Diamonds have an allure that transcends all other stones. Their fire, brilliance and hardness make them the king of gems.
 These days, diamond jewellery shoppers are looking for larger diamonds, chandelier or hanging pendant-style jewellery settings and solitaires (single stones). And diamonds are no longer considered strictly for special occasions; it is quite the norm to wear discreet diamond jewellery to the office. “Even clerical staff have diamond rings,” said one retailer.

 Colourless or white diamonds may reign supreme among jewellery lovers, but fancy coloured diamonds, even rarer, are also attracting connoisseurs.
 Fancy coloured diamonds will never be able to compete with colourless diamonds in terms of quantity. At Australia’s Argyle mine, which produces 95 per cent of the world’s pink diamonds, just 5,000 carats are produced a year, compared with 35 to 40 million carats in colourless diamonds.

 Coloured diamonds can be pink, yellow, brown, blue, green or red, and shades in between. Diamonds get their colour from nitrogen (yellow), boron or hydrogen (blue), natural radiation (green), and crystal irregularities (pink, brown and red).

 Stones in fancy colours could cost many times that of an equivalent colourless diamond. Price combined with rarity means that less than 10 per cent of all diamonds sold fall into this category.

 Charles Baldinger, a specialist in fancy coloured diamonds and a designer for Mercury in X, said a good quality one-carat fancy pink diamond could be 10 times the price, or more, of a similar colourless diamond.

 Blues were similar in price to pinks, he said, while yellows could range from a little less than a colourless diamond to a bit more, although a strong yellow stone could cost double. Reds were the most expensive. One red stone that was just shy of one carat sold for a record $880US,000 at an auction a couple of years ago.

 Colour gradations can have a significant impact on price, with deep tones selling for much more than light hues. A pale pink diamond, for example, is a fraction of the cost of a deeply hued stone. Terms such as “fancy intense” and “fancy vivid” are found at the darker end of the grading spectrum, while “faint”, “light” and “fancy light” figure at the paler end.

 Most customers looking to buy fancy coloured diamonds already own colourless diamonds and are seeking something even more exclusive. “Their first diamond isn’t a pink diamond,” Mr Baldinger said.

 In Japan, however, small pink diamonds (one-third of a carat) are popular in engagement rings.
 Mr Baldinger said jewellery set with several small fancy coloured diamonds, rather than a single centre stone of one carat or more, would be a sensible and affordable starting point for a buyer. Diamond prices rose exponentially according to size, he said.

 Small stones set close together, as in a pavé setting, can result in a large surface area that belies the actual size of each stone.
 Dixie Chan, chief designer at Larry Jewelry, said customers tended to have certain designs in mind when they bought colourless diamond and fancy coloured diamond jewellery.

 ”Those who buy colourless diamonds tend to like classic designs and solitaire settings. Those who go for fancy coloured diamonds [smaller stones, one-tenth of a carat] are looking for something more in the way of design,” Ms Chan said.

 Traditional diamond jewellery is the bread-and-butter of most jewellery shops, and diamond solitaire centre stones are getting bigger. “Five years ago people bought one carat and spent about $100HK,000 for a piece of diamond jewellery. Now they want 1.5 to 1.7 carats and spend $180HK,000.”

 Two- to three-inch hanging diamond pendants and earrings are fashionable, especially in jewellery set with smaller stones.
 ”People are going for length. It’s a very modern look. Younger people especially like it.”

 Micro-settings [tiny stones set with the help of a microscope] are gaining in popularity and interest is keen for fancy-cuts such as pear, marquise and princess. But round diamonds remain the majority choice. Larry Jewelry does not mix colourless diamonds with stones in other accents, or even pearls. The brand sets its diamond jewellery in platinum. “We keep the piece white-on-white, and the diamonds stand alone,” Ms Chan said.

 The younger set among jewellery wearers spend on average $60HK,000 to $70HK,000 for each piece of design-intensive jewellery with small fancy coloured diamonds.
 ”These can be worn during the day or in the evening. They can even go with jeans and a nice leather jacket,” she said.
 If a design goes out of style, the company will be happy to reset the stones in a different design.

 Something new in design is the move towards three-dimensionality. Ms Chan displayed a ring with fancy yellow pear-shaped diamonds and pavé diamonds several layers high. “Before, this would be flat. Now it’s raised,” she said.

 About 70 per cent of Larry Jewelry customers buying fancy coloured solitaire diamonds choose yellow and most of these clients buy stones in the one-to-two carat range.
 The multicoloured look is in for small fancy coloured diamonds. “We always mix colours,” Ms Chan said, explaining that the company’s clients had a preference for several colours, rather than one or two shades.

Fancy coloured diamonds are combined with colourless ones for maximum sparkle.

Chaumet Icy Drops

Asymmetrical earrings in 18-carat white gold and shimmering diamonds from Chaumet’s Frisson Collection offer an unusual departure from convention.

Price: $701HK,300

Chaumet Pendant Ring

Pinky ring from Chaumet in 18-carat white gold and diamonds, featuring three diamond pendants and five cuts of diamonds - baguette, round, princess-cut, rose-cut and briolette.

Price: $840HK,500

Piaget Celebration

 Eighteen-carat white gold ring inspired by champagne bubbles and set with 14 round fancy yellow diamonds and eight round diamonds.

Price: $231HK,000

Tiffany Style

A Tiffany collection of fancy coloured diamond rings set in platinum - a 3.22-carat fancy intense blue, a 6-carat fancy intense pink, a 1.83-carat fancy intense blue, and a 3.09-carat fancy vivid yellow-orange.

Price: Available upon request

Mercury in X Pretty in Pink

Ring in platinum and red gold featuring 1.08-carat princess-cut fancy intense pink diamond and pave diamonds; floral style 18-carat white and red gold ring with 0.70-carat fancy pink diamond.

Price: $850HK,000 for fancy intense pink diamond ring; $80HK,000 for fancy pink diamond ring

Mercury in X Circles

Eighteen-carat white gold pendant and chain, featuring graduated round diamonds ranging from fancy vivid pink to white.

Price: Starting at $30HK,000

Larry Jewelry Diamond Delight

Eighteen-carat white gold diamond pendant-style earrings. Designed to swing and sway.

Price: $52HK,200

Larry Jewelry Fancy Free

Matched platinum ring and earring set with fancy yellow and white diamonds in round and marquise cuts.

Earrings: $64HK,100; ring: $105HK,000