Colored Diamonds:
   
The rarest, and often most expensive diamonds are fancy color diamonds. These are normally blues, greens or pink diamonds.
Though yellow diamonds are becoming very popular and pricey. As only one colored diamond is found amongst many thousands or ordinary ones, they are quite rare and valuable.
Real Diamonds:
There are many fake / simulated diamond stones that only look like diamonds. Such as cubic zirconium, white sapphire, moissanite, zircon, rutile, spinel or synthetic garnet. While any reputable jewelers would know immediately they are fake look alike's, there are many online sellers who pass these off to unknowing customers. SEE 'How to Spot Fake Diamonds'.
There are two types of real diamonds, Natural Mined or Lab Grown.
Over the past couple decades, lab grown diamonds have become the norm as they can be grown to the best clarity and brilliance of an FL (flawless) earth diamond.
A lab grown diamond is identical in every way to a mined one as it is cloned from a pure real diamond seed. They are grown in Lab conditions resembling those where natural diamonds formed with heat and pressure. The result is a diamond of same chemical, physical and optical properties as a flawless natural diamond. The cloning process takes a few weeks to grow depending on the carat size.
Being a high quality FL, VVS or VS1 real diamond in every way, they are indistinguishable from a mined diamond, even to a jeweler.
The advantage and popularity of man made diamonds has grown to the extent that most modern jewelry uses man made diamonds. They are sold as real diamonds because they are real diamonds.
Of great consideration also is less impact on the environment as opposed to open mining diamonds, greatly encouraging the desire to own them as opposed to recklessly mined or even blood diamonds.
Even the top diamond dealers in the world like De'Bere sell lab made diamonds these days.
Though a flawless certified earth mined diamond is still the most expensive, especially if a natural fancy colour diamond.
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