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Why are buyers spending millions on colored diamonds?

This question was raised by The New York Times in a recently published article, which offered several very insightful and surprisingly simple answers.

Fancy diamonds remain the rarest gemstones in the world. The fact that the Argyle mine in Western Australia, one of the most important and, above all, irreplaceable sources of fancy diamonds, was completely depleted and shut down in 2020 has made this already scarce resource even rarer. Awareness of the approaching end of natural fancy diamond production caused demand and sales to rise among dealers across the globe.

Renowned fashion houses such as Tiffany have also increased their investments in fancy diamonds in order to offer even more exclusive products to their clientele. They host exquisite events for a very select group of buyers. In 2022, for example, Tiffany acquired 35 of the final stones extracted from the Argyle Diamond Mine.

Experts are forecasting a bright future for fancy diamonds, with prices expected to continue rising. Comparing historical prices from the 1980s reveals that these diamonds are now worth 10, 20, or even 50 times more than they were back then – and the trend is still upward. Auction houses like Christie’s and Sotheby’s regularly achieve record-breaking prices for colored diamonds within just a few minutes of bidding. These auctions offer a direct and highly visible reflection of the current market situation and demand for fancy diamonds.

Buyers of fancy diamonds become part of a very exclusive elite club, because there are only very few fancy diamonds in the world. Of natural origin, they are considered the “ultimate gemstone.”