If I have a single diamond worth more than 300 gp, does Revivify consume the whole diamond?

Thanks to a heist of mixed success, I have in my possession a single diamond worth roughly 550 gold pieces. If I use this diamond to cast Revivify, will casting the spell consume the whole diamond? I know that I could also use the diamond to cast Raise Dead, but that comes with drawbacks and is a bit overkill if the target has been dead for less than 10 rounds.

In my understanding, the worth of diamonds IRL comes from their ability to refract light, so even if Revivify doesn’t consume the entire diamond, would the remaining piece of rock be of significantly less value?