Jewelry connoisseurs have gone crazy for colored diamonds. And their appetites were practically insatiable in 2013.

In October 2013, an 8.77 carat cut-cornered rectangular modified brilliant-cut, GIA-graded Fancy Intense pink diamond sold for $6.3 million at Christie’s New York, coming in at $721,200 per carat. The same auction saw a 3.80 carat round-cornered rectangular modified brilliant-cut GIA-graded Fancy Vivid blue diamond (above) sell for nearly $4 million –a little more than $1 million per carat.

The Orange, a GIA-graded 14.82 carat Fancy Vivid orange diamond, sold for $35.5 million at a Christie’s auction Nov.11, 2013 in Geneva. Photo courtesy Denis Hayoun Diode SA Geneva

As it turns out, the October auction was a warm-up for the main events in November. A 14.82 carat pear modified brilliant-cut Fancy Vivid orange diamond (The Orange) sold for $35.5 million at Christie’s Geneva. This beauty was also graded by GIA, and at $2.4 million per carat, it earned the highest-ever per-carat price for a gemstone at auction.

Also in November, Sotheby’s Geneva saw the sale of the 59.60 carat the Pink Star – a GIA-graded oval mixed cut Fancy Vivid pink that sold for $83.2 million.  Renamed the Pink Dream  by its current owner, it was expected to fetch $60 million, until a bidding war started. As Russell Shor, senior industry analyst at GIA noted, the price of the Pink Dream was comparable to prices paid for artwork by some of the master painters.

The Pink Star, a GIA-graded 59.60 carat Fancy Vivid pink diamond, sold for $83.2 million at a Sotheby’s auction Nov. 12, 2013 in Geneva. Photo courtesy of Sotheby’s.

So what’s driving the colored diamond craze?

Hollywood A-listers like Jennifer Lopez, Penelope Cruz, and Oprah Winfrey are wearing them, and it’s no secret that celebrities are often trendsetters. The exceptional rarity of these stones is also behind the frenzy: Fancy-colored diamonds are far rarer than diamonds in the normal color range. Some experts estimate that only 2% of total rough diamond production is fancy colored. The percentage is even lower for fashioned diamonds: Only one out of 10,000 carats of fashioned diamonds displays fancy color, and a diamond’s chances of displaying intense color are even lower – one in 25,000. Heightening the craze is the expectation that the Argyle mine, the main source of natural pink diamonds, will be exhausted by 2020. Add all these together, and you have the ingredients for a serious trend.

14k white gold pendant contains a .45 ct pink CVD labgrown diamond. Courtesy of Bostonian Jewelers, Boston.

Not surprisingly, jewelry shoppers have also caught colored diamond fever. Some retailers and online vendors are selling synthetic colored diamonds or treated-color natural diamonds to satisfy the demand. These beauties available in a rainbow of color choices are becoming more affordable than ever before.

If you’re in the market for a colored diamond, consider looking for a GIA Colored Diamond Report. GIA created the GIA Colored Diamond Grading System in 1994, and has graded important colored diamonds, including the Hope, the Pink Dream, and many others. A GIA report is virtually a requirement by all the big auction houses and other key players. Why not make it a requirement for your next purchase too?

Which do you prefer: colorless or colored diamonds? Do you think colored diamonds are a fad or are they here to stay?

Main image is a GIA-graded Fancy Vivid blue diamond. Image courtesy of Christie’s Images LTD. 2013.

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Coral is one of the oldest substances in nature to be used in jewelry. For thousands of years, decorative art objects have displayed this  treasure from the sea. The resurgence of vintage coral items at auctions around the world last fall hints that this favored material has enduring style, blooming in shades from pale pink to deep red. Buyers had more choices of period coral collectibles than in past seasons, and many of the pieces sold quite well.

Property from the Collection of Maria Monet Markowitz
18 Karat Gold, Platinum, Coral and Diamond Flower Brooch, Cartier. Photo courtesy of Sotheby’s.

Many pieces offered at recent auctions date back to a time when the grand jewelry houses began to create more modern designs with new materials, like this carved coral rosebud brooch by Cartier, circa 1955.  The pin also features 18-karat gold leaves accented by round and single-cut diamonds. It sold at Sotheby’s New York in December for $27,500.

Coral, emerald and diamond choker, Cartier, 1949. Photo courtesy Sothebys.

Also in December, Sotheby’s London auctioned this exquisite coral choker created in 1948 by Cartier for Wallis Simpson, the Duchess of Windsor. Twenty-three strands of coral beads are joined by a tubular clasp set with carved emeralds and single-cut and brilliant-cut diamonds. Royal historian and biographer Hugo Vickers described this piece of history as a “mixture of the very formal and very special, and also the very informal and very modern.” The necklace – known as a torsade –  sold for more than $180,000.

