Pink diamonds, rare already, about to get more scarce as the biggest mine producing them closes
- Rio Tinto-owned Argyle Diamond Mine in remote Western Australia accounts for 90 per cent of worldwide pink diamond production
- Auctioneers report rising demand and prices for pink diamonds, driven partly by China, and mine’s closure in 2020 could see that trend strengthen
An extra layer of pink-tinted sparkles has lit up this season’s jewellery auctions, where the most sought-after items are coloured diamonds – specifically pink diamonds. At Sotheby’s Hong Kong October sale, one of the star pieces – described as an “exquisite 10.64-carat vivid purplish pink diamond” – sold for just under US$20 million.
The Rio Tinto-owned Argyle Diamond Mine, in the remote north of Western Australia, accounts for 90 per cent of worldwide pink diamond production – making it the biggest producer in terms of volume – and it closes in 2020. Prized for their quality, the pink diamonds from the Argyle mine are sold in highly secretive and exclusive tenders, placed via sealed bids.
Their 2019 tender (the 35th since the mine began production), which recently concluded, saw double-digit growth in the number of bids, with successful bidders coming from nine countries. Hong Kong-based Kunming Diamonds, which specialises in coloured diamonds, was the winner of The Argyle Pink Everlastings Collection, comprising 64 lots of carefully curated diamonds weighing 211 carats in total.
“This is a dream come true, a rare opportunity to acquire a once-in-a-lifetime collection of pink and red Argyle diamonds,” says Harsh Maheshwari, director of Kunming Diamonds, speaking on behalf of the family-owned company and his father Ajay Maheshwari (Jakhotia). “With the imminent closure of the Argyle mine, a collection such as this deserves to be showcased to the world and we look forward to announcing our plans at a later date.”