I guess what I was asking is if the diamond could be cut for earrings??
It is possible but not at all practical. Cutting a round diamond in half reduces the the weight through sawing and then again when cutting the new shapes from it. Retaining the most weight would have you end up with a couple of marquise or oval shapes at maybe 15 points each, (or less). You then have the costs for the sawing and cutting which would amount to very close to, (if not more than), the cost of going out and buying two small stones that are the shape and size that you'd end up with. Another problem with this is that it might be very hard to find someone to do the work, though you might ask some of the larger jewelers in your area if they know someone who'd do this. Most likely they will say,"Yes", then take your stone and swap you for two smaller stones regardless of what you want done, (since you have no way of checking that they two ending stones actually came from your original stone). I'd forget this idea unless you just want to lose value rapidly, in which case you and everyone else, would be better off selling the original stone and donating the proceeds to your favorite charity.
thanks for your reply and it does make sense. The only reason I was wanting to go this route is that the ring has sentimental value & I wanted to give the earrings to my daughter who will be graduating high school this june & she has a thing for earrings. I guess I use it for a necklace. I'll have to think on that one. Thanks again for your reply. Any other suggestions will be appreciated.