Argyle Pink Diamonds – Page 3 – The Diamond Certification Laboratory of Australia (DCLA)

Pink Prices set to Rise with Closure of Argyle

The price of super-rare pink diamonds is to set to rocket with the forthcoming closure of the Argyle mine in Western Australia, which has been responsible for 90 per cent of world supplies.

Owners Rio Tinto plan to cease production by the end of 2020, when economically-viable reserves will run out.
The value of pink diamonds sold at its annual tenders has been appreciating by an average of 10 per annually over the last couple of decades, outperforming all major equity markets. They are a magnet for collectors and investors.
That growth in value is likely to accelerate when Argyle closes, after 37 years in which it became known as the world’s largest supplier of natural colored diamonds – including white, champagne, cognac, blue and violet – as well and the rare and highly-coveted Argyle pinks and reds.
Last year Hong Kong-based Kunming Diamonds bought the Argyle Pink Everlastings Collection comprising smaller Argyle pink and red diamonds totaling 211 carats.

The company’s director Harsh Maheshwari told the South China Morning Post newspaper last week that the price of Argyle Pinks had been insulated even from COVID-19 because of their rarity and the closure of the mine.
Russian miner Alrosa aims to fill some of the gap left in the market but won’t match Argyle’s production.

Source: IDEX

Fancy Pink Diamonds Have Soared 116% in Value over the Past 10 Years

FANCY PINK DIAMONDS soared 116% in value over the past decade, outpacing blues (81%) and yellows (21%), according to a report by the Fancy Color Research Foundation (FCRF), an Israel-based group that tracks diamond pricing data in the global trading centers of Hong Kong, New York and Tel Aviv.

While the overall index for fancy-color diamonds — across all their brilliant hues — increased by 77% from 2009 to 2019, it was the pink diamond category that stood out in the report.

Market watchers believe that the strength of the pink-diamond segment is attributed to the expected closure this year of the Argyle Diamond Mine, which has been operating in Western Australia for the past 37 years.

“Rio Tinto’s Argyle mine is the first and only ongoing source of rare pink diamonds in history,” said Rio Tinto Copper & Diamonds chief executive Arnaud Soirat in 2019. “With the lifecycle of this extraordinary mine approaching its end, we have seen, and continue to see, unstoppable demand for these truly limited-edition diamonds and strong value appreciation.”

Back in April of 2017, The Pink Star, a 59.6-carat, flawless, fancy vivid pink diamond, shattered the world record for the highest price ever paid for any gem at auction. The hammer price of $71.2 million at Sotheby’s Magnificent Jewels and Jadeite sale in Hong Kong easily surpassed the $57.5 million achieved in May of 2016 by the previous record-holder, the 14.62-carat Oppenheimer Blue diamond.

In November of 2018, the 18.96-carat Pink Legacy was purchased for $50.3 million at Christie’s Geneva, establishing a record per-carat price of $2.7 million for a fancy vivid pink diamond. The previous record holder was the 14.93-carat Pink Promise, which sold at auction for $2.2 million per carat in 2017.

FCRF advisory board member Jim Pounds explained why prices for fancy-color diamonds should remain strong: “From the mining perspective, we are currently experiencing a shortage in high-quality fancy-color rough and we therefore feel quite optimistic about the future.”

Source: instoremag

Rare Argyle diamonds attract bidding bonanza as closure nears

Rio Tinto has showcased a collection of 64 rare pink and red diamonds from the Argyle mine in Western Australia in the 35th tender from the soon-to-be-closed mine.

The company reported “intense global demand” for the rare diamonds, with double digit growth in the number of bids during the tender.

The most valuable diamond in the collection, Argyle Enigma, was won by Melbourne-based dealer and Argyle Pink Diamonds partner Blue Star & Kiven Diamonds. It also secured Argyle Verity.

Bids and total values are kept confidential.

“No other diamonds on earth match the rarity and provenance of Argyle pink diamonds,” Blue Star & Kiven Diamonds director Ron Kiven said.

“To have acquired two of the last Argyle pink diamonds to ever be unearthed, and one of the few Fancy Red Argyle diamonds in existence is the ultimate privilege.”

The 2019 Argyle Pink Diamonds tender was highly sought after, with a set of results that underscore the ongoing value appreciation of the gems in the history of rare coloured diamonds, according to Rio Tinto copper and diamonds vice president of sales and marketing Alan Chirgwin.

This year’s tender is the first time to be accompanied by smaller Argyle pink and red diamonds known as the Argyle Pink Everlastings collection.

It comprises 64 lots of carefully curated diamonds, weighing 211 carats. The collection was entirely sold to Hong Kong fancy coloured diamond specialist, Kunming Diamonds.

