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color
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Rarely is something more valuable when it is lacking something, but when considering a (white) diamond, the absence of color is something to strive for. The more clear or white a diamond is, the more valuable it is.

So what causes this yellow tint?  The presence of Nitrogen in a diamonds atomic structure when it is being formed can cause a diamond to emerge with a yellow  tint.

Below is the accepted color scale for GIA (Gemological Institute of America), IGI (International Gemological Institute), EGL (European Gemological Laboratory) and other diamond grading agencies.

This chart was created by GIA in the 1950’s and is used to measure the lack of yellow in “white” diamonds.  With D graded diamonds being completely Colorless, all the way to Z indicating a Light Yellow tint. 



Colorless


D- Completely Colorless ~Extremely rare and valuable
E- Colorless~ Insignificant amount of color, may be visible by a diamontologist ~very rare and valuable
F- Colorless ~ Small amount of color visible by a diamontologist~ rare and valuable

Near Colorless


G-H ~Near Colorless ~ An untrained eye may be able to detect difference if compared to colorless Diamond ~ excellent money saving option without sacrificing quality
I-J ~Near Colorless ~ A slight amount of color may be visible ~ Offers above average quality at a fine price  

Light Color

(Desirable Gems doesn’t suggest purchasing diamonds below the Near Colorless grade.)
 
K-M- Faint yellow ~ A slight color will be visible-It is at this grade level and below at which the amount of yellow in the diamond will affect its beauty
N-Z-Very Light Yellow-Light Yellow ~ Color will be very evident

Diamonds with a more intense amount of yellow are considered fancy and are graded on a different scale

Diamonds are evaluated loose (un-mounted) by professional diamontologists by comparing them with a set of internationally accepted master stones. They are graded in an inverted position-table down, culet up- and under very specific lighting conditions to get a clearer view of the stone and a more accurate grading.

Fancy Colored Diamonds


GIA_certification
White is not the only desired diamond color, “fancy" colored diamonds are also becoming more and more popular. Diamond’s can be found in  every color of the rainbow including deep blues, intense yellows and the rarest of them all, radiant reds. Carat for carat, they are one of the most expensive gems on earth.

Why does the GIA color scale begin with D?


Prior to GIA’s introduction of the color scale, many diamond graders created their own scale, using letters -AA indicating the highest quality- or numbers -1, 2, or I, II. These scales were developed primarily by businessmen and their main concern?  Sales, not accuracy.

To prevent confusion, and to avoid being categorized with these less than honest graders, GIA developed a universally accepted scale. In order to get a fresh start, they avoided any symbols previously used, and therefore began the color scale with the letter D.

Sources:
http://www.gia.edu/microsite/1458/color.cfm
http://en.wikipedia.org/wiki/Diamond_color
http://www.goldcalculator.com/index_files/page0034.htm