Sales of ‘fancy’ coloured diamonds jump, as yellow, pink and blue varieties of the rare gemstones that are favourite of the likes of Victoria Beckham and Jennifer Lopez surge in popularity
- The price of all three colours rose by 3.9 per cent last year, the data shows
- Coloured diamonds make up less than one per cent of those on sale on market
Coloured diamonds are increasingly more likely to be a girl’s best friend after a jump in sales of rare yellow, pink and blue varieties.
Sales of so-called ‘fancy’ diamonds rose last year while those of traditional white gems fell.
Yellow stones saw the biggest surge in popularity, according to figures from the Fancy Color Research Foundation (FCRF), which tracks trading prices in New York, Tel Aviv and Hong Kong.
The price of all three colours rose by 3.9 per cent last year, the data shows, with canary-hued stones up by 4.6 per cent.
Coloured diamonds are still only a fraction of those on sale – making up less than one per cent of the market.
Sales of so-called ‘fancy’ diamonds rose last year while those of traditional white gems fell. Pictured: Jennifer Lopez
The price of all three colours rose by 3.9 per cent last year, the data shows
But they are a favourite of celebrities including Victoria Beckham and Jennifer Lopez, who was presented with a green diamond engagement ring by Ben Affleck last year.
Other famous stones include the blue Hope Diamond, while the late Queen Elizabeth II was gifted a 54-carat intense pink diamond when she married the Duke of Edinburgh in 1947.
This was later mounted on to a brooch worn at a number of Royal occasions.
Diamond expert Paul Zimnisky said the rarity of coloured stone was one the main reasons they are so appealing.
‘People love coloured diamonds because they’re 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 a piece of original artwork or a vintage Ferrari.’
Zimnisky’s own closely-tracked index estimates white diamond prices fell by almost 5 per cent last year, though they reached an all-time record high at the start of 2022.
He said another reason prices began to fall in some countries last year was due to people tightening their belts amid the cost-of-living crisis.
But coloured gems are more immune to this because they are much more expensive to begin with.
Coloured stones are made when tiny concentrations of chemical elements such as nitrogen and sulphur interact with carbon atoms.
There can also be green, brown, black and red varieties.
A number of theories abound about how pink diamonds are created, with many believing it is more to do with the type of pressure placed on the stone rather than trace chemical elements.