Everything To Know About Pink Diamonds - Buying Guide 2024
Written by Nick Ireland, April 2024
Refined diamonds are some of the world’s most valued and precious resources.
For centuries, diamonds have been used for jewellery and as a display of affection or wealth. This continues into modern times, where diamonds are often gifted as cut stones, or as part of unique jewellery settings.
The quality, value and rarity of diamonds vary greatly. Factors such as the size and the quality of the cut can affect value, but the colour is a major factor.
Most of us are familiar with the colourless ‘white’ diamonds that are found in most engagement rings. Beyond this, diamonds are also produced in blues, greens, yellows, reds and pinks. Of these, pink diamonds are among the rarest, and they are highly prized by jewellers, collectors and investors.
We’ll discuss everything you need to know about buying pink diamonds from Australia’s Argyle Mine to help you choose the right stones for your collection.
Table of Contents
- What are Pink Diamonds?
- What Do Pink Diamonds Symbolise in Jewellery?
- How Valuable are Pink Diamonds?
- How Pink Diamonds are Valued
- The Argyle Grading Method for Pink Diamonds
- Are Pink Diamonds Naturally Occurring?
- Are Pink Diamonds Rare?
- How Has the Price of Pink Diamonds Changed?
- Where Do Pink Diamonds Come From?
- What Causes the Pink Colouration?
- How to Find a Reputable Dealer of Pink Diamonds?
What are Pink Diamonds?
Pink diamonds are rare gemstones known for their vibrant pink colour.
The majority of commercially-available jewellery-grade diamonds are ‘white’ (i.e. colourless). Pink diamonds exhibit hues ranging from the faintest pink to deep rose colours. They belong to the family of coloured diamonds, which includes blue, yellow, green, red and other tones.
The Argyle Diamond Mine in Western Australia was one of the most famous sources of pink diamonds. While it’s not the only mine in the world that produced pink stones, Argyle diamonds were particularly vivid. The mine ceased operations in 202, leading to the greater scarcity and increased value of pink diamonds.
Due to their rarity, pink diamonds are highly prized and can command exceptionally high prices in the gemstone market. They are often used in high-end jewellery pieces, such as earrings, pendants and pink diamond engagement rings.
Beyond jewellery, pink diamonds are also coveted by collectors and investors.
What Do Pink Diamonds Symbolise in Jewellery?
Pink diamonds evoke a variety of emotions when used in jewellery. As a relatively modern addition to the gemstone industry, pink diamonds don’t hold the same spiritual symbols that other stones are known for.
However, their beauty and rarity means pink diamonds are commonly associated with the following symbolism:
Romance and love
The colour pink is often associated with romance, love, and affection. Pink diamonds, with their delicate and feminine hue, symbolise love, making them popular for engagement rings and other romantic jewellery pieces.
Elegance
Pink diamonds are admired for their exquisite beauty and elegance. They symbolise grace, charm, and sophistication, making them ideal for adding a touch of luxury to any jewellery design.
Individuality
Pink diamonds are exceptionally rare, making them symbols of uniqueness and individuality. Wearing a pink diamond jewellery piece can signify a person’s distinctive style, personality, and status.
Joy
The colour pink is also associated with happiness, joy, and optimism. Pink diamonds can symbolise positivity, enthusiasm, and a zest for life, making them uplifting and mood-enhancing gemstones.
How Valuable are Pink Diamonds?
The value of pink diamonds fluctuates with market demands. However, the rarity of these stones means they are typically worth much more than ‘white’ diamonds. This means that investing in pink diamonds can be especially lucrative.
The exact value of each stone depends on a range of factors, including:
- Colour – The intensity and saturation of the pink colour greatly influence a pink diamond’s value. Stones with deeper, more vibrant pink hues are exceptionally rare and command higher prices compared to lighter or faintly coloured pink diamonds.
- Origin – Pink diamonds from certain mines or regions may carry additional value due to their provenance and reputation. For example, pink diamonds from the now-closed Argyle Mine in Australia were highly prized for their unique colour saturation and origin story.
