As most jewellery lovers can agree, diamonds are unlikely to ever go out of fashion, but the one specific type that’s currently got everybody talking? Fancy coloured diamonds, AKA natural diamonds that exhibit colour beyond the traditional colourless grading range used by gemmological laboratories.
Prices for these unusually tinted diamonds (or ‘fancy colour’ 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 has a high enough colour 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 colour) still matter, fancy colour diamonds are valued slightly differently to those that fall within the D-Z scale, which covers colourless to light yellow, brown and grey hues. In these diamonds, intensity and evenness of colour can matter more than clarity or size3, for example.
What makes a diamond colour truly fancy?
A fancy colour diamond is one that shows noticeable colour beyond the typical white or near-colourless range. While most diamonds are graded on how little colour, they have on a diamond colour chart from D (completely colourless) to Z (‘desert-like’ shades from sunlit white to brown), fancy colour diamonds fall outside that realm altogether.
But instead of being seen as flaws, these colours are the main attraction. For a diamond to be officially classified as ‘fancy’, the colour must be strong and clearly visible when viewed face-up. The stronger and more vivid the colour, the more valuable the diamond tends to be4.
Across the diamond industry, fancy colour diamonds are evaluated using three key characteristics: hue (the spectral colour, like blue or violet), tone (how light or dark it is) and saturation (how intense the colour appears5).
How fancy coloured diamonds are graded
Once a diamond is considered ‘fancy’, it’s graded on a completely different scale to that of white or colourless diamonds. It has its very own fancy diamond colour scale.
This scale focuses on how visible and intense the colour is. The nine main grades used to describe the depth and richness of colour are:6
- Faint: barely noticeable colour
- Very Light: a soft wash of colour
- Light: more obvious, but still subtle
- Fancy Light: a clearly visible colour, though not deep
- Fancy: a medium strength colour
- Fancy Intense: a strong colour
- Fancy Vivid: a bright, bold and highly saturated colour (the most valuable)
- Fancy Deep: rich, darker tones of a colour with less saturation
- Fancy Dark: a saturated colour combined with a darker tone
Perhaps unsurprisingly, in this part of the diamond market, the value of a fancy coloured natural diamond often rises with the diamond’s intensity and uniformity of colour7. 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 colour ‘pops’ more8.
The natural science behind diamond colour
Despite their rarity, natural diamonds are found in a surprising range of colours. These include yellow, brown, pink, blue, green, orange, purple, grey 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 colour diamonds without modifiers are rarer still.
What’s behind the colours? 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 colours 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 colour diamonds around. Red diamonds, for example, can exceed $1 million per carat and very, very few exist on the market14.
Why rarity defines the lasting value of fancy colour diamonds
It’s all down to the conditions they were created in millions, if not billions, of years ago. Fancy colour diamonds are incredibly rare because the geological conditions needed to produce visible, vibrant colour happen in only a small – tiny even – fraction of natural diamond formations.
According to GIA, only one in 10,000 diamonds shows enough natural colour to be classified as ‘fancy’ and fewer than one in every 25,000 diamonds reach the level of intensity needed for higher grades15.
Understandably, value is closely tied to scarcity, and recent auctions suggest collector demand for rare, coloured diamonds remains exceptionally strong. One of the most notable sales in recent years was The De Beers Blue — a 15.10-carat Fancy Vivid Blue diamond that fetched approximately US $57.5 million at Sotheby’s in Hong Kong, making it one of the highest prices ever achieved for a coloured diamond at auction16. Another striking example came in 2025, when a rare 9.51-carat fancy blue diamond known as the Mellon Blue sold for about US $25 million at Christie’s in Geneva1717.
Some of the most famous diamonds in history are fancy coloured, 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 colour diamonds worth the investment?
Good question. Because fancy colour 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 coloured diamond is a guaranteed investment. There are often other factors at play too, like the intensity of the colour, the size of the gem, its certification and where it was sourced, which can all play a role in determining its overall value.20
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…
How to choose the right fancy-coloured diamond?
When it comes to buying a fancy-coloured diamond, it’s helpful to look beyond just colour (though we appreciate that those candy-coloured 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 or De Beers Institute of Diamonds (IOD). This confirms the colour is natural, as well as detailing the diamond’s hue, intensity and origin.
- Prioritise colour intensity. The more saturated and evenly distributed the colour, 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 colour better than others. Larger diamonds with strong colour 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.
Fancy-coloured 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 an utterly unique, one-of-a-kind treasure if you’re lucky enough to land yourself one (or two, or three – who’s counting?).
Sources
- Robbreport.com/style/jewelry/fancy-colored-diamond-price-increase︎ ↩︎
- Robbreport.com/style/jewelry/fancy-colored-diamond-price-increase ↩︎
- Diamonds.pro/education/fancy-color ↩︎
- Gemsociety.org/article/most-expensive-diamond-colors-with-prices ↩︎
- Gia.edu/fancy-color-diamond-description ↩︎
- Gia.edu/fancy-color-diamond/buyers-guide ↩︎
- Gia.edu/gia-news-research/value-factors-design-cut-quality-colored-gemstone-value-factors ↩︎
- Gia.edu/gia-news-research/value-factors-design-cut-quality-colored-gemstone-value-factors ↩︎
- Leibish.com/en-gb/blogs/diamonds/what-are-the-rarest-diamond-colors ↩︎
- Naturallycolored.com/diamond-education/colored-diamonds-color-combinations ↩︎
- Sothebys.com/en/articles/how-colored-diamonds-get-their-hue ↩︎
- Gemsociety.org/article/most-expensive-diamond-colors-with-prices ↩︎
- Gemsociety.org/article/most-expensive-diamond-colors-with-prices ↩︎
- Gemsociety.org/article/most-expensive-diamond-colors-with-prices ↩︎
- Gia.edu/gia-news-research-worlds-fascination-fancy-colored-diamonds ↩︎
- www.sothebys.com/en/press/the-de-beers-blue-largest-fancy-vivid-blue-diamond-ever-offered-at-auction-sells-at-sothebys-hong-kong-for-hk-451m-us-57-5m-among-the-highest-prices-ever-achieved-for-any-diamond-sold-at-auction%20(sothebys.com%20-%20permalink) ↩︎
- https://www.reuters.com/lifestyle/mellon-blue-diamond-ring-sells-25-million-geneva-auction-2025-11-11/ ↩︎
- Naturaldiamonds.com/historic-diamonds/diamond-color-famous ↩︎
- Diamondworld.net/news/fancy-colour-diamond-prices-surge-205-since-2005-says-natural-diamond-council ↩︎
- Gia.edu/fancy-color-diamond-quality-factor ↩︎
