Sales of ‘fantastic’ colored diamonds rise
Sales of ‘fancy’ colored diamonds surge as yellow, pink and blue varieties of the rare gemstones that are favorites of Victoria Beckham and Jennifer Lopez rise in popularity.
- The price of the three colors rose 3.9 percent last year, the data shows.
- Colored diamonds represent less than one percent of those for sale on the market.
Colored diamonds are increasingly likely to be a girl’s best friend after a jump in sales of rare yellow, pink and blue varieties.
Sales of so-called “luxury” diamonds rose last year, while those of traditional white gemstones fell.
Yellow stones experienced the biggest rise in popularity, according to figures from the Fancy Color Research Foundation (FCRF), which tracks trade prices in New York, Tel Aviv and Hong Kong.
The price of the three colors rose 3.9 percent last year, the data shows, and the canary-colored stones rose 4.6 percent.
Colored diamonds are still only a fraction of those for sale, accounting for less than one percent of the market.
Sales of so-called “luxury” diamonds rose last year, while those of traditional white gemstones fell. In the picture: Jennifer Lopez
The price of the three colors rose 3.9 percent last year, the data shows.
But they’re the favorites of celebrities like Victoria Beckham and Jennifer Lopez, who was gifted a green diamond engagement ring by Ben Affleck last year.
Other famous stones include the blue Hope diamond, while the late Queen Elizabeth II received a 54-carat hot pink diamond when she married the Duke of Edinburgh in 1947.
It was later mounted on a brooch that was worn on several royal occasions.
Diamond expert Paul Zimnisky said the rarity of colored stones is one of the main reasons they are so attractive.
“People love colored diamonds because they are rare and beautiful,” he said. There are very few people who can afford to have them.
He added: “They can also be a good investment, like an original piece of art or an old Ferrari.”
Zimnisky’s own closely watched index estimates that white diamond prices fell nearly 5 percent last year, though they hit an all-time high in early 2022.
He said another reason prices started falling in some countries last year was because people tightened their belts amid the cost-of-living crisis.
But colored gems are more immune to this because they are so much more expensive to begin with.
The colored stones are formed when small concentrations of chemical elements such as nitrogen and sulfur interact with carbon atoms.
There may also be green, brown, black, and red varieties.
Various theories abound as to how pink diamonds are created, with many believing that it has more to do with the type of pressure placed on the stone than trace chemical elements.