However, not all colored diamonds are considered to be expensive or valuable. It is only the fancy colored diamonds that enjoy the honor of being expensive and rare. Of all the fancy colored diamonds, the blue diamonds are considered to be the rarest and the most expensive lot.

Why do blue diamonds enjoy such popularity?

The only reason that has made the blue colored dimaond so popular among the buyers is because of the Hope Diamond. Known to be the most famous diamond in the world, this one of a kind blue diamond was stolen from India sometime in the seventeenth century. It has since then travelled a long way, falling in the hands of many individuals bringing to them curse, pain, agony, misery and even death.

The final resting place of the Hope Diamond is the Smithsonian Natural History Museum located in USA. Unbelievable as it may sound, the popularity and the rarity of the blue diamonds make them far expensive than their colorless counterparts.

Trend setting pink diamonds

The second set of fancy colored diamonds that are quite popular are the pink diamonds. Unlike the blue colored diamonds, these pink colored diamonds can be found in a wide range of variety in terms of color. The color range includes deep orange pink, intense pink, pinkish purple and vivid pink. Popularity of the pink diamonds soared high when it became a fashion statement, made popular by Jennifer Lopez. The most popular diamond of this color variety is the Steinmetz Pink Diamond. It was first unveiled in Monaco and then it was put on to display at the Smithsonian Natural History Museum.

Black diamonds: The black sheep of the family

The popularity of the black diamonds began to hit the diamond collectors and the buyers only from 1996. The craze for the black colored diamonds was fuelled by Fawaz Gruosi, a noted Swiss jeweler. Names of some of the most celebrated black diamonds include Gruosi Diamond, Amsterdam Diamond and Black Orlov. As with the other fancy colored diamonds, even the black diamonds are priced high because of their rarity.

But unlike the other colored diamonds, the rarity in this case is caused artificially since De Beers, a business empire which is involved in diamond trade, stacks up most of the black diamonds in the world to keep the price high.

Although diamond color plays a decisive role in evaluating the price of the diamonds, it is mainly the fancy colored diamonds that are popular with the buyers and collectors.

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