The term "Red Diamond" refers to a rare and valuable gemstone known for its striking red color. Unlike other diamonds, red diamonds are graded based on their hue, with deeper shades being more sought after. They are primarily found in the Argyle Mine in Australia, which has produced most of the world's supply. Red diamonds are classified as fancy colored diamonds and are among the rarest gemstones globally. Their unique color is due to a specific type of lattice defect in the diamond's crystal structure. Due to their scarcity, red diamonds can fetch extremely high prices at auctions, making them highly coveted by collectors and investors.