pink diamond jewelry?

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It doesn't have a colour grade like 1P to 7P?

You're thinking of the Argyle pink grading scale and most in the US would use GIA FCD grading scale. I do think Blake's ring (although gorgeous!!!!) looks quite light. It may be just light pink, not even Fancy light pink, since I find pink diamonds usually photograph darker than they are.
 
I want to put up this photo of Blake Lively's pink diamond with rose gold. So beautiful.

From People Magazine.
Lively’s engagement ring, by celebrity jeweler Lorraine Schwartz, features a large center stone supported by a band of small diamonds. “Ryan chose Lorraine Schwartz to help him find a flawless, light pink oval diamond,” a spokesperson for the jeweler says. “They worked together to design a custom setting in rose gold and pave diamonds with a nod to deco.” Her rose gold wedding ring, also by Schwartz, boasts a series of delicate diamonds, and complements her engagement sparkler well.

I :love::love::love: this ring!
 
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