As most jewelry lovers can agree, diamonds are unlikely to ever go out of fashion, but the one specific type that’s currently got everybody talking? Fancy colored diamonds. AKA natural diamonds that exhibit color beyond the typical ‘colorless’ range (so D-Z on the Gemological Institute of America, or GIA, scale).
Prices for fancy colored or (‘fancy color’ diamonds as they’re also known) have surged a huge 205% over the past two decades1 and demand shows no sign of slowing down. It’s largely thanks to their rarity – only a tiny fraction (less than 0.01%) of all natural diamonds have a high enough color saturation to be classified as ‘fancy’2, meaning they’ve come to represent one of the most prestigious purchases for the lucky buyers who find themselves landing them.
And while the traditional 4Cs of diamonds (that’s cut, clarity, carat and color) still all matter, fancy color diamonds are valued slightly differently to those that fall within the D-Z scale, which covers colorless to light yellow, brown and gray hues. In these diamonds, intensity and evenness of color can matter more than clarity or size3, for example.
What is a fancy color diamond?
A fancy color diamond is one that shows noticeable color beyond the typical white or near-colorless range. While most diamonds are graded on how little color they have on a diamond color chart from D (completely colorless) to Z (‘desert-like’ shades from sunlit white to brown), fancy color diamonds fall outside that realm altogether.
But instead of being seen as flaws, these colors are the main attraction. For a diamond to be officially classified as ‘fancy’, the color must be strong and clearly visible when viewed face-up. The stronger and more vivid the color, the more valuable the diamond tends to be4.
The GIA, who set the standard for diamond grading, look at three things when they assess a fancy color diamond. The diamond’s hue (the spectral color, like blue or violet ), its tone (how light or dark it is) and its saturation (how intense the color appears5).
Understanding the fancy color grading system
Once a diamond is considered ‘fancy,’ it’s graded on a completely different scale to that of white or colorless diamonds. It has it’s very own fancy diamond color scale.
It essentially focuses on how visible and intense the color is. The GIA use nine main grades to describe the depth and richness of color6:
- Faint: barely noticeable color
- Very Light: a soft wash of color
- Light: more obvious, but still subtle
- Fancy Light: a clearly visible color, though not deep
- Fancy: a medium strength color
- Fancy Intense: a strong color
- Fancy Vivid: a bright, bold and highly saturated color (the most valuable)
- Fancy Deep: rich, darker tones of a color with less saturation
- Fancy Dark: a saturated color combined with a darker tone
Perhaps unsurprisingly, in this part of the diamond market, the value often rises with a diamond’s intensity and uniformity of color7. For example, a Fancy Vivid pink diamond is typically worth much more than a Fancy Light pink of the same size and clarity simply because the color ‘pops’ more8.
What gives fancy colored diamonds their vibrant hues?
Despite their rarity, natural diamonds are found in a surprising range of colors. These include yellow, brown, pink, blue, green, orange, purple, gray and red (the rarest of them all9). Most diamonds also show what’s known as ‘secondary hues’ or modifiers, which are graded with two descriptors, e.g. orangey-pink or greenish-blue10 which add depth and nuance to their beauty. Those fancy color diamonds without modifiers are rarer still.
What’s behind the colors? Well, through a mix of trace elements, natural irradiation and intense geological conditions, different elements or distortions in a diamond’s crystal structure are responsible for each color11. For example:
- Nitrogen causes yellow or brown hues by absorbing violet blue light. These colors are among the more ‘common’ fancy diamonds and can be incredibly beautiful when deeply saturated12.
- Boron produces blue diamonds by absorbing deep red light. Top-tier blue diamonds can command over $3.9 million per carat13.
- Natural irradiation over the course of millions of years can turn the surface of a diamond green by altering its atomic structure, though intense green diamonds are exceptionally rare.
- Stress-induced distortions deep in the Earth’s mantle can cause a slip in the diamond’s crystal lattice, on an atomic scale, resulting in brown, pink or red tones. These are some of the most sought-after fancy diamonds around. Red diamonds, for example, can exceed $1 million per carat and very, very few exist on the market14.
Why fancy color diamonds are rare and valuable
It’s all down to the conditions they were created in millions, if not billions, of years ago. Fancy color diamonds are incredibly rare because the geological conditions needed to produce visible, vibrant color happen in only a small – tiny even – fraction of natural diamond formations. According to GIA, only one in 10,000 diamonds shows enough natural color to be classified as ‘fancy’ and fewer than one in every 25,000 diamonds reach the level of intensity required for higher grades15.
