Saturday, 24 February 2018

Rio Tinto’s Argyle Pink Diamonds Tender

Australia's Argyle Diamond mine is the world's primary source (96%) of rare pink and red diamonds. Pink diamonds are at very least 20 times the price of an equivalent white diamond. This places them in the rarified air of most highly concentrated form of wealth on Earth.

After being cut and polished at Rio Tinto’s diamond cutting and polishing factory in Perth, exceptional pink diamonds from each year's production are sold individually at 'tenders'.

The diamonds average around a carat each with 40 to 50 carats in total sold each year. Of every million carats of rough diamonds produced at the Argyle mine, less than one carat is suitable for sale in one of the tenders. Prices can range from US $100,000/carat to US$1,000,000/ct and far beyond.

L.J. West Diamonds bought the Argyle Violet diamond, the centerpiece of Rio Tinto’s Argyle Pink Diamonds 2016 Tender, which delivered the highest average price on record in 32 years. The Argyle Violet is the largest violet diamond recovered from Rio Tinto’s Argyle mine in Western Australia.

The mine has produced 12 carats of polished violet diamonds for the tender in 32 years.

The value of Argyle pink diamonds sold at the tender has grown by more than 300 per cent over the past 15 years, Rio Tinto said.

The 12.04-carat "The Martian Pink" sold for $17m in May 2012, twice it's pre-sale estimate of $ 8m.
In March 2012 a 12.76-carat pink diamond was unearthed at Argyle, the largest ever found. It was christened as the Argyle Pink Jubilee.
Rio Tinto's Argyle mine is scheduled to close production by 2020. Reports suggest less than two years of reserves remain. According to Rio Tinto, Argyle pinks have tripled in value since 2000.