- Market demands – The demand for pink diamonds among collectors, investors, and jewellery enthusiasts also influences their value. High demand coupled with limited supply further drives up prices for these rare gemstones.
Due to their exceptional rarity and beauty, pink diamonds often command prices significantly higher than other coloured diamonds. They are even valued more highly than some of the most prized white diamonds.
In recent years, pink diamonds have set numerous auction records, highlighting their status as some of the most valuable gemstones in the world.
How Pink Diamonds are Valued
So we know that pink diamonds are highly valued – they’re some of the most expensive diamonds on the market. They receive their value in several ways, but they are subject to the same grading processes as diamonds of other colours.
The major defining factor in the value of a pink diamond is its assessment according to the 4Cs. The 4Cs are a standard that’s used by most major gemological institutes, such as the Gemological Institute of America (GIA).
The 4Cs of pink diamonds are as follows:
- Cut – Diamond cut refers to the craftsmanship and precision with which a diamond is shaped and faceted. The cut affects the diamond’s brilliance and sparkle.
The GIA evaluates cuts based on proportions, symmetry and the quality of polish. The right cut is able to reflect light more effectively, maximising the stone’s luminescence. Cut is often considered the most critical of the 4 C’s because it directly influences a diamond’s appearance and visual appeal. - Colour – Diamond colour refers to the presence or absence of colour in a diamond.
colours are graded from D (colourless) to Z (light yellow or brown) by the GIA. White diamonds with little to no colour are valued more highly. However, in the case of pink diamonds, the value increases alongside the stone’s intensity. - Clarity – Diamond clarity assesses the presence of internal and external flaws. Internal flaws are known as inclusions, while external flaws are known as blemishes.
The GIA grades diamond clarity on a scale that ranges from Flawless (no flaws visible to the eye) to Included (flaws visible to the eye). - Carat Weight – Carat weight is a measure of a diamond’s mass, with one carat equal to 200 milligrams.
Larger diamonds typically have higher carat weights and are rarer, making them more valuable per carat. However, carat weight alone does not determine a diamond’s quality or beauty.
GIA Grading for Pink Diamonds
The rarity of pink-hued diamonds means that the colour of each stone is a major consideration in its grading. To reflect this, the GIA grades pink diamonds along the following scale:
- Faint
- Very Light
- Light
- Fancy Light
- Fancy
- Fancy Intense
- Fancy Vivid, Fancy Deep or Fancy Dark
Within this scale, each colour is a range in its own right. This can make it incredibly complicated to grade and value pink diamonds, even for the GIA.
The Argyle Grading Method for Pink Diamonds
Although it’s less common now that the Argyle Mine has closed, you may also come across pink diamonds that have been assessed according to the Argyle Grading Method.
The Argyle grading system divides diamonds into three categories of hues:
- Purplish Pink (PP) – These stones are pink, with purple as a secondary colour.
- Pink (P) – These stones are a single pink colour, with no purple or red hues.
- Pink Rose (PR) – These stones are a stunning pink with a rosy tone that comes from a slight red tint.
These three categories are then divided into nine intensity levels, 1 being the deepest intensity, and 9 being the lightest. For instance, a PP1 diamond would have a vibrant purplish-pink hue, while a PR9 would only be faintly rosy.
The Argyle grade also contains Pink Champagne (PC). This is used for brown diamonds with pink as a secondary colour.
Are Pink Diamonds Naturally Occurring?
Yes, pink diamonds are naturally occurring. They are among the rarest and most sought-after diamonds in the world.
Pink diamonds are found in only a few locations worldwide, with the Argyle Mine in Australia historically being one of the primary sources.
In addition to naturally occurring diamonds, it’s also possible to produce synthetic pink diamonds.
This is done through a process known as High Pressure-High Temperature (HPHT) or Chemical Vapour Deposition (CVD). While natural pink diamonds are formed deep within the Earth’s mantle over millions of years, artificial pink diamonds are created in laboratories using controlled conditions that mimic the natural diamond formation process.
In HPHT, high pressure and high temperature are applied to a small diamond seed crystal in the presence of a carbon source with a pink colourant, such as nitrogen. This causes the diamond to grow layer by layer, incorporating the pink colourant and resulting in a pink diamond.
