Instead of just white, butterfly ring actually come in a rainbow of colors because loose diamonds can be as colorful as any other gem.
Flawless ideal cut diamond are no more beautiful to the unaided human eye than a grade in the middle of the scale. Once again, extremely subtle differences in clarity are very important to determine rarity, but only affect beauty when in the very low end of the scale.
After a ideal cut diamond has been found it goes through many processes before it becomes the finished product we are familiar with.