Fancy colour diamonds are taking pride of place in the jewellery and gemstone industry, with rare and highly coveted pinks, blues and yellows dominating international auctions and commanding record-breaking prices.

In May, Christie’s Hong Kong sold a 15.81-carat pink diamond for HK$226.27 million (US$29.28 million), which became the largest purple-pink flawless diamond ever auctioned.

Aptly named “Sakura Diamond,” the internally flawless Type IIA diamond fetched a per-carat price of US$1.85 million at the Magnificent Jewels sale on May 23. Another pink diamond spectacle – a 4.19-carat fancy vivid pink diamond named The Sweet Heart – was snapped up for HK$50.65 million (around US$6.6 million) at the event.

In April, Christie’s sold “The Perfect Palette,” a trio of fancy colour diamonds for a collective amount of US$8.37 million. Each stone surpassed initial estimates with the fancy vivid purplish pink diamond ring of 2.17 carats selling for US$3.51 million; the fancy vivid blue diamond ring of 2.13 carats realising US$2.67 million; and the fancy vivid orange diamond ring of 2.34 carats achieving US$2.19 million.

A set of fancy blue diamond earrings and pendant/ring with diamond accents meanwhile is headlining Phillips’ Jewels and Jadeite Spring Auction scheduled for June 5 in Hong Kong.

The pair of earrings and the pendant/ring adorned with VVS to VS sky-blue diamonds, to be sold as separate lots, are expected to fetch HK$4 million to HK$6 million (around US$500,000 to US$780,000) each, according to the auction house.