined by nature. A natural diamond, however, is not distinguishable from any other clear rock in a national park.

What Cut of Diamond Is the Rarest?

The cut of diamond that is the rarest is the red diamond and the most expensive gem per carat. Often referred to as simply "Reds," these colors can range from orange to brown to blood red. You can find red diamonds worldwide, especially at the Argyle Diamond Mine in Australia, one of the largest diamond mines.

What Is a Poorly Cut Diamond?

A poorly cut diamond gem is a diamond with less reflection to the eye and thus has less sparkle and brightness. When a diamond is on an engagement ring, some light escapes through the bottom of the stone.

About the Author:

Alene Geed

I am a published writer and an experienced jewelry designer. In my designs, I use gold, steel and silver, and adds gemstones to enhance the beauty of my unique, sparkling pieces of jewelry.

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