Diamonds have captivated people for centuries with their stunning brilliance and enduring hardness. But not all diamonds are equal in value. The most prized and expensive diamonds are colored diamonds, which exhibit vivid hues ranging from light pink to deep blue. So which color diamond commands the highest prices? Let’s take a closer look at what makes colored diamonds so special and examine the factors that determine their value.
What Are Colored Diamonds?
Most diamonds found in nature are colorless or near-colorless with a slight tint of yellow or brown. Colored diamonds contain impurities or structural defects in their crystal lattice that cause them to absorb and reflect light differently, producing their vivid colors. The more saturated and intense the color, the rarer and more valuable the diamond.
Only about 1 in 10,000 diamonds mined worldwide exhibits natural color. Colored diamonds acquire their hues through two main processes:
– Irradiation exposure – Diamonds can become colored through exposure to natural radiation present in the earth. Green, blue, and brown diamonds often get their color this way.
– Chemical impurities – Trace elements present during the diamond’s formation can result in yellow, orange, pink, red, and purple hues. Common impurities include nitrogen (yellow) and boron (blue).
The most prized colored diamonds have colors that are evenly distributed and free of secondary hues. Such diamonds with a single, pure color command the highest prices.
Grading Colored Diamonds
Colored diamonds are graded by independent gemological laboratories on four primary factors:
– Color – Hue, tone, and saturation of the color. The most prized colors are vivid and evenly distributed.
– Clarity – The absence of inclusions and blemishes. Colored diamonds with higher clarity grades are more valued.
– Cut – Proportions and workmanship that optimize brilliance and fire. Precise cutting enhances the diamond’s color appearance.
– Carat weight – Larger colored diamonds are exponentially rarer and costlier. Carat size greatly influences value.
Additional factors like fluorescence and polish can also affect value. Grading reports from GIA, AGS, or GCAL provide detailed analysis of these quality factors.
The Most Expensive Diamond Colors
Based on diamond grading criteria and market prices, these five colored diamond hues are the most valuable:
1. Red
Red diamonds are the rarest and most expensive diamond color. Vivid red diamonds over one carat can sell for over $2 million per carat at auction. Their beautiful crimson color comes from crystal lattice defects that absorb all but the red end of the light spectrum. Major red diamond finds have included the 5.11 ct Moussaieff Red and the 5.03 ct De Young Red.
2. Pink
After red diamonds, pink colored diamonds command the highest prices per carat. Intense pink diamonds are cherished for their eye-catching color and extreme rarity. The most famous is the 59.60 ct Pink Star diamond that sold for a record $83 million in 2017. Other top pink diamonds include the 18.96 ct Winston Pink and the 15.38 ct Unique Pink.
3. Blue
Blue is another highly coveted fancy color, especially vivid blues over one carat. The 12.03 ct Blue Moon diamond holds the price per carat record for any jewel at over $4 million per carat. Other famous blues include the 13.22 ct Zoe Diamond and the 16.08 ct Sweet Josephine diamond, which sold for over $2 million per carat.
4. Green
Natural green diamonds are very rare, with intense greens the most sought-after. Large vivid greens can sell for over $2.5 million per carat. Famous greens include the 5.54 ct Aurora Green diamond and the 41.29 ct Ocean Dream diamond. Green color comes from natural irradiation present in the earth.
5. Purple
Along with red, purple is one of the two diamond colors produced from crystal lattice defects. Intense purple diamonds display a balance of red and blue hue. Notable purple diamonds include the 2.26 ct Purple Orchid and the 1.92 ct Graff Purple diamond that sold for over $17 million at auction.
Other Factors Affecting Value
Beyond the diamond’s color grade, these additional factors also influence a colored diamond’s value and price:
– Diamond Source: Natural colored diamonds sourced from mines are more prized than treated diamonds that have been artificially altered or irradiated in a lab.
– Diamond Shape: Fancy cuts like emerald and Asscher enhance color display. But classic round, oval, and cushion cuts are also valued.
– Setting: Colored diamonds are often sold loose. But colored diamonds set in necklaces or earrings can achieve higher prices.
– Brand and Reputation: An esteemed diamond brand or jewelry house commands a premium for its colored diamond jewelry.
– Certificate and Documentation: 3rd-party grading reports and proof of ethical sourcing boost value. Famous diamonds sold at auction realize higher prices.
Are Colored Diamonds a Good Investment?
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Like other alternative assets like art and collectibles, natural colored diamonds have shown promising returns as long-term investments. However, their illiquidity, high transaction costs, and subjective valuations mean substantial risks exist. Thorough research and expert guidance are essential when investing in colored diamonds.
Famous and Record-Setting Colored Diamonds
Here are some of the most famous colored diamonds of all time, along with the record prices they have achieved at auction or private sale:
| Name | Carat Weight | Color | Cut | Sale Price |
|---|---|---|---|---|
| Pink Star | 59.60 | Fancy Vivid Pink | Cushion | $83 million |
| CTF Pink Star | 59.60 | Fancy Vivid Pink | Cushion | $71.2 million |
| Blue Moon of Josephine | 12.03 | Fancy Vivid Blue | Cushion | $48.5 million |
| Oppenheimer Blue | 14.62 | Fancy Vivid Blue | Emerald | $57.5 million |
| Sweet Josephine | 16.08 | Fancy Vivid Pink | Cushion | $28.5 million |
| Winston Blue | 13.22 | Fancy Vivid Blue | Pear | $23.8 million |
| Pink Promise | 13.15 | Fancy Vivid Pink | Cushion | $32.5 million |
| De Beers Millennium Jewel 4 | 10.10 | Fancy Vivid Blue | Oval | $31.8 million |
| Graff Vivid Pink | 8.41 | Fancy Vivid Pink | Rectangular cut | $46.2 million |
| Wittelsbach-Graff | 31.06 | Fancy Deep Blue | Cushion | $24.3 million |
Summary
In the world of colored diamonds, red diamonds are the absolute rarest and command the highest prices per carat when auctioned. Intense and vivid colors like pink, blue, green, and purple also garner enormous premiums, especially in larger carats. While beautiful, colored diamonds are also risky investments that require expert guidance. But for those seeking a hard asset and inflation hedge, natural fancy color diamonds present a sparkling opportunity.
