Pink diamonds are incredibly beautiful, unique and scarce. Natural colored diamonds cost a premium price and are considered highly elite and sort after. Laurence Graff, a British billionaire, bought the most expensive diamond at auction - an impressive 24.78 carat stone for $47.3 million dollars. You dont need to have that kind of money in the bank for this ringcrafted in sterling silver, plated in 18k yellow gold and set with an impressive 5.05ct of pink Diamondeau - flawless simulated diamond.