There are many ways to spend your hard earned wealth, but buying jewelry just might be one of the most expensive. Man made diamonds make incredible gifts, whether it's for love or just to show that you care, but their cost makes them a luxury item.

Which type of diamond is the most expensive?

The most expensive diamond in the market is a "carat" (0.2 grams) stone, and it sold for $106,500 at an auction in Geneva, Switzerland on July 10, 2018. The next most expensive diamond of this type sold for $50,000 at an auction in London, England on February 10, 2017.

Facts about diamonds and cost

Diamonds are one of the most recognized and valuable gemstones in the world. They are available in a wide range of colors and shapes, and prices can vary significantly depending on the quality of the diamond. The most expensive diamond in the market is typically a diamond that has a higher cut grade and/or a higher clarity grade. In addition to price, factors that contribute to the cost of lab created diamonds include location, supply and demand, production methods, and political conditions.

Why some diamonds are more expensive than others

If you're looking to purchase a diamond, chances are you're wondering what makes some diamonds more expensive than others. Factors like quality cut and clarity can all impact the price of a diamond, but there are some other factors that play into diamonds' price tags too. Here's a look at six of them:

1) Rare Diamonds

The fact that diamonds are one of the most Forever Rings they come in addition to being costly is likely why rare diamonds are so pricey. There is a finite amount of diamonds on Earth (roughly 1.3 trillion), so those that are scarce and in high demand by jewelers and collectors can easily rack up a hefty cost. In 2012 alone, one diamond called the "Lady Jahangir" was sold for an astonishing $56 million dollars!

2) Marketability

Diamonds have been around for centuries and as such, their popularity has only grown over time. This means that more people have the ability to afford them and thus, they're worth more than diamonds that haven't been around as long. Not only do newer diamonds command a higher price tag than older ones, but diamonds with unique properties or colors also tend to be more expensive because not many people have.