Diamond collectors and enthusiasts consider natural Red Diamonds to be the holy grail of rare gemstones. While some experts and gemologists argue that Orange Diamonds are more uncommon, Red Diamonds are more desirable and expensive because of their striking color. New York Loan Company, Manhattan’s only luxury pawnshop, has been lucky enough to work with some unbelievable fancy colored diamonds, including unique Fancy Reds.
What constitutes as “Fancy” Colored Diamond? These diamonds are stones that have an obvious color differences from colorless or traditional diamonds. Diamonds can be found with twelve distinct colors, but there are over 230 color combinations for diamonds that can be found around the world. For instance you are more likely to find a Red Diamond with a secondary hue, like a Fancy Purplish Red, than a straight Fancy Red Diamond.
What makes a diamond change color? Fancy Colored Diamonds are usually colored by impurities or elements that react with Carbon – Blue is colored by Boron, Yellow Diamonds by Nitrogen. Red and Pink Diamonds however are thought be colored by a rare deformation in the crystal lattice, the stronger the deformity, the deeper the color.
Where can I buy a Red Diamond? These stones command unbelievable amounts of money at auction. In 2013 a 1.92 carat Fancy Red with a VS2 clarity sold for $3.2 million at Christie’s, a world record at the time. However a year ago in November 2014, a 2.09 carat Fancy Red sold for $5.09 million dollars, or $2.44 million per carat and blew the previous record out of the water. However, there are Red Diamonds on the market that are more affordable, they are just very, very small. You can also find red diamonds with a secondary color, like purple, that may not cost you millions of dollars.
Why do diamonds command such high amounts of money? Red Diamonds are so rare that in the past thirty years of production of the Argyle mine in Australia (where the majority of pink diamonds are found), only six pure red diamonds have been unearthed. The rarity and beauty of these stones is directly related to their exorbitant prices.
So yes, Red Diamonds are real and could arguably be considered the most sought after gemstone in the world. When diamonds of this caliber are brought in to be used as collateral for a loan, New York Loan Company requires the documentation from diamond laboratories like the Gemological Institute of America (GIA), stating that these diamonds are in fact natural and describing the exact color combination. You can reach the loan officers of New York Loan Company via telephone at 212-997-5626 or via email at firstname.lastname@example.org.