As sappHs are being sold for millions in the US, the diamond is coming under increased scrutiny from regulators.
What’s more, sapphires have become a target for thieves who can use the diamonds to make jewellery and steal it in the process.
In the US alone, more than $2bn worth of diamonds are stolen annually, with sapphas costing jewellers more than twice as much, according to data compiled by the National Jewelers Association.
Diamonds are also a lucrative target for drug traffickers.
A report by the US Drug Enforcement Administration (DEA) last year found that more than 1,000 diamonds had been stolen from the US in the past five years, while an international diamond theft ring, called Diamond Rings and Rings of Destruction, has been busted in Germany, Australia and the US.
The diamond industry is also facing a new threat, with new laws that will make it illegal for a diamond jeweller to sell the colour charting that a sapphets is made from.
Under the new law, sellers of colour charted diamonds will face fines of up to $1,000, or up to two years in jail.
Sapphires are a precious resource in the diamond industry and are often mined in regions where the sun shines most, such as Australia, New Zealand and South Africa.
But despite their rarity, saphires have become an industry that has also seen some of the biggest economic losses in recent times.
According to a report by HSBC, the industry lost $1.5bn in the last financial year.
Last year, the total value of diamond jewellery in the UK fell by more than 10 per cent to £1.2bn.
And while the industry has recovered in the wake of the global economic crisis, the sapphera industry is not looking too rosy.
“We are still seeing the highest prices in the industry,” said John Collins, senior analyst at HSBC.
“We are looking at a lot of diamonds being stolen in the next few years and we are not seeing a lot going to the producers.”
What you need to know about sapphit diamonds is featured on BBC Money at midday on Thursday.
For more on diamonds, listen to Money on the BBC World Service on Thursdays at 21:00 GMT and Friday at 20:00 and Saturday at 21.30 GMT.