Coral and diamond ear pendants, by David Webb. Courtesy of Cristie’s Images LTD. 2013

These vintage David Webb coral and diamond earrings went to one lucky bidder at Christie’s New York in December for $50,000. The surmount (the post part of the earring) sports a coral sugarloaf cabochon surrounded by diamonds, and each detachable pendant suspends a pear-shaped cabochon coral drop, centered in a platinum and circular-cut diamond surround.

A coral, diamond and enamel bracelet. Courtesy of Cristie’s Images LTD. 2013

A coral, diamond and enamel bracelet from Christie’s New York almost appears like a sea creature itself. Its sculptural design connects hourglass-shaped coral links, each having bezel set diamonds with black enamel accents inlaid into the coral. The bracelet sold at the auction house in October for $15,000.

Demand for quality coral exceeds supply, and the natural material is considered endangered. Today, many coral lovers opt for vintage jewelry, or turn to dyed resin, or man-made simulants as a way to celebrate this ocean treasure.

Lean more about coral, read GIA’s study on useful way to identify its color origins.

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Fall brings the turning of leaves, the golden glow of pumpkins, and the warmth of fires in the fireplace. While yellow is often associated with the sunny skies of summer, its warm tone is a natural autumn hue, and this fall’s auctions have a number of spectacular yellow diamonds that are fitting for the season.

At Sotheby’s September 24 auction in New York is a 7.02 carat Fancy Intense yellow diamond ring, with an estimated sale price of $140,000 to $160,000. The cut-cornered rectangular modified brilliant-cut diamond has a GIA report verifying that it is a Natural Color Fancy Intense yellow. (Update: final sale price was $173,000)

The geological conditions that create colored diamonds is very rare, which makes naturally occurring shades, like this yellow stone, scarce and highly prized. Read more about how GIA grades natural colored diamonds here (link).

Fancy Intense Yellow Diamond and Diamond Ring. Image courtesy of Sotheby’s.

GIA quality analysis: Fancy Intense yellow, Natural Color, VVS1 clarity (GIA report 15330995)

A 5.13 carat square-cut Fancy Vivid yellow diamond is one of a trio of colored diamonds that will be highly anticipated at Christie’s Magnificent Jewels auction in New York on October 15. Alongside a 8.77 carat Fancy Intense Pink and 3.81 carat Fancy Vivid Blue, this Fancy Vivid Yellow is expected to fetch $200,000 to $300,000 at auction. With the rising popularity of colored diamond celebrity engagement rings—Kelly Clarkson was engaged in last December with a fancy yellow diamond like this one—perhaps we’ll see this unmounted stone make another appearance on the finger of a famous celebrity!

5.13 carat square-cut fancy vivid yellow diamond. Image courtesy of Christie’s Images LTD. 2013.

GIA quality analysis: 5.13 carat Fancy Vivid yellow diamond, natural color, VVS1 clarity (GIA report 1152355720)

As mentioned earlier, a naturally occurring yellow diamond is quite rare, and of course, large sizes are even more rare. Also at Christie’s Magnificent Jewels auction is a commanding 20.04 carat pear-shaped Fancy yellow diamond, mounted in gold and platinum and suspended from a 16-inch fine link chain. This stunning necklace has an anticipated sale price of $500,000 to $600,000.

Colored Diamond Pendant Necklace. Image courtesy of Christie’s Images LTD. 2013.

GIA quality analysis: 20.04 carat Fancy yellow, natural color, VS1 clarity (GIA report 1152481097)

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Earlier this month, Pantone—the worldwide authority on color–determined its color of Spring 2014, called “dazzling blue.” As fashion and home décor designs roll out over the coming months, you will surely see lots of this rich cobalt color, and the fall auctions already have a number of “dazzling blue” pieces up for sale.

Perhaps the most dazzling of all is a 7.59 carat Fancy Vivid blue diamond, part of Sotheby’s October 7 Hong Kong auction, Celebrating 40 Years in Asia. As mentioned in an earlier blog, this special auction is also expected to sell an 118.28 carat colorless diamond for a record-setting amount.

With an expected sale price of $19 million, this blue diamond is also expected to break another record for per-carat price for any diamond. Called “The Premier Blue,” the internally flawless blue diamond is larger in size than most shirt buttons, and its size, vivid blue color, and round cut make it exceptionally rare. The round brilliant cut is rarely used in colored diamonds because it is designed to maximize brilliance and lessen the effect of color.  This stone is the largest round brilliant Fancy Vivid blue diamond ever graded by GIA. (Update: the Premier Blue diamond didn’t find a buyer)

The Premier Blue. Image courtesy of Sotheby’s.

