7 carats of what? 7 carats of diamonds is worth a heck of alot more than of say garnets. If you mean diamond, then you need to answer a few questions. First, is it one solitaire diamond or is it multiple diamonds that have a total weight of 7 carats? Once you answer this, you need to look at several factors, these are known as the 4 C's - cut, clarity, colour and you already have said the carat. Cut is important because a badly cut diamond has little sparkle and fire and is worth less. Clarity is important because it can also effect the sparkle and also because big, obvious inclusions are ugly and make the diamond less desirable and therefore less valuable. VVS, VS and SI1 are more pricey (and Flawless (F or IF) are as good as they come - very expensive. Colour is important because it too effects the price - unless it is a fancy coloured diamond, like a blue or pink diamond, you want something as colourless as possible, D,F,G are best.
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A 7.10-carat princess GIA certified, I color, SI1 clarity is worth about $96, 995.