Unlike white diamonds, fancy diamonds have noticeable color, which is their most desired and most important characteristic. The color spectrum is very broad, and it includes shades of blue, green, pink, red, brown and more. These diamonds are very rare – only 1 out of 10,000 natural diamonds is referred to as fancy colored. The evaluation criteria are applied differently compared to colorless diamonds, with the color grade playing the most important role.
A fancy color diamond can be enhanced by the right setting material, such as rose gold for pink diamonds or yellow gold for yellow diamonds.
Carat weight is the second most important factor that affects the value of a fancy color diamond. Since these diamonds are unique by definition, large specimens are extremely rare. This elite status results in dramatic price jump at each incremental increase of carat weight.
Clarity does not play a significant role in the evaluation of fancy color diamonds, because the color conceals natural flaws within the stone.
Not surprisingly, the intensity of color grade plays the key role in determining the value of a natural fancy color diamond. The grades, from the bottom to the top of the scale, are: Faint, Very Light, Light, Fancy Light, Fancy, Fancy Intense, Fancy Vivid, Fancy Dark, and Fancy Deep.
Unlike in colorless diamonds, the cut of a fancy diamond is meant to accentuate the color, rather than sparkle or brilliance.
Many fancy diamonds have unique shapes (the outline of a diamond viewed from above) that compliment their color. They are also available in standard shapes, such as round, princess, marquise, etc.