Pink Prices set to Rise with Closure of Argyle

Argyle Enigma, 1.75 cts

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

Double-Digit Growth in Number of Bids at Rio Tinto Argyle Pink Diamonds Tender

Argyle tender pink diamonds

The number of bidders at the recent 2019 Argyle Pink Diamonds Tender saw double-digit growth with buyers vying to get their hands on some of the last diamonds to come from the Argyle diamond mine. The mine is scheduled to close at the end of 2020.

While Rio Tinto does not disclose the value of winning bids, it said that over the past 19 years, the value of diamonds sold at Tender has appreciated over 500 percent, outperforming all major equity markets.

The most valuable lot in the collection, the Argyle Enigma, a 1.75-carat modified radiant fancy red diamond, was won by Australian based Argyle Pink Diamonds partner Blue Star & Kiven Diamonds who also won the 1.37-carat oval-shaped fancy vivid purplish pink Argyle Verity.

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

This year, Rio Tinto also offered The Argyle Pink Everlastings Collection comprising smaller Argyle pink and red diamonds totaling 211 carats. The entire collection was purchased by Hong Kong fancy colored diamond specialist Kunming Diamonds.

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

Source: IDEX

Phillips to Sell Rare Pink Diamond Collection

Argyle pink diamond earrings.

Rare pink diamonds from Rio Tinto’s Argyle mine in Australia will lead the upcoming Hong Kong Jewels and Jadeite auction at Phillips next month.

The collection comprises 16 jewelry pieces, each incorporating stones from the Argyle deposit, which is the only known source of pink diamonds and is due to close next year. Chief among these will be a ring that can be converted into a pair of ear studs. The piece, which features two heart-shaped, fancy-intense-purplish-pink diamonds, has a presale estimate of HKD 5.8 million to HKD 6.8 million ($739,860 to $867,423).

Other items include a pair of fancy pink diamond, seed pearl and white diamond earrings designed by London-based jeweler Sarah Ho, which is expected to fetch HKD 110,000 to HKD 150,000 ($14,031 to $19,134). A ring by Singapore-based gemologist Paige Parker, featuring pink, yellow and white diamonds, has a presale estimate of HKD 260,000 to HKD 320,000 ($33,166 to $40,820). Another ring by Hong Kong jewelry designer Karen Suen, in which pink and white diamonds are set around a conch pearl, is meanwhile valued at up to HKD 620,000 ($79,087).

Two further items from the collection, also up for auction, feature Columbian Muzo emeralds alongside Argyle pink diamonds. A necklace, expected to garner up to HKD 2.2 million ($280, 640), will go under the hammer alongside a pair of emerald, white and pink diamond pendant earrings with a presale estimate of up to HKD 630,000 ($80,367).

Additional pieces, outside of the pink diamond collection, include a jadeite bead and diamond necklace, which is expected to fetch between HKD 8.5 million and HKD 11 million ($1.1 million to $1.4 million). A rare Van Cleef & Arpels zip necklace, including diamonds, sapphires and lapis lazuli, is expected to net up to HKD 4.5 million ($574,042).

The auction will take place at the JW Marriott in Hong Kong on November 25. It will be preceded by a three-day public exhibition at the same location.

Source: Diamonds.net