How Rare Are Pink Diamonds Really?

Few gemstones are as captivating as pink diamonds. Their stunning hues range from delicate blush to intense magenta, but their allure goes far beyond color. What truly makes pink diamonds so exceptional is their extreme rarity. GIA reports that pink diamonds represent less than 0.1% of the world’s total diamond production, making them one of the rarest gemstones on Earth.

These diamonds are primarily found in only a few locations globally, with the Argyle Mine in Australia being the most famous source. However, even when discovered, most pink diamonds are small, faintly colored, or unsuitable for fine jewelry.

In this blog, we’ll explore why pink diamonds remain among the most sought-after and expensive gems on the market. Let’s dive in!

How Rare Are Pink Diamonds in Today’s Market?

Pink diamonds represent a tiny fraction of the global diamond supply. Hundreds of millions of carats of rough diamonds are mined each year. Of that staggering total, pink diamonds account for just 0.018 to 0.1 percent, a tiny share.

The now-closed Argyle mine in Australia was once the leading source, contributing around 80 to 90 percent of the global pink diamond supply. Pink diamonds comprised less than 0.1 percent of Argyle’s total output.

To put things in perspective:

• Annual global production of white diamonds: over 120 million carats
• Yellow diamonds: about 1 to 1.5 million carats
• Pink diamonds: less than 25,000 carats per year, and many of these are too small or faint to be used in fine jewelry

This microscopic yield means high-quality pink diamonds are tough to find. As demand rises and supply stays limited, rarity continues to push pink diamond values higher.

Where Do Pink Diamonds Come From?

For nearly four decades, the Argyle mine in Western Australia dominated pink diamond production. First discovered in the early 1980s, the mine eventually became known for producing more pink diamonds than any other historical source. 

At its peak, Argyle yielded over 90 million carats of rough diamonds per year, but only a small fraction of those showed any pink hue.

Other sources, such as mines in Brazil, Russia, and Africa, have yielded pink stones occasionally, but these discoveries are rare and inconsistent. Even when pink diamonds are found, very few are of gem quality.

Today, small quantities of pink diamonds are being recovered in Canada and parts of Africa, but no location has come close to matching the output or consistency of Argyle.

Comparing Pink Diamonds’ Annual Yield to White and Yellow Diamonds

Regarding global diamond production, pink diamonds are much rarer than white and yellow diamonds. Here’s a comparison of their yields:

Global Diamond Production

Global diamond production reaches about 145 million carats each year.

• White diamonds dominate this production.
• Yellow diamonds make up roughly 1.5 million carats annually.

Pink Diamonds’ Rarity

Pink diamonds are produced in significantly smaller quantities, with only 25,000 carats annually. Many of these stones aren’t suitable for fine jewelry.

Rarity in Perspective

To put it into perspective, for every 10,000 white diamonds, only one pink diamond is suitable for fine jewelry.

This sharp contrast in production highlights just how rare and valuable pink diamonds truly are.

What Makes a Pink Diamond Truly Rare?

Not all pink diamonds are equal in value. Rarity is based on a combination of factors, not just the presence of color.

Here’s what makes a pink diamond truly rare:

• Color Intensity: The deeper and more saturated the pink hue, the rarer and more valuable the stone.
• Carat Weight: Larger pink diamonds are extremely uncommon, especially those above 2 carats.
  
• Clarity: High clarity enhances the beauty and value. Inclusions can significantly reduce market appeal, even if the color is intense.

A pink diamond that checks all three boxes (vivid color, high clarity, and substantial size) is exceptionally rare and commands a premium in the global market.

The Pink Diamond Grading Scale

Grading labs such as GIA use a specific scale to evaluate pink diamonds:

• Faint Pink
• Very Light Pink
• Light Pink
• Fancy Light Pink
• Fancy Pink
• Fancy Intense Pink
• Fancy Vivid Pink

Most pink diamonds fall in the lower categories, but the top grades, Fancy Intense and Fancy Vivid, are the most sought-after. Only about 1 percent of pink diamonds qualify as Fancy Vivid.

Even color distribution also plays a role. Stones with uniform, evenly spread color and no visible undertones (like orange or brown) are more desirable and valuable.

Size, Clarity, and Carat Weight of Pink Diamonds

Most pink diamonds are small. Rough stones often weigh under 1 carat, and stones above 2 carats enter luxury territory. A pink diamond over 3 carats with intense color and high clarity is extraordinarily rare.

