The Closure of Argyle Mine Sparks Surge in Prices of Pink Diamonds


Sparks Surge in Prices of Pink Diamonds


Sparks Surge in Prices of Pink Diamonds: With inflation soaring, wealthy individuals and investors around the world are competing to acquire rare assets that are seen as having long-term value, with pink diamonds being particularly popular.

According to Nikkei Asia, pink diamonds, along with diamonds of other colors, are extremely rare and highly regarded in the jewelry industry. So far, over 90% of natural pink diamonds have come from Australia.

In November 2020, mining giant Rio Tinto closed its Argyle mine in Western Australia, which had been responsible for producing the majority of natural pink diamonds.

Argyle pink diamonds are highly valuable due to their deep color tones. With the closure of this mine, it is expected that the prices of these gemstones will continue to rise.

Wealthy individuals seek commodities that will not depreciate in the short term, driving up prices.
On October 17, Rio Tinto held an exclusive sales event in Perth, showcasing diamonds mined before the closure of the Argyle mine. These diamonds will be exhibited in Australia and Europe until November 20, when bidding will close.

Sparks Surge in Prices of Pink Diamonds-1
photo: bestplus

The highlight of this batch of diamonds is a 0.14-carat diamond, rated as “fancy red” by the Gemological Institute of America, which is one of the rarest diamond colors. Industry insiders believe that its selling price could reach several hundred thousand dollars.

Hideki Okada, CEO of Labios Trading based in Osaka, attended the event and stated, “As inflation drives up prices, wealthy individuals are seeking commodities that will not depreciate within 5 to 10 years.”

Closure of Argyle mine leads to soaring prices of pink diamonds
The Argyle mine used to produce 30 million carats of diamonds per year, but the production of pink diamonds did not exceed 0.1%. Since the closure of the mine, interest in pink diamonds, including from investors, has been increasing, leading to a surge in prices.

In 2022, an 11.15-carat pink diamond was sold at an auction in Switzerland for $57.7 million.

Tiffany & Co. acquired 35 Argyle pink diamonds in January of this year, describing it as a “historic acquisition.”

The Argyle diamonds have attracted wealthy buyers and investors, partly because they can be authenticated through a unique identification code engraved on the gemstone.


Rare things are always valuable
Heidi Creech, Rio Tinto’s diamond sales manager, said, “The world needs Argyle diamonds.”

Creech stated, “Over the years, we have seen that Argyle diamonds have consistently shown strong and stable prices, even during economic cycles or stock market fluctuations.” She also added, “Truly rare things are always valuable to specific collectors.”

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