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The word, "fancy" has several dictionary definitions and in the world of gemstones, fancy refers to something that is unusual or special, particularly, colors, cuts and shapes that are a little out of the ordinary.
When it comes to colors, "fancy" is a color that is rare or unexpected. For example, fancy colored sapphires will not be cornflower blue and a fancy colored diamond is a diamond that is not on the traditional diamond color scale, such as a pink diamond or a vivid yellow diamond. The wide variety of gemstone types and colors allows for many fancy colored stones, including bi-colored tourmaline, color change gems and multicolored jasper gemstones.
Likewise, with regard to gemstone shapes, a fancy cut departs from the traditional. Standard shapes for cabochon-cut gems are round and ovals, where standard faceted shapes are rounds, rectangles and squares. Anything other than this may be described as "fancy", including pears, hearts and more inventive shapes, such as carvings, concave-cut gemstones and freeform shapes.
Avant-garde styles push the possibilities for unique fancy gemstone jewelry even further. Thus, every gemstone and jewelry lover can easily afford to buy and wear fancy stones, whether they are non-standard colors, or cuts and shapes that depart from the traditional. It is merely a matter of personal choice rather than budget.