Diamonds are the best known and most traded gemstone. Very few individuals collect white diamonds. One exception are individuals who collect D-Flawless diamonds. This is the ultimate "pure white ice" diamond. In 1974, you could buy one of these stones for about $5000. They topped out in 1980 at over $60000 per carat. Today, you can buy a carat sized D-Flawless for about $18000 to $20000 per carat. Some people collect them in various shapes, such as rounds, pears, marquise, radiants, ovals, and princess cuts. Others just buy rounds. Also, some people collect only important large white diamonds. Collectors buy them for their history (perhaps someone famous owned the gem), or for their large size (any diamond over 10 carats is important).
The vast majority of collectors collect colored diamonds. No other jewel combines the rarity, beauty and sex appeal of a colored diamond. Let's face reality. The majority of white diamonds are not rare. The DeBeers cartel is the most successful cartel in existence. For over 60 years, they have convinced Americans that diamonds equate with love. On the other hand, colored diamonds are exceedingly rare, and are simply geological flukes. For every 100000 D-flawless diamonds, there is probably one colored diamond, and it is probably not flawless. The beauty and the rarity of these gems has spawned unprecedented desire and unparalleled prices for these diamonds. If you are a collector, you can collect colored diamonds depending upon your financial resources. If you are in the highest economic circle, you can collect reds, pinks, greens, and blues. If you are moderate collector, you can own fancy yellows and oranges. If you are on a tight budget, you can specialize in browns, from cinnamon to coffee to light beige. One important fact to remember is that in colored diamonds, clarity is secondary to the intensity of the diamond's color.