Diamonds come in a range of natural colours from totally colourless white diamonds to black. Diamonds with no trace of colour are extremely rare and the closer they are to having no colour the more rare and valuable they are. Stones are graded by colour and given designations dependant upon how far they deviate from purest white.

Also rare are diamonds with strong pure colour, called fancies. They are valued for their depth of colour, as white diamonds are valued for their lack of colour. Amongst the most valuable of coloured diamonds are pink diamonds from Australia 's own Argyle Mine in Western Australia .

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