What is one defining word that comes to mind when talking about diamonds? If it's 'expensive', that's definitely one trait that will never go away. But have you ever asked yourself what makes a diamond so expensive? Is it the size, the cut, or where it was found? You might think the color is not a factor but, to break your presumptions, it is one of the most important factors in pricing one.
Image Source: https://www.gemsociety.org/article/diamond-color/
A diamond has its own diamond color chart, in which each grade in the chart represents the level of colorlessness a diamond has. The chart starts from grade D up to grade Z with D being absolutely colorless to Z having faint to light color. Diamonds of grade D are of the most expensive kind as colorless diamonds are very rare but there is still a difference in how colorless they are. An appraiser with a trained eye could tell the grade of a diamond based on how much yellow, brown, or gray hue can be visible in it.
This doesn't mean though that colorless diamonds are the most expensive out there as there are also diamonds with an intense hue. Just last year, a rare 20-carat blue diamond was unearthed & is said to be priced at about 40 million USD. Meanwhile, the DeYoung Red Diamond, which is on display in the Smithsonian Institution, has an estimated value of 5 million USD. With the rarity of naturally colored diamonds with rare hues and saturated color, they are the kind that commands a pretty high price due to their low abundance.
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So does that mean that you will have to settle for the lower color grade of diamonds to get one that's worth your budget? Not exactly, but you can use your budget as a basis for the grades you want to go for. The difference between one diamond-grade to the next one is pretty subtle & you won't be able to tell the difference immediately.
That's where a good appraiser comes in, in which one checks the grade of a diamond and gives you the price. To the naked eye, 2 different diamonds may appear colorless despite having 2 different color-grades. This makes a difference with the budget you're willing to spend as mentioned earlier, color grades have their own price. For instance, if you want to go for the colorless ones without going beyond your budget, you can opt to go for the beautiful near-colorless grades and make up for it with the cut of the jewel to give it more sparkle.
The general takeaway from all of this is that despite diamonds being expensive, each has its own difference in color grade & it makes up their expensive price tag. Having an appraiser & a keen eye to get the diamond you prefer is key to budget-buying on these coveted gems.