"Fancy color diamond rings are certainly, well, fancy, but don't expect them to be cheap."

Colors are not something you usually equate with diamonds, but fancy color diamond rings are quite popular. Fancy diamonds in various colors are not only beautiful, but they are quite valuable because they are so rare. Even if you have a clear diamond, slight traces of color sometimes do exist and while they may be annoying, they are natural. It is when you have fancy color diamond rings that you can really sparkle with color and elegance.

Natural color diamonds are the most common and the most popular choice for engagement and wedding rings, and far more common than fancy color diamond rings. Extraordinary gems of various colors are also chosen as the stone in rings for these special occasions, but they also carry a hefty price tag. The rarest and most expensive diamond is red in color. One example of an amount paid for such a stone is reputed to be close to a million dollars. So fancy color diamond rings are certainly not cheap.

Fancy color diamond rings retain their value because they are collector's items. The setting of the diamond does a lot for displaying the colourful stone, which could be pink, yellow, purple and blue. The fancy colored diamonds are not usually chosen for wedding rings and are mostly used as costume jewellery by the rich and famous.

Although the 4 C's of grading diamonds still applies to the color diamonds, just as they do with natural color diamonds, the most important factor in evaluating them is the color. The grading scale ranges from faint and very light to fancy deep and fancy vivid. In the most vivid color diamonds, the color of the stone seems to emanate right out of the ring. This does not mean that you should base your choice on color alone and you should always have a report from a gemologist certifying the authenticity and grade of the diamond.

The cut of a fancy color diamond is also an important factor to consider. What would be a suitable cut for a white diamond may not be suitable for a colored stone. The cut needs to enhance the stone even further than the color and the facets need to make the path of light passing through the stone as long as possible. The usual cuts for fancy diamonds are square and oval. These fancy diamonds are generally smaller than the natural colored stones. However, you can get larger stones if you are willing to pay the high price that comes with them.

Fancy color diamond rings may look nice, but don't expect them to be cheap.