In these uncertain economic times, investors are looking for assets that can hedge against risk in other investments. Diamonds are a safe investment and there is a diamond for every investor. To date, very few studies offer information about diamond pricing or diamond pricing analysis. This paper examines whether specific diamond characteristics outperform or underperform the average diamond for a given investment period. The data examined here include prices for two months of the year for 24 years. Using a random effects generalized least squares model, this paper finds that for a ten year investment period, large round diamonds with low colors and clarities perform very well, while high quality 1.00 carat diamonds perform poorly over a ten year investment window. The Study’s results inform current, and future diamond investor’s decisions.