Thanks for all the nice comments!
I took it to the jeweler's today and had them take a look at it. It is a little over 1 carat (less than 1.25 though) They are cautious to give any idea of value (they do charge for certified appraisal services of course!) but the people there said it is a VERY "clean" diamond (little to no inclusions) and has "some" color. Looking at the chart that could place it maybe in the $6,000 category at a minimum or higher. Alot depends on the whole size of it (weight, depth) So it could be less and of course appraised value is rarely what you might actually get for it if I were to sell it. You can really see now that after the steam cleaning, even more of the gold is flaking off of it. Guess it was in the water or damp sand for a long time!