Photos courtesy of Diamonds by Lauren , copyright Rock Diamond Corp.

Pink diamonds, unlike 1 carat round colorless diamonds, are truly rare. In fact, pink is one of the rarest colors. Only red diamonds (never seen one) and blue diamonds are more rare. Given the rarity, pink diamonds are not for the faint of wallet but more affordable ones can be found. First you have to have some understanding of the pink diamond grading scale, which is haphazard at best.

Pink Diamond Grading--a Reader's Digested Version

Size and clarity are less important than color when it comes to pink diamond pricing. Words like Fancy, Intense, Vivid, Deep preceding the word Pink, all tend to mean higher price range.

Light, Very Light and Faint adjectives in front of Pink (ie. Light Pink) put the prices on the lower end of the scale--and make them more affordable to mere mortals who are not movie stars. I've seen faint pink that looks pink enough when set in pink gold to be desirable and faint pink that you can't even tell it is pink. So a dealer that knows how to choose a pink and set a pink diamond is vital to bringing out the most pink possible and ending up with beautiful jewelry.

A Fancy Intense Pink diamond in a 1 carat size can run well over $100k and on up into the multimillions. A "qualifier" in the color, as determined by the GIA, can bring the price way up or way down. When the GIA adds a qualifier like "brownish" in the color pink, like brownish pink, the price falls dramatically. And many times that qualifier is a good thing because to the naked eye, the brown is not detectable nor unpleasant.

Another qualifier is orange or orangey or orangish. Then there's purple with grades like purple pink, purplish pink, pinkish purple, pink purple and more. And wait, it gets more interesting and haphazard than that.

The GIA Report--the only report for a pink diamond

You pay the high price of a pink diamond, you should expect NO LESS than a genuine GIA report. It can be a full report or a GIA Color Origin Report. The GIA tests for natural color. And GIA is the gold standard of reports and the only lab that knows colored diamonds.

And when it comes to grading the color, you want top notch since little things can make a huge difference in price. A GIA Color Origin Report is an acceptable report and only reports on color, carat weight and size. Often a cutter will choose a Color Origin Report in an effort to avoid having an I1 clarity grade printed on a report. It's far less important in colored diamonds, but cutter's are still aware of consumer emphasis on clarity.

I have seen even crater-cracked intense pink diamonds that were at least I2, sell at high prices. And I've actually seen a very nice pinkish purple that was I2 and it was gorgeous. It's all in how they are handpicked by a good dealer.

Clarity issues that would be obvious in a white diamond are many times not a all obvious in a colored diamond. An examination by a qualified GIA graduate, a GIA gemologist or anything else is not the same as a GIA Report. And any scrambling of those letters to make you think you have an official report is bogus. Any report with an appraised value is NOT a genuine GIA report. You can check the number on the report through the GIA. The GIA substantiates that the color is natural. Irradiated pinks are not priced on nearly as steep a scale as the natural colored pink diamonds. Irradiated pinks often have a sort of surrealistic color and they are often diamonds that were unpleasant looking as naturals and were therefore nuked to make them sellable.

 
Photos courtesy of Diamonds by Lauren , copyright Rock Diamond Corp.

Shopping for a Pink Diamond

Few jewelry stores or personnel know anything about pink diamonds. That's because their market is typically people who are buying white diamonds.

There are stores that carry more of them. But you'll find that the prices are in the stratosphere. You are often paying for the address, the atmosphere and chandelier upkeep. So while you might very well get a fabulous product, you will pay out the wazoo for it. Which is fine if you have that kind of disposable income and you like the feeling of being in a swanky establishment.

Regardless, you really have to choose your dealer carefully. Choose one that carries more than two or three colored diamonds. If you've done your homework, you might recognize a salesperson who knows less than you do. If you know more than the salesperson, move on.

Choose a dealer with a track record and an established reputation for carrying colored diamonds. I often see dealers offering diamonds that are treated and not disclosing this fact. I see dealers using the same photograph to sell a diamond. I see dealers who are "drop shippers" who are offering colored diamonds--dealers who do not look at the diamond but list numbers from a GIA report and they've never seen it.

A colored diamond, particularly a pink, is NOT a diamond you want to buy without the benefit of a photo. It is not one you buy from a list of numbers nor is it one you buy from just any diamond dealer. Fancy colors and fancy shapes can't be bought without seeing a photo or in person, if you actually want to end up with something you will enjoy looking at. Since they are a niche market, you probably will have to find a dealer on the internet. It's not likely to be at Mall America Jewelry Mart.

You also need to keep an open mind in terms of shape. Given the rarity, it's not likely you're going to be able to say you want a 2ct round vivid pink and end up finding it easily or being able to negotiate on price should you find one. You'll find that there are some unusual shapes for rare colored diamonds simply because it was the shape that would render the most carat weight and best color for the rough.

Photos courtesy of Diamonds by Lauren , copyright Rock Diamond Corp.

Buying a pink diamond on a mortal budget

Okay, they are not going to be cheap. But there are ways to get pink for less than outrageous.

• Buy a white center and have it set with pink melee in a micro setting (halo setting). Melee are the small diamonds that are bought in groups.
• Buy a smaller pink and have it set in a micro setting surrounded by white diamonds to give it contrast and make the ring appear larger.
• Buy a pink that is a Light Pink, Brownish Pink and otherwise without the adjectives fancy, vivid or intense. You won't often see the "brownish" with your naked eye.
• Buy a pink diamond band that has a row of little pinks

 
Photos courtesy of Diamonds by Lauren , copyright Rock Diamond Corp.

Getting a Pink Diamond Appraised

Few sellers know squat about colored diamonds. Even fewer appraisers do. The good ones will use a third party resource to validate particular facts. So ask questions before having it appraised and find out their methodology for appraising rare pinks.

If it comes back appraised double, don't go feeling great that you made such a great purchase. Ask them to adjust the appraisal so you're not paying the insurance company outrageous premiums to insure a diamond that would not cost nearly the amount it appraised for to replace. The outrageous appraisal amount might make you feel warm and fuzzy up until you get insurance and realize just how much that inflated value it will cost you in terms of premiums.

• Questions? You can post questions about colored diamonds or colorless diamonds at coloreddiamond.info.

• Go here to see Haphazard Pink Diamond Grading