red diamond ring

How about a Red Diamond?

Red diamonds are among the rarest, most captivating and prized fancy colored gemstones of all. Their glorious color is associated with love, passion and the heart. A red diamond is possibly the best gift you can give your significant other. It says she is rare – and you value her beyond all others. 

If you are lucky enough to own a red diamond, you will understand the fascination with this extremely rare gemstone.

How Rare Are They?

  • Red diamonds are the rarest of all the so-called ‘fancy’ colored diamonds. These include yellow, pink, blue, grey, brown and green.
    They are so rare that the GIA graded no red diamonds at all between 1957 and 1987. There are only about 30 red diamonds that have ever been mined.
  • Only a few diamonds of pure red color are found each year in the entire world. They are found, sporadically, in South Africa, India, Indonesia. The largest producer is the Argyle Mine in the East Kimberley Region of Western Australia, which started mining in the 1980s. In the 30-year period between 1987 and 2017 fewer than 20 carats of fancy red diamonds were produced.
  • Their cost per carat on today’s market can reach anywhere from $100,000 for anything above 0.20ct to $1 million. Most are less than a half carat in weight.
  • Some red diamonds have a modified red color, which can include purple, orange and brown. These are slightly less rare and less expensive than stones with a deep, rich red hue, which are prized the most.
  • The supply of red diamonds has diminished even further, as the Argyle mine has officially ‘burned out’ and closed operations on November 2nd, 2020. This will lead to even steeper prices for existing stones. There are no other mines with reliable, on-going supplies of red diamonds in the world.

The Hancock Red, The Moussaieff Red

Hancock-Red-from GIA
Hancock Red Diamond – Image from GIA

One of the first red diamonds to gain the world’s attention was the Hancock Red. It was cut from a rough diamond in Brazil and bought by a Montana rancher, Warren Hancock, for $13,500. He sold it at Christie’s in 1987 for $880,000 (or $926,315 per carat.) It was the highest price per carat for any gemstone of any kind. 

The Moussaieff Red is the largest red diamond in the world. It weighs 5.11 carats and was discovered by a Brazilian farmer in the mid-1900s. It originally weighed 13.9 carats before cutting. It is worth over $20 million. 



Why Are They Red?

Diamonds are composed of pure carbon. Scientists think that the high temperatures and the shear stress of an ancient underground rock collision are thought to have resulted in what is called a ‘plastic deformation’ in the diamond crystals, which displaced the carbon atoms. The color of red diamonds is also influenced by the presence of chemicals such as nitrogen and boron.
Most people think that pink diamonds and red diamonds are different. In fact, it is the color intensity that differentiates them. If the diamond has a weaker saturation of color, it will be graded as pink. A red diamond is one that has a strong color saturation and a medium to dark tone. The name “Fancy Red” is given only to those diamonds that have higher saturation levels than Fancy Vivid Pink and Fancy Deep Pink.
Dover Jewelry & Diamonds has an enticing collection of pink and fancy colored diamonds for your consideration. Stay tuned to keep an eye on our ever-expanding collection.
Who knows – we might just find a once-in-a-lifetime red diamond for you.