Monday, 20 January 2020

End of the line for Argyle

Rio Tinto’s Argyle mine in Western Australia, which is estimated to produce 90 per cent of the world’s supply of gem-quality pink and red diamonds, is set to close at the end of 2020.

Pink diamonds are already hugely rare: less than 0.01% of Argyle production are gem-quality pinks. At its peak production, the mine produced a quarter of the world's diamond supply, and when Argyle shuts down, it's estimated global diamond production will drop by 10%. But the real loss will be the unique source of vivid pink and red diamonds.
At Sotheby’s Hong Kong October sale, a 10.64-carat vivid purplish pink diamond sold for just under US$20m.Rio Tinto produced nearly 13 million carats at Argyle in 2019. Their 2019 tender saw double-digit growth in the number of bids. The Argyle Pink Everlastings Collection comprised 64 lots weighing 211 carats in total.
The last pink diamonds tender is expected to be in October 2020.