While some diamonds whisper elegance, fancy colour diamonds shout it—and their growing market value reflects that.

Prices for fancy colour diamonds have surged 205 per cent over the past two decades, driven by extreme scarcity, increasing global demand, and renewed interest from collectors and luxury houses, according to a new report released today by the Natural Diamond Council, in partnership with Choron Group and the Fancy Color Research Foundation.

These tinted diamonds make up just 0.01 per cent of all natural diamonds mined, appearing in shades of pink, blue, yellow, green, and even red. Since 2005, pink diamonds have increased in value by nearly 394 per cent, blue diamonds by more than 240 per cent, and yellow diamonds by nearly 50 per cent, with overall prices rising at a compound annual growth rate of 5.7 per cent, according to data from the Fancy Color Research Foundation.

“Fancy colour diamonds are the ultimate expression of passion, desire, personal style and enduring value,” David Kellie, CEO of the Natural Diamond Council, wrote in a press release. “No two are ever the same. We’re not talking about just jewels, we’re talking about a vibrant legacy of Earth’s ultimate power and beauty.”

Given their rarity, fancy colour diamonds have become headline-makers at major auctions and key fixtures in high jewellery collections and red carpet looks. This May, Sotheby’s Geneva sold the Mediterranean Blue, a 10.03-carat fancy vivid blue diamond, for US$21.4 million. That staggering figure translates to US$2.1 million per carat. And just last month, Christie’s New York fetched nearly US$14 million for the Marie-Thérèse Pink, a 10.38-carat pink diamond with ties to Marie Antoinette.

Auction catalogues also now regularly include a spectrum of colours and carat weights. At Sotheby’s New York this month, offerings included a 5.02-carat fancy pink diamond ring (estimated at US$1.5 million to US$2 million), a 2.02-carat fancy vivid blue diamond (US$1.4 million to US$1.8 million), and a 26.19-carat fancy vivid yellow diamond (US$750,000 to US$1 million). These prized hues command massive attention not just for their looks, but their long-term value as investments.

“Fancy colour diamonds are an ultra-rare and highly esteemed segment of the market that demands a profound understanding of craftsmanship and gemology,” Anshul Gandhi, CEO of Choron Group, wrote in a press release. “Backed by a global network and a strong presence in key markets, we continue to set benchmarks in the trade of fancy colour diamonds, transforming nature’s rarest creations into timeless works of art.”

Only a handful of diamond mines produce the colourful gems, namely those in Canada, Botswana, South Africa, Sierra Leone, and Australia, making the stones that much more coveted. With Paris Haute Couture Fashion Week on the horizon, industry experts anticipate this luxury asset to continue stealing the spotlight on red carpets, exhibitions, and runways.

This story was previously published on Robb Report USA.