Zimbabwe to resume diamond sales in Marange region Zimbabwe's mines minister says the country could earn billions of dollars a year selling diamonds, after the Kimberley Process watchdog said it could resume sales from sites in the Marange region, where rights violations allegedly took place. Duration: 01:22

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A rare pink diamond that is regarded as one of the most desirable and beautiful in the world was sold for a record 46.16 million dollars on Tuesday, smashing previous auction records for the sale of any single diamond or jewel, Sotheby's said. Duration: 00:51.

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The diamond markets recovered in 2010 as significant increases in consumer demand from India, China and Far East markets, as well as a relatively healthy U.S. holiday season, supported higher prices. Liberal U.S. monetary policies have encouraged global consumption and stimulated the market for inexpensive diamonds. They have also created currency uncertainty, inflationary expectations and surging gold prices that have encouraged investment demand for diamonds. Overall polished diamond prices and trading volumes have returned to early 2008 pre-recession levels and stabilized during the second half of 2010.

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Demand for rough diamonds from China and India is helping boost the price of the precious stone.

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ST. CHARLES, MO (KTVI-FOX2now.com) - Jewelry stores along historic Main Street in St. Charles are being hit by thieves. Hundreds of thousands of dollars of specialty jewelry has been stolen in two break ins-the latest just days ago. Investigators think the break-ins could definitely be related because of the methods of operation: both have basically been smash and grabs.

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British supermodel Naomi Campbell testifies at the war crimes trial of ex-Liberian president Charles Taylor in The Hague.

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Actress Mia Farrow testifies at Charles Taylor's trial at the Hague, contradicting Naomi Campbell's "blood diamond" testimony

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A rare diamond pearl, created for royalty and stolen from Austria, was found in a Winnipeg home during an investigation into organized crime, police say.

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Thief steals diamond ring.

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Though the majority of diamonds appear to be colorless, they are not. There are many shades differences although subtle. Diamonds with no color or very close to no color is considered very rare and valuable.

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