Fancy Intense Brown, etc. Value of colored diamonds Diamonds that enter the Gemological Institute of America's scale are valued according to their clarity and color. For example, a "D" or "E" rated diamond (both grades are considered colorless) is much more valuable than an "R" or "Y" rated diamond (light yellow or brown). This is due to two effects: high-color diamonds are rarer, limiting supply; and the bright white appearance of high-color diamonds is more desired by consumers, increasing demand. Poor color is usually not enough to eliminate the use of diamond as a gemstone: if other gemological characteristics of a stone are good, a low-color diamond can remain more valuable as a gem diamond than an industrial-use diamond, and can see use in diamond jewelry. Furthermore, it is much more cost effective to purchase a near-colorless grade diamond (e.g. "G" rated) instead of a colorless grade diamond (e.g. "D" rated), as they are nearly indistinguishable to the naked untrained eye, especially when mounted on a ring setting. Fancy diamonds are valued using different criteria than those used for regular diamonds. When the color is rare, the more intensely colored a diamond is, the more valuable it becomes. Another factor that affects the value of Fancy-Colored diamonds is fashion trends. For example, pink diamonds fetched higher prices after Jennifer Lopez received a pink diamond engagement ring. Fancy-colored diamonds such as the deep-blue Hope Diamond are among the most valuable and sought-after diamonds in the world. In 2009, a blue diamond fetched the then highest price per carat ever paid for a diamond when it was sold at auction for 10.5 million Swiss francs (US$9.5 million at the time) which is in excess of US$1.3 million per carat. This record was broken in 2013 when an orange diamond sold for US$35 million or US$2.4 million per carat. It was again broken in 2016 when the Oppenheimer Blue, a vivid blue diamond became the most expensive jewel ever sold at an auction. It is the largest fancy vivid blue diamond classified by the Gemological Institute of America ever sold at auction; it sold at Christie's in Geneva in May 2016 for US$50.6 million. The record was broken again by the Pink Star diamond on April 3, 2017. The Pink Star was sold at an auction in Hong Kong for US$71.2 m (553 million Hong Kong dollars including fees) to Chow Tai Fook