While not a blue diamond, this sapphire and diamond ring is an example of why the Kashmir sapphire with its velvety blue appearance is considered by many to be the most desired of all  gems. The 11.81 carat cushion-shaped sapphire in this white gold ring originated the Kashmir mountains, an intersection of three prominent mountain ranges between Pakistan, India and China. The gem’s exceptional appearance suggests that it came from a gem deposit that was exhausted more than 100 years ago.  The gem shows no indications of heat treatment, a common treatment to enhance color or clarity in sapphires. A natural sapphire from Kashmir of this size and quality is exceptionally rare, which is why it is expected to fetch somewhere between $1.2 and $2.0 million at Christie’s first Shanghai auction on September 26. (Update: final sale price was $1,688,389)

Sapphire and diamond ring. Image courtesy of Christie’s Images LTD. 2013.

GIA quality analysis: oval-shaped diamonds weighing from 1.02 to 0.51 carat range from D color, VVS1 to VS1 clarity.

Another important blue diamond is included in Christie’s October 15 Magnificent Jewels auction. As one of three spectacular colored diamonds featured in this sale (read more about the fancy yellow diamond) , this 3.81 carat cushion-cut Fancy Vivid blue diamond is set into a ring and expected to sell for $2.5 to $3.5 million.

A Rare Colored Diamond Ring. Image courtesy of Christie’s Images LTD. 2013.

GIA quality analysis: 3.81-carat cushion-cut diamond is fancy vivid blue, natural color, VS1 clarity (GIA report 2155517964)

While not exclusively blue, the number of sapphires in this colored stone Tiffany & Co. bracelet certainly qualifies it as “dazzling.” This unique flexible strap bracelet is decorated with a rose branch designed from emeralds and yellow sapphires set against a background of round white diamonds. It’s topped off with an “evening sky” composed of emerald-cut sapphires around a crown rose-cut diamond “moon.” The intricate design and detail work makes it a special piece, and is expected to sell between $150,000 and $200,000 at Sotheby’s September 24 auction in New York. (Update: final sale price was $173,000)

Platinum, Diamond and Colored Stone ‘Rose’ Bracelet, Tiffany & Co. Image courtesy Sotheby’s.

Do you love blue diamonds and gemstones? Are you excited to see “Dazzling Blue” take over fashion and home décor trends for next spring?

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As seen on the runways, head-to-toe Winter White is one of the hottest trends for this fall. The jewelry appearing at auction houses this fall seems to follow this trend, as a number of spectacular colorless pieces are coming up for auction.

One of the many important coloress diamond rings being shown at Sotheby’s New York is a 19.51- carat Harry Winston diamond ring. This ring, chosen to lead Sotheby’s Important Jewels auction on September 24, features an E color, VVS2 clarity, 19.51-carat emerald-cut diamond flanked by two triangle-shaped diamonds weighing 2.92 carats. It is expected to sell for between $1.2 and $1.8 million. (Update: final sale price was $2,105,000)

Platinum and Diamond Ring, Harry Winston. Image courtesy of Sotheby’s.

GIA quality analysis: 19.51- carat emerald-cut center stone diamond, E VVS2 (GIA report 152551320)

Sotheby’s Hong Kong is celebrating its 40th anniversary in Asia with a special auction on October 7. One of the premier offerings is what it calls “the greatest white diamond ever to appear at auction,” a 118.28-carat, D-Flawless oval diamond.

The diamond, described as an egg in both size and shape, is the largest D color Flawless diamond ever to appear at auction. It was discovered in Southern Africa in 2011, and the winning bidder will receive naming rights. This magnificent diamond is estimated to sell for $28 to $35 million, which would be the highest price paid for a white diamond at auction. The current record is held by the 101.73 carat D-Flawless Winston Legacy, which sold for $26.7 million in May. (Update: final sale price was $30,600,000. A new record.)

118.28 carat Magnificent Oval Diamond. Image courtesy of Sotheby’s.

While the oval diamond is likely to break the sale price record, a diamond necklace by Van Cleef & Arpels is also making history as one of the noteworthy offerings in Christie’s first Shanghai auction. The auction is being described as a “celebration of the great artistic traditions of both East and West,” and includes jewelry, watches, wine, and fine art.

Created in 1950, this platinum bib-style necklace was designed to complement the silk, lace, and brocade evening gowns of post-war couture fashion. Featuring a line of baguette-cut diamonds suspending a graduated fringe with baguette, brilliant, and marquise-cut diamonds, Van Cleef & Arpels considered the necklace so unique that they patented the design.  The estimated sale price for the rare piece is between $750,000 and $1 million. (Update: final sale price was $836,768)

A Diamond Necklace, By Van Cleef & Arpels. Image courtesy of Christie’s Images LTD. 2013.

GIA quality analysis: 1.71-carat F color VS2, 1.58-carat E color VS1, 1.28-carat F color  VS2 (GIA reports 2131442420, 6137442415, 2131442411)

Are you anxious to see if the egg-shaped diamond breaks the record? There are still more significant jewels coming up in this fall’s auction season, which will be covered in upcoming posts on yellow and blue diamonds.

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