By Michelle Graff
Prices for blue diamonds were up 6 percent year-over-year in the first quarter, data collected by the Fancy Color Research Foundation shows. Pictured here is a really exceptional example of the category: the 8-carat “Sky Blue” diamond, which sold for $17 million at Sotheby’s Geneva in November.
New York--Blue diamond prices were up in the first quarter, while prices for pink and yellow diamonds remained relatively unchanged, the Fancy Color Diamond Index shows.

According to data released this week, prices for all blue fancy color diamonds rose 2 percent in the first quarter 2017 when compared with the fourth quarter 2016, and they are up 6 percent year-over-year.

“Highly coveted fancy intense and vivid blues are challenging to find in the market, while interest and demand for these categories continue to grow,” said Eden Rachminov, the advisory board chairman of the Fancy Color Research Foundation (FCRF). “This trend is likely to continue well into 2017 as owners react to supply shortages with price hikes.”

The nonprofit FCRF publishes the Fancy Color Diamond Index, which tracks pricing data for yellow, pink and blue diamonds in three key global trading centers: New York, Hong Kong and Tel Aviv.

Meanwhile, the index showed that prices for all yellows and all pinks remained relatively unchanged quarter-over-quarter, both declining less than 1 percent.

Compared to last year, the price index for pink fancy color diamonds is up 1 percent, while the price index for all yellow diamonds is down 3 percent.

Overall, the Fancy Color Diamond Index for the first quarter 2017 was up 0.2 percent when compared with the fourth quarter 2016 and is up 0.7 percent year-over-year.

The FCRF said as in the fourth quarter 2016, gains made in prices of fancy vivid and fancy intense colored diamonds were offset by prices declines of colored diamonds graded as just fancy.

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