Fancy-color diamond prices increased in the second quarter of 2022 as demand strengthened and supply became tight, according to the Fancy Color Research Foundation (FCRF).

The Fancy Color Diamond Index gained 0.8% compared with the first quarter and was 3.1% higher than during the second quarter of 2021, the organization said Tuesday.

“It is evident that the increase in prices is driven by two market forces that haven’t occurred simultaneously in quite some time,” FCRF board member Ishaia Gol said in a statement. “That is, high demand for fancy-color diamonds on the retail side, and fierce competition on rough in tenders.”

Prices of yellow fancy-color diamonds increased 0.9% compared with the previous quarter, while pinks rose 0.8% and blues advanced 0.6%. The best performers were 8-carat fancy yellows, 2-carat fancy-intense yellows, and 5-carat fancy-vivid yellows.

Image: Fancy-color diamonds. (Fancy Color Research Foundation)