The value of a 0.5 carat diamond can vary widely based on several factors, including its cut, color, clarity, and overall quality. On average, a 0.5 carat diamond can range from $480 to $3,400. High-quality diamonds with excellent cuts, color grades (D-F), and clarity grades (IF-VVS2) are on the higher end of this range, while diamonds with lower grades may be less expensive.