“This is a rare opportunity to acquire a once in a lifetime collection of pink and red Argyle diamonds,” Kunming director Harsh Maheshwari said.

“With the imminent closure of the Argyle mine, a collection such as this deserves to be showcased to the world.”

The value of Argyle pink diamonds sold at tender has appreciated more than 500 per cent over the past 19 years, outperforming all major equity markets.

Almost the entire world supply of rare pink, red and violet diamonds come from Rio Tinto’s Argyle diamond mine in the East Kimberley region of Western Australia, which will close at the end of next year.

Source: australianmining.com.au

Rio Tinto Sees Strong Bidding for Argyle Pinks

Rio Tinto saw a double-digit increase in the number of bids at its 2019 Argyle Pink Diamond Tender, the company reported Wednesday.

The miner offered two collections at the tender, with one buyer acquiring all 64 lots of the Everlasting Collection, comprising 211 carats of smaller diamonds. The center piece Hero stones included six pink and red diamonds weighing 1.07 carats to 2.01 carats.

Australia-based Blue Star & Kiven Diamonds, a subsidiary of Aurostar Group, bought the Argyle Enigma, the most valuable diamond in the sale, Rio Tinto said Wednesday. The company also won the Argyle Verity.

“To have acquired two of the last Argyle pink diamonds to ever be unearthed, and one of the few fancy-red Argyle diamonds in existence, is the ultimate privilege,” noted Blue Star & Kiven Diamonds director Ron Kiven.

Meanwhile, Hong Kong-based fancy-colored-diamond dealer Kunming Diamonds purchased the entire Argyle Pink Everlasting collection. Rio Tinto did not disclose the sales price for any of the lots.

“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,” said Harsh Maheshwari, director of Kunming Diamonds.

The Argyle mine in Western Australia is nearing the end of its operational life, with Rio Tinto expecting to produce diamonds there until the end of 2020.

Source: Diamonds.net

Rio Tinto launches new collection of rare Argyle pink diamonds

Rio Tinto has launched a new collection of rare pink diamonds from its Argyle diamond mine in the east Kimberley region of Western Australia.

Known as the “Argyle Pink Everlastings™ Collection”, this beautiful offering has been curated to showcase the full colour palette of Argyle pink diamonds, weighing 0.14 carats and below.

The Argyle Pink Everlastings™ Collection comprises 64 lots and weighing a total of 211.21carats it represents justtwo per cent of the Argyle pink diamond annual production. It is expected that less than 100 carats of the equivalent profile will be produced by the mine prior to closure in 2020.

Jewellery historian Vivienne Becker said “ The Everlastings Collection™, representing one of the last offerings of its kind from the Argyle mine, will feed the unstoppable demand from designers and jewellers who appreciate the finite raity of these beautiful gems”.

Encapsulating a rich history and an extraordinary provenance, every lot in the Argyle Pink Everlastings™ Collection is accompanied by a Certificate of Authenticity.

Rio Tinto Copper & Diamonds vice president of sales and marketing Mr Alan Chirgwin said “ We are delighted to offer for the first time ever this unique collection of rare Argyle pink diamonds, destined to be in strong demand by the world’s finest jewellers.

“The accumulation of these diamonds from a certifiable source in various shapes, sizes and colours is the result of a painstaking endeavour, unlikely to be ever repeated.”

The Argyle Pink Everlastings™ Collection will be tendered alongside the annual Argyle Pink Diamonds Tender in Perth, Singapore, London and New York with bids closing on 9 October 2019.

Source: mining.com

Red And Pink Diamonds Are Tendered By Rio Tinto

Rio Tinto displayed 64 diamonds weighing a total of 56.28 carats, all from its Argyle mine site, in the east Kimberley region of Western Australia, the mining giant said today.

The diamonds make up the 2019 Argyle Pink Diamonds Tender.

Rio Tinto highlighted six diamonds all at or under 2.01 carats:

Lot 1: Argyle Enigma™,1.75 carat modified radiant Fancy Red diamond

Lot 2: Argyle Amari™, 1.48 carat heart shaped Fancy Vivid Purplish Pink diamond

Lot 3: Argyle Elysian™, 1.20 carat modified cushion shaped Fancy Vivid Pink diamond

Lot 4: Argyle Verity™,1.37 carat oval shaped Fancy Vivid Purplish Pink diamond

Lot 5: Argyle Opus™, 2.01 carat round shaped Fancy Intense Pink diamond

Lot 6: Argyle Avenoir™, 1.07 carat oval shaped Fancy Red diamond

The mine, nearly four decades old, is nearing its end.