While synthetic pink diamonds have become more common in recent years, they are still distinct from natural pink diamonds in terms of their origin and value. Synthetic pink diamonds offer an alternative for those who desire the colour without the high cost and rarity associated with natural stones.
Are Pink Diamonds Rare?
Naturally-occurring pink diamonds are exceedingly rare. They are produced in very small quantities from a handful of mine sites around the world.
For context, the Argyle diamond mine produced about 90% of the world’s pink diamond supply. During its life, 865 million carats of rough diamonds were extracted, but only about 164,000 carats displayed a pink hue.
This means pink diamonds of all grades only account for 0.018% of the world’s diamond supply.
How Has the Price of Pink Diamonds Changed?
The price of pink diamonds has risen sharply in recent years, particularly following the closure of the Argyle Mine.
Currently, one carat of pink diamonds starts from about $100,000USD, but can reach millions of dollars for the rarest hues and highest quality stones. These prices are only predicted to increase further, with research from the Australian Diamond Portfolio showing that pink diamonds increased by 10% per annum in 2022.
Likely, pink diamonds will only become more valuable now. The Argyle Mine processed and sold the last of its reserves in the last few years, and no new sources have been reported.
For as long as production remains low and demand remains high, we expect to see the price of pink diamonds soar.
Where Do Pink Diamonds Come From?
Pink diamonds are sourced from a few key locations around the world, but their availability is quite limited. Here are some notable mines:
- Argyle Mine (Australia) – Historically, the Argyle Mine in Western Australia was the most prolific source of pink diamonds, producing 90% to 95% of the world’s supply. The mine was renowned for its rich deposit of pink diamonds. However, it ceased operations in 2020, making its pink diamonds even more prized and rare.
- Golconda Mines (India) – The Golconda region in India was historically known for its diamonds, including pink diamonds. These mines are largely exhausted now but were the source of several legendary pink diamonds.
- Majhgawan Mine (India) – Like the Golconda region, this mine in India has produced some pink diamonds, but in very limited quantities.
- Williamson Mine (Tanzania) – The Williamson mine in Tanzania has occasionally produced pink diamonds. This mine is famous for producing high-quality, large and vivid pink diamonds, though such finds are rare.
- Diavik and Ekati Mines (Canada) – These mines in the Northwest Territories of Canada have produced some pink diamonds. The mines are better known for producing a high volume of gem-quality white diamonds.
The rarity of pink diamonds means any mine that can produce them in noticeable quantities gains significant attention in the gemstone market.
Of the mines listed above, the Argyle Mine is estimated to have produced approximately 90% of the world’s supply. Given that it’s now close
What Causes the Pink Colouration?
Scientists remain unsure what causes the colouration of pink diamonds. It’s currently thought to be caused by a distortion in the diamond’s crystal lattice, which affects the way light passes through the stone.
If this theory is accurate, it’s notable because it only applies to pink diamonds. The majority of coloured diamonds receive their colouration from the presence of other minerals. For instance, blue diamonds contain trace amounts of Boron within their crystal lattice.
Given that pink diamonds are only found in very specific geologic conditions, it’s thought that they are subject to more extreme pressures than other types of diamonds. This creates minute displacements between carbon atoms, resulting in a pink tint.
How to Find a Reputable Dealer of Pink Diamonds
If you’re looking for a gemstone for your next piece of jewellery, or if you’d like to grow your collection, you’ll need a pink diamond dealer.
The rarity of pink diamonds has always made them a target for less-than-scrupulous studios. As such, it’s important to search for someone who is trustworthy and reputable.
The simplest way to do this is to check that your dealer is registered with organisations such as the Gemological Institute of America (GIA), the American Gem Society (AGM), or another regional organisation. These groups hold their members to high standards for quality and ethics, and they are the best source of pink diamonds.
In addition to this, any diamonds you purchase should be provided with a full accounting of its providence. Your dealer should be able to present the gemstone’s documents from an organisation like the GIA.
This ensures your diamonds are genuine and that they are being provided in a fair, ethical and transparent trade.
