Colored Diamonds. Oh, you fancy huh?

Diamonds are not just the colorless, or nearly colorless, stones we see in abundance. Diamonds come in a vast array of colors. Some colored diamonds are undesirable, while others, known as fancy colors, yield top dollar.

Colorless diamonds are generally evaluated on the Four C's:  cut, color, clarity and carat weight. On the other hand, fancy colored diamonds are graded by their color hue, consistency and intensity. Typically the richer, darker the color hue, the more expensive the colored diamond will be. The grades for fancy colors range from faint to fancy deep.

The following are the most popular fancy diamond colors:

• Fancy Red: What greater passion than the commitment to love one another eternally! However, red is not only the color of passion and energy, it is also extremely rare when it is found with no accompanying browns, pinks or purples. Therefore, it is very expensive.
• Fancy Pink—Considered the “Cupid” color, this stone is also extremely rare because it is found almost solely in the Argyle Mine of Australia. Reds, pinks and champagne colors are formed by warped crystal structures during formation.
• Fancy Blue—Varying in intensity from a light pale blue to a brilliant intense color, this stone speaks of faithfulness and loyalty. It was created by the addition of boron during early formation. The famous Hope Diamond from the Cullinan Mine in Africa is graded Fancy Dark Grayish Blue. Blue stones can cost $30,000–$200,000.
• Fancy Green—These lovely natural diamonds were exposed to atomic radiation. Green speaks of life, nature, fertility and eternity.
• Fancy Black—Sophisticated and elegant, this stone is perfect for the person who is not intimidated by tradition and who embraces power and non-conformity.

The jewelry industry created special marketing terms in order to sell these fancy colored diamonds better. Especially the brownish or yellowish diamond hues, which have been undesirable in the past.  Natural brown diamonds are often referred to as Coco or Champagne Diamonds, while Canary Diamonds are just natural yellows. I've even seen Pumpkin Diamonds.

In our Collection of the Month, we've featured some of our favorite Fancy Colored Diamonds at Joint Venture Jewelry. We've got several black, brown, blue and even yellow diamonds.

Rose gold and black diamond pendant, $720, 1.48ct yellow diamond engagement ring, $8,250, Oval citrine studs with black diamond halo, $675

Although some colored diamonds are actually priced lower than their colorless counterpart, many celebrities have dawned these specialty colored diamonds as engagement rings as well as red carpet jewels.

Mariah Carey has a 17ct emerald-cut pink center diamond surrounded by 58 pink diamonds and two half-moon diamonds from husband Nick Cannon.

Country singer, Carrie Underwood received a 5-plus carat round flawless yellow diamond with several diamond side stones from husband, Mike Fisher of the Ottawa Senators.

Kate Hudson received a 9ct Emerald Cut Blue Diamond Engagement Ring from husband Matthew Bellamy

Jessica Chastain wearing canary yellow diamond jewelry at the 2012 Academy Awards

Classic, colorless or near-colorless diamonds are a timeless tradition that will survive generations. With the emerging popularity of fancy colored diamonds, we love that jewelry seems to have no rules. The emotion that we are filled with while wearing a gorgeous piece of jewelry seems to be the only rule we follow. Colorless, & near-colorless, or fancy colored diamonds, what is your preference?