For high-net-worth individuals, precious jewelry is primarily an emotional investment. Lately, fine gemstones are being cherished for another reason — their skyrocketing value.

Rare diamonds in vivid blues, pinks, greens and especially red colors have rung up record prices in recent auctions. The eye-opening sales include a record $57.5 million for a 14.6-carat blue diamond at Christie’s in May 2016, and $31.6 million for a pink 15.4-carat diamond at Sotheby’s the same month. Even great grandma’s precious diamond brooch, handed down through the generations, may be worth a lot more than it was just a few years ago.

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