For decades, the diamond industry has been built around the traditional colourless diamond market, where stones are graded, traded and priced against established benchmarks such as the Rapaport Price List. However, a growing number of dealers and retailers are turning their attention to a segment of the market where rarity, beauty and individuality matter more than a standard price formula: natural fancy colour diamonds.
In 2016, diamond dealer and former banker Chopra received advice that would shape her future direction. A mentor encouraged her to look beyond the diamonds that could be easily compared on a price list.
“Don’t focus on the diamonds that are on the list. Focus on the diamonds you can’t find on a list. That’s where the magic happens.”
That philosophy became the foundation of Khepri Jewels, a company founded in 2023 specialising in natural fancy colour diamonds in unique shapes and exceptional qualities.
Unlike colourless diamonds, where value is largely determined by the traditional 4Cs of colour, clarity, cut and carat weight, fancy colour diamonds are valued through a combination of rarity, intensity of colour, origin, size, and market demand. Each stone is unique, and many cannot be directly compared with another diamond.
This rarity is what makes fancy colour diamonds some of the most desirable gems in the world.
The Rarity Behind Fancy Colour Diamonds
Natural diamonds receive their colours through extraordinary geological events that occur deep within the Earth over billions of years. Trace elements and structural changes within the diamond crystal create colours ranging from subtle champagne and cognac shades to highly prized pinks, blues, greens and reds.
Only a tiny percentage of all diamonds mined display natural colour strong enough to be classified as fancy colour diamonds. Among these, the most intense and vivid colours are exceptionally rare.
For example:
Pink Diamonds
Natural pink diamonds are among the rarest gemstones on Earth. Their colour is not caused by trace elements but is believed to come from changes in the diamond’s crystal structure. The closure of the historic Argyle Diamond Mine in 2020 removed the world’s largest source of rare pink diamonds, increasing their scarcity.
Exceptional examples include the Pink Star diamond, one of the most famous diamonds ever sold, and the Williamson Pink Diamond, gifted to Queen Elizabeth II.
Blue Diamonds
Blue diamonds are extraordinarily rare and derive their colour from the presence of boron within the diamond crystal. Famous examples include the Hope Diamond, one of the most recognised gemstones in history, and the Oppenheimer Blue, which achieved one of the highest prices ever recorded for a diamond at auction.
Red Diamonds
Red diamonds are considered the rarest of all fancy colours. True red diamonds are incredibly scarce, with only a handful of significant examples known worldwide. The famous Moussaieff Red Diamond is regarded as one of the finest examples.
Green Diamonds
Natural green diamonds are created through exposure to natural radiation over millions of years. Their rarity and unusual colour make them highly collectible, with the Dresden Green Diamond being one of the most famous green diamonds in existence.
Why Retailers Are Looking Beyond Traditional Diamonds
The rise of laboratory grown diamonds has created increasing competition in the traditional colourless diamond market. Many retailers are finding it more challenging to explain the difference in value between a natural white diamond and a lab grown diamond to consumers who are primarily focused on price.
Fancy colour diamonds offer a different proposition.
They are not simply a diamond purchase. They are rare natural treasures with geological stories that cannot be replicated. Their value is linked to scarcity, collectability and emotional connection.
At luxury jewellery events, dealers specialising in fancy colour diamonds are seeing increased interest from retailers looking for something distinctive, something that cannot be easily compared online or reproduced in a laboratory.
The future of natural diamond luxury may increasingly move away from mass comparison and towards individuality, rarity and provenance.
As Chopra’s mentor recognised years ago, the greatest opportunities often exist in the diamonds that cannot be placed on a simple price list.
The diamonds without a formula may ultimately become the diamonds with the greatest story.
Source: DCLA
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