Due to very limited mining production, these diamonds
are mostly kept as heirlooms and recirculated through auctions.
Though very rare, there are diamonds that are pink, orange, yellow ("canary" color), green, blue, and purple. Each color has its own pricing structure, separate from that of the more commonly seen diamonds that range from colorless to light yellow, brown, and gray. Blue and pink diamonds, especially, are extremely expensive because of their rarity. When a diamond's color exceeds a certain tone level, the term "fancy" is applied, resulting in names such as "fancy blue." The pear-shaped diamond as shown in the photograph on the next page is fairly light in tone, but it is a gorgeous fancy blue.

For centuries, India was virtually the only source of diamonds. Most of the diamonds mined in India were highly transparent and colorless, but on rare occasions fancy blues and fancy pinks were found. The blue Hope Diamond in the Smithsonian Institute in Washington, D.C., is believed to be of Indian origin. Diamond production began in Brazil in 1725; besides blue and pink diamonds, green diamonds were also mined there.
Currently, fancy blue diamonds are apparently being mined in limited quantities from the Premier mine in South Africa.

The key to the beauty of a fancy blue diamond is a blue color that, even if light, has very little grayish coloration. The fancy blue diamond in the ring shown below is a rare stone that shows very little grayish color. In darker blue colors, the grayish tint becomes stronger, causing a loss of brightness in the blue flashes seen in the stone's mosaic pattern. Because production is extremely limited, however, finding the ideal fancy blue diamond is very difficult. This is a classic example of how the rarity of a gemstone determines its value. These diamonds should be pursued as collectors' pieces rather than as gemstones to be used in jewelry. Most of them are from several decades to several centuries old, kept as heirlooms and recirculated through auction sales.
Ring, Platinum
Fancy Blue Diamond 1 pc
3.36 ct
US $600,000