The source of their pink color is greatly debated in the gemological world but it is most commonly attributed to plastic deformation that these diamonds undergo during their formation.

[3] The prevailing theory is that the pink is caused when the diamond is subjected to shear pressure during its formation.

A similar theory is being tested on pink diamonds that originated in the Argyle Mine in Kimberley, Western Australia.

This theory posits that a seismic shock propelled colorless diamonds to the surface and altered their molecular structure, causing them to appear pink.

[4][5] Further to these theories, recent research has also indicated that pink diamonds might owe their distinctive hue to radiation exposure.

As per some studies, the presence of trace amounts of radiation could cause color centers within the diamond to absorb green light, thereby creating a pink appearance.

Another dimension to understanding the color origin in pink diamonds is through the examination of their lattice structure.

In 2014, the auction buyer was unable to pay the promised sum and was subsequently forced to default on its purchase.

[17][18] Pink diamonds have been found in all of the major diamond-producing nations, notably Australia, Brazil, Russia, South Africa and Tanzania.

[20][21][22] Concurrently, and throughout the 17th and 18th centuries, pink diamonds were being discovered in the Minas Gerais region of Brazil.

Out of the mine's 20 million carat annual output, only 0.1% were classified as pink diamonds.

Wolf ultimately defaulted, forcing auctioneer Sotheby's to pay the owners the promised sum.

On 3 April 2017, Sotheby's again auctioned the Pink Star, in Hong Kong, which sold to Chow Tai Fook Enterprises for a record US$71.2 million (553 million Hong Kong dollars, including fees).

In November 2020, an extremely rare purple-pink Russian 14.8-carat diamond, called "Spirit of The Rose [ru]", sold at an auction in Switzerland for $26.6 million.

[29] In February 2021, American rapper Lil Uzi Vert revealed that they had a 10-11 carat pink diamond implanted in their forehead.