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Prices of diamonds vary significantly and are based on the 4C’s; Color, Clarity, Cut and Carat weight. Mass market jewellery usually have diamonds which are smaller and/or of lower color and clarity. Diamonds used in jewellery for special occasions are usually larger and hence more expensive. There is no established world market for diamonds, however, the standardization of the 4C’s along with pricing reports have provided some transparency to consumers in recent years. Platinum, as a base metal, is being adopted in jewellery, however, it faces significant challenges due to extreme price volatility and perceived stability and inherent value of Gold. Silver too, has maintained its position as an affordable store of value. Natural diamonds are expensive as compare to artificial or cultured diamonds. American diamonds are available at reasonable prices while the jewellery involving natural diamonds is expensive.