“Rio Tinto’s Argyle mine is the first and only ongoing source of rare pink diamonds in history,” said Rio Tinto Copper & Diamonds chief executive, Arnaud Soirat, in a news release.

“With the lifecycle of this extraordinary mine approaching its end, we have seen, and continue to see, unstoppable demand for these truly limited-edition diamonds and strong value appreciation.”

Argyle revenues soar to decade high as mine closure nears

Rio Tinto’s fading Argyle diamond mine looks set to go out on a high, after posting its best financial performance in years.

Diamond markets are notoriously opaque, and Argyle’s performance cannot be gleaned through the financial results Rio reports every six months.

But new filings with the Australian Securities and Exchange Commission (ASIC) reveal revenues at Argyle, which is scheduled to close in 2020, surged to their highest levels in a decade in 2018.

The $370.6 million of revenue generated was 26 per cent higher than in 2017 and was the highest revenue reported by Argyle since 2008.

The improved financial performance was not constrained to revenue; the $148.4 million of cash flow from operations was virtually double the 2017 result, almost quadruple the 2016 result and the best since 2015.

The revenue and cash flow surge came, perversely, in a year when Argyle processed 10 per cent more ore than in 2017, but produced 18 per cent fewer diamonds; a situation that normally implies higher unit costs and poorer financial performance.

It is understood the big increase in revenue was driven by higher sales volumes in 2018 compared to previous years.

Revenue was also boosted by a stronger US currency and improving prices for the pink diamonds Argyle produces, which are tipped to enjoy greater scarcity value as the mine’s closure draws near.

Higher diamond sales in a year when Argyle’s diamond production slumped highlights the sort of opacity that makes diamond markets difficult for investors to predict.

Diamond production likely to be lower
While Argyle’s closure in 2020 appears certain, it is unclear whether Rio has built a sufficient war chest of pink diamonds to continue its annual pink diamond tender beyond the end of the mine’s life.

Rio keeps diamond pricing confidential, but within the past year the company’s diamond boss, Arnaud Soirat, has pointed to recent public auctions in which Argyle pink diamonds sold for more than $US1 million per carat.

Argyle’s revenue and cash flow surge belied the $128.6 million loss before tax that was reported to ASIC last week by the Rio subsidiary that owns the mine.

That loss was heavily influenced by a $145.4 million non-cash expense related to the closure of the mine.

Diamond production at Argyle looks set to be lower again in 2019 if the first quarter is any guide; production in the three months to March 31 was 22 per cent lower than in the same period of 2019, and 13 per cent lower than in the final three months of 2018.

The rare insight to Argyle’s financial performance comes as Rio directors and executive management fly into Western Australia this week for the company’s annual meeting of Australian shareholders on Thursday.

Chairman Simon Thompson has urged shareholders to vote against a resolution put forward by climate campaigners, which would compel Rio to set targets for reduction of greenhouse gas emissions.

The resolution explicitly calls for reduction targets linked to scope 3 emissions; the emissions generated by the companies Rio sells its products to.

Such a target would include Asian steelmakers, which create significant emissions when they blend Rio’s flagship product, Australian iron ore, with coking coal to make steel.

Mr Thompson has argued that emissions generated by such customers are beyond the control of Rio, and therefore the company cannot set such targets.

Source: afr.com

Rio Tinto unveils Argyle’s largest Fancy Purplish Red diamond

Rio Tinto has revealed its 2018 Argyle Pink Diamonds Tender in New York, including the Argyle Muse, the largest purplish red diamond ever offered.

The Argyle Muse, a 2.28-carat oval shaped Fancy Purplish Red gem, is one of 63 diamonds weighing a total of 51.48 carats being tendered at the event.

Argyle in Western Australia is the world’s only consistent source of rare pink, red and violet diamonds.

The 2018 tender is named Magnificent Argyle in honour of the mine’s role in charting the history of the world’s most coveted diamonds.

Rio Tinto copper and diamonds chief executive Arnaud Soirat said New York was the epicentre for rare fancy coloured diamond collectors and a key market for gems from Argyle.

“This is our 34th Argyle Pink Diamonds Tender and the potency of colours in this collection is a testament to the extraordinary Argyle ore body – rare fancy coloured diamonds, created and limited by nature.” Soirat said.

“The combination of strong demand and extremely limited world supply continues to support significant value appreciation for these stunning diamonds.”

The tender includes five Fancy Red diamonds, two Purplish Red diamonds and three Violet diamonds.

It includes six hero diamonds, which Rio Tinto selected for their unique beauty and were named to ensure a permanent record of their contribution to the history of Argyle’s diamonds.

Source: australianmining