Individual diamond prices vary and depend on the characteristics of each stone. Established in the 1940s, the grading system currently in use weighs each stone's color, clarity, cut and carat weight in determining its price.
Although diamonds with various colors are valuable and sought after, the most valuable diamonds are completely colorless. Additionally, a more expensive stone has flawless clarity, or is free of internal and external scratches, flecks and other imperfections. A superior diamond's cut exhibits quality workmanship, with the stone displaying exceptional brilliance, sparkle and fire. And lastly, a pricier gem has a larger size, or carat weight.