Clarity is judged on the same scale used for white diamonds, but inclusions are often more visible in colored stones. A pink diamond with VS1 clarity or better is a true collector’s piece.

It’s estimated that fewer than a dozen Fancy Vivid pink diamonds above 3 carats with exceptional clarity exist outside of museums and private vaults.

How the Closure of the Argyle Mine Affected Pink Diamond Supply

In 2017, the Argyle mine announced it would cease operations by late 2020. This marked a major turning point for the diamond industry. For nearly 40 years, Argyle had been the engine behind the pink diamond market.

Once the mine shut down, the global supply of new pink diamonds fell sharply. Today, the market depends on:

• Secondary sales of previously mined Argyle stones
• Limited production from smaller sources
• Re-cuts or resales of existing gems
  

As a result, Argyle pink diamonds are now viewed as legacy stones, often the centerpiece of high-end auctions and elite jewelry collections.

A Look at Argyle’s History

Before Argyle, pink diamonds were mainly found in India and Brazil in very small numbers. Argyle changed everything. Over its 37-year lifespan, the mine produced:

• Over 865 million carats of rough diamonds
• Around 1.5 million carats of pink rough

At its peak in the 1990s, the mine produced 20,000 carats of pink diamonds annually, but very few of those were top-grade stones. Once the closure was announced, traders began stockpiling what remained, knowing the supply was about to run out.

Where are Pink Diamonds Sourced From Now?

After Argyle’s closure, other mining regions stepped in to try to meet demand. While there have been small finds in Canada and Russia, no new deposit has come close to Argyle’s output.

For example, a Canadian mine recently uncovered a 1.8-carat Fancy Intense pink diamond, the largest known find from that region. These discoveries are exciting, but far too limited to shift global supply trends.

Lab-grown pink diamonds are also entering the market. While they cannot match the rarity of natural stones, they offer a lower-cost, ethical option for buyers who prioritize budget and sustainability.

How Rarity Affects Pink Diamond Prices

Pink diamonds are among the most expensive gems in the world because they are so rare. Their price per carat often exceeds that of white diamonds and even other colored stones.

• Fancy Intense pinks can sell for tens of thousands of dollars per carat
• Fancy Vivid pinks can reach hundreds of thousands of dollars per carat
• Larger, flawless stones often set auction records

Recent Auction Records and Trends

• In 2017, the Pink Star, a 59.60-carat Fancy Vivid pink diamond, sold for $71 million, averaging $1.2 million per carat
• The Williamson Pink, an 11.15-carat Fancy Vivid pink, sold for over $5 million per carat

Price indexes show steady annual growth, with pink diamonds often outperforming other gem categories due to their extreme rarity.

Comparing Investment Potential of Pink Diamonds vs. Other Colored Gems

Unlike sapphires or rubies, pink diamonds do not rely on specific cuts to show off their color. Their natural durability and consistent color performance make them strong candidates for long-term investment.

Here’s why many collectors favor them:

• Strong resale value due to scarcity
• Steady price appreciation over time
• Added trust through certification from labs like GIA or AGS

Even smaller pink diamonds graded Fancy Intense or Vivid can offer solid long-term potential, especially in markets focused on rarity and exclusivity.

What You Should Know Before Buying a Pink Diamond

Buying a pink diamond is a significant purchase, and understanding the basics can help you make a smart choice.

Take a look at these tips before you make a purchasing decision:

• Always ask for a grading certificate from a trusted gem lab (GIA or IGI)
• Confirm the color origin is natural, not enhanced or treated
• Compare natural vs. lab-grown options to understand pricing differences
• Make sure the seller provides an authenticity guarantee and a clear return policy

Natural vs. Lab-Grown Pink Diamonds

Lab-created pink diamonds share the same physical and optical properties as natural ones, but they’re far more affordable. If you're focused on investment or rarity, natural stones are the better choice. If you're more concerned with price or ethical sourcing, lab-grown pinks offer a compelling alternative.

Own a Gemstone as Rare as It Is Beautiful

Pink diamonds are in a category of their own. Their rarity is shaped by low global yields, the closure of the Argyle mine, and the near impossibility of finding stones that combine strong color, clarity, and size. With each passing year, these gems become harder to find, which only adds to their appeal.

At Leon Diamond, we specialize in sourcing and creating custom pieces with some of the world’s rarest stones, including natural pink diamonds. Whether you're searching for a one-of-a-kind engagement ring or a long-term investment, our expert team is here to guide you. 

Schedule a private consultation or explore our curated pink diamond collection and find a gem as rare as your story.