A champagne diamond is actually a classification for diamonds found in a range of hues. A naturally colored champagne diamond can be found in colors as light as straw and as rich as cognac. The four 'Cs' are as important with a champagne diamond as they are with traditional diamonds. Color, carat, clarity, and cut should determine how expensive a piece of jewelry is as well as how the diamond appears to the trained eye.

For much of the past, the white diamond was thought to be the most rare and therefore valuable diamond. However, the discovery of pink diamonds in the Argyle mine changed all that. Today, pink diamonds represent the rarest form of the precious stone. That is why champagne diamonds with a secondary color of pink are more expensive than a standard champagne piece. However, these hybrids are still worth less than pure pink cuts.

The distinct look that all shades of champagne diamonds possess has made them a favorite choice for costume jewelry. You can find simulated champagne diamond rings, earrings, necklaces and more. Most of these costume items feature large 'stones' and allow the wearer to indulge in an alternative to the traditional diamond.

You can find both real and simulated champagne diamonds set in gold, white gold, platinum and more. It's also possible to find loose champagne diamonds that are ready to be set in the jewelry item of your choice. Before making a purchase, you should be aware of whether the diamond is natural or whether it's been artificially enhanced.