Understandably, value is closely tied to this scarcity and recent auctions suggest collector demand is anything but waning. Take major recent sales like the 15.51-carat Fancy Vivid Yellow diamond ring that sold for $1.1 million at Phillips16, or the Fancy Pink diamond weighing 5.03 carats which achieved $2.9 million at Bonhams17.
Some of the most famous diamonds in history are fancy colored, too. Like the Hope Diamond, a 45.52-carat deep blue gem, which is one of the most well-known and lusted after. The Dresden Green, weighing an impressive 41 carats, is one of the few natural green diamonds of that size ever discovered. And the Graff Pink, a 24.78-carat Fancy Intense pink, sold for an incredible $46 million in 201018.
Are fancy color diamonds a good investment?
Good question. Because fancy color diamonds are so rare and eye-catching, they’ve become increasingly popular with collectors looking for long-term value, as well as those of us who appreciate their showstopping appeal. And as we mentioned earlier, prices absolutely reflect that demand. Generally, pink diamonds are leading the charge, following the closure of the Argyle mine in Australia – a major source of these rare gems (appreciating nearly 394%) followed by blue (240%) and yellow (50%)19.
But that doesn’t mean every colored diamond is a guaranteed investment. There are often other factors at play too, like the intensity of the color, the size of the gem, its certification and where it was sourced, which can all play a role in determining its overall value20. The key to ensuring your purchase (or gift, if you’re very lucky!) is a sound investment comes down to doing your homework and paying the right price in the first place.
Which leads us to…
Choosing a fancy colored diamond
When it comes to buying a fancy colored diamond, it’s helpful to look beyond color (though we appreciate that those candy-colored hues can be distracting!). Here are a few pointers that might come in handy:
- Get a report. Always choose diamonds graded by a reputable authority like the GIA. This confirms the color is natural, as well as detailing the diamond’s hue, intensity and origin.
- Prioritize color intensity. The more saturated and evenly distributed the color, the more valuable the diamond tends to be, as a rule.
- Factor in shape and size. Certain shapes like cushion, radiant and oval cuts can enhance color better than others. Larger diamonds with strong color are significantly rarer, too.
- Verify origin and provenance. Always ask for documentation about where your diamond was discovered – reputable retailers will be more than happy to share this.
- Choose with meaning. Rather than following trends, try to pick a diamond that reflects your personal style, or marks a meaningful milestone in a way that feels ‘you’. That way, you won’t regret your purchase, even if the market fluctuates.
So there you have it. Fancy colored natural diamonds are much more than just a high-value investment or an eye-catching trend to jump on board with. Their vivid hues and off-the-charts rarity make them a truly unique, one-of-a-kind treasure if you’re lucky enough to land yourself one (or two, or three – who’s counting?).
Sources
- https://robbreport.com/style/jewelry/fancy-colored-diamond-price-increase/ ↩︎
- https://robbreport.com/style/jewelry/fancy-colored-diamond-price-increase/ ↩︎
- https://www.diamonds.pro/education/fancy-color/ ↩︎
- https://www.gemsociety.org/article/most-expensive-diamond-colors-with-prices/ ↩︎
- https://www.gia.edu/fancy-color-diamond-description/ ↩︎
- https://www.gia.edu/fancy-color-diamond/buyers-guide/ ↩︎
- https://www.gia.edu/gia-news-research/value-factors-design-cut-quality-colored-gemstone-value-factors/ ↩︎
- https://www.diamondportfolio.com.au/investor-centre/what-to-buy/pink-diamond/ ↩︎
- https://www.leibish.com/en-gb/blogs/diamonds/what-are-the-rarest-diamond-colors ↩︎
- https://www.naturallycolored.com/diamond-education/colored-diamonds-color-combinations/ ↩︎
- https://www.sothebys.com/en/articles/how-colored-diamonds-get-their-hue/ ↩︎
- https://www.gemsociety.org/article/most-expensive-diamond-colors-with-prices/ ↩︎
- https://www.gemsociety.org/article/most-expensive-diamond-colors-with-prices/ ↩︎
- https://www.gemsociety.org/article/most-expensive-diamond-colors-with-prices/ ↩︎
- https://www.gia.edu/gia-news-research-worlds-fascination-fancy-colored-diamonds/ ↩︎
- https://galeriemagazine.com/auction-yellow-diamond/ ↩︎
- https://www.bonhams.com/press_release/26579/ ↩︎
- https://www.naturaldiamonds.com/historic-diamonds/diamond-color-famous/ ↩︎
- https://www.diamondworld.net/news/fancy-colour-diamond-prices-surge-205-since-2005-says-natural-diamond-council/ ↩︎
- https://www.gia.edu/fancy-color-diamond-quality-factor/ ↩︎
