Colour
When we speak of diamond colour, we are usually describing the absence of colour. The holy grail for a white diamond is a chemically pure, structurally perfect stone with no hue, which acts like a prism to disperse light into a rainbow.
We grade this on an alphabetical scale starting at D (colourless) and moving down the alphabet to Z as the stone exhibits faint yellowish or brownish tints. The closer a diamond is to D, the rarer and more valuable it becomes. To the untrained eye, the difference between a 'D' and a 'G' might be invisible when set in a ring, yet the price difference is substantial due to rarity.
The exception to this rule is "Fancy Coloured" diamonds. When a stone possesses a vivid, natural saturation of pink, blue, yellow, or green, it becomes a distinct asset class, often commanding prices rivaling the finest colourless stones.