The big story in diamonds is the high demand for pink and blue colours. Increased demand and awareness have led to record prices for these beauties at auction. Yet, this is a relatively new phenomenon as consumers have realised how undervalued diamonds are as a commodity in comparison to property or art, says JJ Abram, of luxury jewellery house Ronald Abram.
'For the highest end of the market, pink and blue diamonds in the stronger saturations are an excellent store of value and will only increase in price. Their rarity has made them a highly sought-after commodity at auctions and high-end jewellery houses,' Abram says.
Diamonds range from colourless to very light yellow or brown. The most valuable are colourless diamonds for their ability to absorb all rays of light equally. But fancy coloured diamonds are also prized for their rareness due to the presence of certain 'foreign' elements. Nitrogen creates yellow diamonds, while radiation helps form green ones during their formation deep inside the earth.
Diamonds can also appear as one primary colour without a secondary hue. These are more expensive than those diamonds with a secondary hue, with such descriptions as orangey-pink or greyish-blue.
The way the coloured diamond is cut is crucial in bringing out the depth of the hue. Skilled craftsmen cutting deeper pavilions and creating different facets may be able to intensify the colour of the diamond.
In terms of value, red diamonds are the rarest, followed closely by green and blue diamonds. Next are purple, pink and violet colours, then orange and olive. Yellow, brown, Champagne, grey and black diamonds are modestly rare.