The price varies significantly depending on whether you choose natural or lab-grown diamonds.
Look for VS2 or SI1 . These have small inclusions invisible without magnification, saving you from paying a premium for flawless stones.
"1 carat" usually refers to the total weight of both earrings (0.50ct each).
Buying 1 carat diamond earrings—typically 1.00 carat total weight (ctw) or 0.50 carats per ear—is widely considered the "sweet spot" for jewelry. They are substantial enough to be noticed as a luxury statement but practical enough for daily wear.
You don't need "investment grade" quality for earrings because they aren't viewed as closely as rings.