The diamond if it is cut as a round brilliant gem, will measure 17.6MM at the girdle, which is almost three-quarters of an inch in diameter.
If it is a different cut, its measurement will be different.
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A 20 carat diamond weighs 20 carats. If the diamond is a round brilliant cut, it measures about 17.6 mm at the girdle.
These two measurements are not directly related. If the diamond is cut in a round, brilliant cut, the carat weight may be between .15 and .20 carats. If the diamond is of a different cut, then the carat weight will be different.
Yes. An example of a 20-carat diamond ring can be found on Kim Kardashian's wedding ring.
Both versions of the description you give, 20 point and 0.2 carat mean that the stone is roughly one-fifth of a carat in weight.
If the diamond is a round brilliant cut, this measurement at the girdle indicates that it could weigh between .20 carats (3.8 mm) and .25 carats (4.1 mm). If the diamond is of a different cut, a jeweler can remove the diamond and give you the exact carat weight.