Western Australia has reduced its diamond royalty rate by a significant 33.3 per cent, a move that has been welcomed by Gibb River Diamonds.
The company’s lobbying has led to the reduction of the state diamond gross royalty rate from 7.5 per cent to 5 per cent.
Gibb River stated that the royalty change was in line with the recommendations of the Mineral Royalty Rate Analysis report.
This was published by the Western Australian Department of State Development and Department of Mines and Petroleum in 2015.
“The board of (Gibb River) believes that the reduction of the diamond royalty will have a very positive effect on the sector and is an extremely helpful step in further (Gibb River’s) aim of becoming a profitable diamond producer in Western Australia,” the company stated in an ASX announcement.
The rate is comparable to the 5 per cent royalty rate applied to Rio Tinto’s Argyle diamond project in Western Australia as of May this year, which was amended from the 7.5 per cent rate in 2006 when Rio Tinto decided to proceed with underground mining.
Gibb River operates the Ellendale diamond project in the West Kimberley, which supplies over 50 per cent of the world’s fancy yellow diamonds every year.
The rare colour had driven United States jeweller Tiffany & Co to ink a six-year deal with Ellendale’s former operator, Kimberley Diamonds, for the supply of the diamonds in the past.
Rio Tinto has launched a new collection of rare pink diamonds from its Argyle diamond mine in the east Kimberley region of Western Australia. Rio Tinto Argyle Pink Everlasting
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. Argyle Pink Everlasting Collection
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.
