Only 1 in every 10,000 diamonds has natural color and that diamond is referred to as a FANCY diamond!
Color
Unlike colorless diamonds, color intensity is the most important thing when buying a fancy 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, and Fancy Deep.

Carat
When diamonds are mined, small gems are discovered more often than large ones. Therefore, the price of fancy color diamonds rise exponentially with carat weight.
Clarity
Due to the nature of fancy color diamonds, clarity is less important because inclusions tend to be masked by the diamond's color.
Shape
Many fancy color diamonds are cut into non-traditional shapes to enhance their natural color.
Setting
When choosing a setting for a fancy color diamond, it is best to choose a setting material that will enhance the natural color of your diamond. For example, fancy yellow diamonds are often set in yellow gold, while pink diamonds look best when set in rose gold.