We present a 1.3 mm continuum survey of the young ( 2-3 Myr ) stellar cluster IC 348 , which lies at a distance of 310 pc , and is dominated by low-mass stars ( M _ { \star } \sim 0.1-0.6 M _ { \odot } ) . We observed 136 Class II sources ( disks that are optically thick in the infrared ) at 0.8 ^ { \prime \prime } ( 200 au ) resolution with a 3 \sigma sensitivity of \sim 0.45 mJy ( M _ { dust } \sim 1.3 M _ { \oplus } ) . We detect 40 of the targets and construct a mm-continuum luminosity function . We compare the disk mass distribution in IC 348 to those of younger and older regions , taking into account the dependence on stellar mass . We find a clear evolution in disk masses from 1 to 5-10 Myr . The disk masses in IC 348 are significantly lower than those in Taurus ( 1-3 Myr ) and Lupus ( 1-3 Myr ) , similar to those of Chamaleon I , ( 2-3 Myr ) and \sigma Ori ( 3-5 Myr ) and significantly higher than in Upper Scorpius ( 5 - 10 Myr ) . About 20 disks in our sample ( \sim 5 \% of the cluster members ) have estimated masses ( dust + gas ) > 1 M _ { Jup } and hence might be the precursors of giant planets in the cluster . Some of the most massive disks include transition objects with inner opacity holes based on their infrared SEDs . From a stacking analysis of the 96 non-detections , we find that these disks have a typical dust mass of just \lesssim 0.4 M _ { \oplus } , even though the vast majority of their infrared SEDs remain optically thick and show little signs of evolution . Such low-mass disks may be the precursors of the small rocky planets found by Kepler around M-type stars .