Fancy color diamonds are valued primarily for the intensity and distribution of their color. Criteria considered when purchasing a white or colorless diamond, such as cut proportions and clarity, are less important when purchasing a fancy color diamond.

The more intense the color, the rarer and more valuable the diamond will be. Fancy color diamonds are graded in order of increasing intensity from Faint, Very Light, Light, Fancy Light, Fancy, Fancy Intense, Fancy Vivid, Fancy Dark / Deep.