Until recently, the most that could be hoped for from a pink diamond was a shade reminiscent of cotton candy. Pink diamonds also had a tendency to lose their light color when set in jewelry. That all changed in the 80's when the Argyle mine in Western Australia started to produce deep pink diamonds. Suddenly, the diamond world was seeing fancy pink diamonds with hues that were compared to raspberries and red grapes. These new pink diamonds held their color whether loose or set. The color standard for pink diamond was rewritten.

The pink diamonds from Argyle tend to be small and most are less than one carat. For pink diamonds over two carats pastel pink is the best color to expect. Pink diamonds have been gaining popularity since 1985. Today the Argyle mine produces 90 percent of the world's pink diamonds.

Pink diamonds are in great demand. Jennifer Lopez wore a 6.1 carat pink diamond engagement ring in 2003 adding to the demand. They are extremely rare and therefore highly valuable. Pink diamond prices are determined by carat, cut, color and clarity. As with all diamonds, it is important to choose a pink diamond by its color saturation.

It is predicted that the Argyle mines will be depleted of their supply of pink diamonds by 2018. This will only add to their value as an investment.