When considering that only 1 in every 10,000 diamonds is a colored diamond, and that it is believed that only 35 flawless red diamonds weighing  less than 1 carat are extant in the world; then perhaps the term “red diamonds” should replace “hen’s teeth” in the simile “as rare as… ”. 

 The red diamond is arguably the rarest among fancy color diamonds. Only a few stones are mined each year, predominantly from the Argyle mine in Australia. Adding to its myth, the cause of its color is not yet thoroughly understood. And although the existence of red diamonds is beyond doubt, their scarcity is such that there are jewelers and diamantaires who have rarely, if ever, seen a red diamond. None other than Ronald Winston, son of the famed jeweler and diamond dealer Harry Winston, stated in 1988, “I think it is of the rarest object on earth. My father never saw a red diamond and he had seen everything.” 

 Another question to ponder is, “When is a red diamond a red diamond?” Most red diamonds are actually not a pure red color but rather graded as fancy-brownish-red, vivid-purplish-pink and a few other varieties of hues and are known to contain inclusions i.e. pique. 

 With rarity comes demand. And when rarity, extremely limited supply, and demand converge, it is a recipe for stratospheric prices. Auction prices of red diamonds tend to be in the range of $.5m - $1m per carat. However, in 2008, a 1.00 carat red stone that was presented at the Millionaire Show in Moscow and was sold for €2 million. 

 Although most red diamonds emanate from the Argyle mine, they can also be found in Africa and Brazil. In fact, the largest red diamond (5.11 carats), the triangular brilliant cut Moussaief Red, was said to be found by a farmer in Brazil. Its estimated value is $7 million.

 Most colored diamonds have variants that are affordable to the layman.  Prices for the rarer color diamonds - pink, blue, green – can stretch the budgets of even the wealthy. Fancy color red diamonds though comprise a barely measurable fraction of annual diamond production and are only affordable by a similar fraction of the earth’s inhabitants. Their rarity, status, cache, and assured investment potential ensure that their reputation will always precede them.