Prices of fancy colour diamonds were up 1 per cent across the board, sustaining gains made in 2021. The increase was driven by price hikes in major categories, the Fancy Color Research Foundation (FCRF) revealed.  

The Q1 2022 Fancy Color Diamond Index (FCDI) showed that pink diamond prices rose 1.3 per cent, followed by yellow diamonds at 0.7 per cent. Blue diamond prices remained almost unchanged. 

Prices of diamonds falling within the fancy and fancy intense (all colours) categories saw a hike of 1.3 per cent and 1.2 per cent respectively, outperforming the fancy vivid segment, which recorded a 0.6 per cent uptick.

Price movements in the fancy colour diamond sector happened amid major macroeconomic and geopolitical challenges, including the war in Ukraine and the Covid-19 crisis in China. 

FCRF Advisory Board member Eden Rachminov explained that the FCDI results reflect pre-boycott prices on Russian diamonds. The ban has resulted in a drastic decline in yellow diamond supply. Prices also rose while China was under a harsh lockdown amid a zero-Covid policy. 

Rachminov said demand for luxury goods, fancy colour diamonds in particular, is expected to get a boost from Chinese consumers once the Covid situation in China stabilises. Higher demand could precede additional significant price hikes, he added.