Fancy-Color Price Index Rises as Pinks Shine

RAPAPORT... Prices of fancy-color diamonds grew 1% in the first quarter compared with the previous three months amid strong market for pinks, according to the Fancy Color Research Foundation (FCRF).Pink fancy-color prices gained 1.3%, with yellows up 0.7%, the organization reported Monday in its quarterly release of the Fancy Color Diamond Index. Prices of blues increased 0.1%.Prices for the overall category rose 2.5% year on year. Across all colors, the best performers were fancy and fancy-intense hues.The numbers reflect the market before the impact of Western sanctions on Russian goods, the FCRF pointed out."Since this boycott, the supply of yellow diamonds has dropped dramatically," said Eden Rachminov, a member of the FCRF advisory board. "The price increases also took place while China [was] under a harsh lockdown. Once their [Covid-19] policy [dissolves] and Chinese diamond lovers...return to the market, we will witness a burst in demand for luxury goods and fancy-color diamonds in particular, followed by an additional significant price increase."Image: A ring featuring a 2.44-carat, fancy-intense-pink, VVS1 diamond that sold for $1.6 million at Christie's New York Magnificent Jewels in April. (Christie's)