A quarter carat (approximately) diamond. A two-grainer would weight about a half carat, a three-grainer about 0.75 carats, and a four-grainer about one carat, etc.
Diamonds with weights near multiples of one-quarter carat, or one grain are referred to as grainers; e. g. four-grainer for a one carat stone (be careful, this is an approximate, a four-grainer can be smaller than a one carat).