Argyle mine – Page 2

Rio Tinto unveils rare diamonds as Argyle nears end

Rio Tinto has showcased its rare pink, red, violet and blue diamonds from the Argyle mine in Western Australia virtually to a group of collectors, connoisseurs and luxury jewellery houses.

The 2020 Argyle Pink Diamonds Tender is a collection of the rarest diamonds from this year’s production of precious gems produced at the east Kimberley, Western Australia site.

The collection was headlined by Lot Number 1, which is the largest Fancy Vivid round brilliant diamond ever offered at the tender.

Weighing in at 2.24 carats, the Fancy Vivid Purplish Pink diamond, also known as Argyle Eternity, is the highlight of the historic collection which comprises of 62 diamonds weighing 57.23 carats.

The Argyle Pink Diamonds Tender also features six hero diamonds, recognised for their unique beauty and named so to ensure there is a permanent record of their place in history as some of the world’s most important diamonds.

In addition to Argyle Eternity, these hero diamonds include the 2.45 carat square Fancy Intense Purple-Pink Argyle Ethereal, the 1.84 carat pear shaped Fancy Vivid Purplish Pink Argyle Sakura, the 0.43 carat Argyle Emrys in greyish blue, the 0.33 carat grey-violet Argyle Skylar and 0.70 carat violet-grey Argyle Infinite.

In addition to these gems the collection also features 12 lots of carefully curated never to be repeated sets of miniature rare Argyle punk, red, blue and violet diamonds weighing in at a total of 13.90 carats.

Rio Tinto general manager of sales and marketing for diamonds Patrick Coppens noted the Argyle mine’s history of producing rare pink gems.

“The Argyle pink diamond story has continued to enthral throughout the years following the remarkable discovery of the Argyle mine in 1979,” Coppens said.

“The 2020 Argyle Pink Diamonds Tender is a collection of rare earthly treasures, intricate works of art and with a potency of colour that will be keenly sought after by collectors and connoisseurs from around the world.”

Rio Tinto chief executive of copper and diamonds Arnaud Soirat added that the Argyle mine is the world’s first and only ongoing source of rare pink, red and violet diamonds.

“We have seen and continue to see strong demand for these highly coveted diamonds, which together with extremely limited global supply, supports the significant value appreciation for Argyle pink diamonds,” Soirat said.

Due to COVID-19 restrictions the collection was previewed virtually for exclusive invitees before viewings begin later this year at the Argyle mine, in Perth and in Singapore in Antwerp.

Bids for the precious stones close on December 2 2020.

Source: australianmining

Kunming partners with Rio Tinto for Argyle diamonds

The world’s second-largest miner, Rio Tinto (ASX, LON, NYSE: RIO), announced that Hong Kong-based coloured diamond specialist Kunming Diamonds is now one of the company’s 13 authorized partners for Argyle pink diamonds.

In a press release, Rio said this means Kunming will be entrusted with the care and custody of the gems.

Established in 1987, Kunming is a global, multi-generational company that has built its business into one of Asia’s leading coloured diamond specialists. In 2019, the company was successful in acquiring the entire Argyle Pink Everlasting Collection, a one-off exclusive selection of certified Argyle pink and red diamonds.

“This is a wonderful honour and showcases our commitment to bringing the world’s rarest diamonds to our global partners and client base,” Harsh Maheshwari, director of Kunming, said in the brief.

Source: mining.com

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

Firestone Diamonds’ Liqhobong mine back at full tilt as power returns

Shares in Africa focused Firestone Diamonds went ballistic on Wednesday after it announced that stable power had returned to its Liqhobong mine in Lesotho, with the plant processing at full capacity.

Firestone had warned in October that the mine was struggling due to insufficient power supply due to a two-month maintenance shutdown at its only power supplier — Lesotho Highlands Water Project.

As a result, processing operations were halted from the beginning of the month to Oct. 26, when diesel generators were commissioned. The plant then operated at between 80% and 90% capacity throughout November.

While the LHWP resumed operations on Dec. 1, the company said it had to book $1.1 million in additional costs from the use of the generators, adding that it had also filed an insurance claim over loss of profit.

Firestone’s stock was up 128% on Wednesday mid-day in London at 0.97 pence a share, leaving the company with a market capitalization of £6.18 million. The stock price, however, is far from the £3.88 the company’s shares were trading at a year ago.

Diamond miners are struggling across the board, especially those producing cheaper and smaller stones, where there is an over-supply.

Increasing demand for synthetic diamonds has also weighed on prices. Man-made diamonds require less investment than mining natural stones and can offer more attractive margins.

Buyers, those that polish and cut diamonds for retailers, have been hit this year by lower prices and tighter credit, prompting them to delay purchases.

De Beers, the world’s No.1 diamond miner by value, has responded by axing production — with a target of 31 million carats this year compared with 35.3 million in 2018. It has also given buyers more room to maneuver, by allowing them to refuse half the stones in many of the diamond parcels.

The Anglo American unit is also spending more on marketing. At the latest sale, the company increased the amount of stones buyers were allowed to reject in each lot purchased from 10% to 20%, according to people familiar with the auction.

Firestone’s chief executive, Paul Bosma, has said he’d expect prices for smaller diamonds to increase towards the end of 2020, in part due to the closure of Rio Tinto’s Argyle mine in Australia.

Source: mining.com