Answer:
Diamonds are expensive, especially relative to their size.
You can spend as little as US$10 for a (hot) diamond ring by giving your money to the local street corner thug who needs $10, or you can buy a diamond from a jeweler for less than US$1,000.
You can also spend millions buying a single diamond, which again, is small given its high price.
The least expensive diamond you can buy today from Blue Nile for US$380. The stone is described as a round brilliant cut diamond with an ideal cut, an H colour, with VVS1 flaws, weighing .24 carats. Its price per carat ranking is US$1,583.