Is the Argyle diamond mine still open?

In November 2020 mining ceased at Argyle, after 37 years of operations and producing more than 865 million carats of rough diamonds. We are committed to respectfully closing and rehabilitating the mine, and returning the land to its traditional custodians.

Is Argyle diamond mine still operating?

Our Argyle Diamond Mine, in Western Australia, ceased production in 2020 after nearly 40 years of operation.

When did Argyle diamond mine close?

Argyle diamond mine

Location
Opened 1985
Closed 2020
Owner
Company Rio Tinto Group

What percentage of all pink diamonds come out of the Argyle mines?

The Argyle mine is expected to remain open until 2020. Amazingly, less than 1% of the Argyle mine’s output are actually pink diamonds, making these diamonds the rarest of the rare. This means that for every one million carats of rough diamonds mined at Argyle, only one carat of pink diamonds is suitable for selling.

Are pink diamonds still being mined?

No mine in the world has produced rare pink diamonds that can compete with the vibrancy and colour depth of those unearthed at Rio Tinto’s Argyle mine in Western Australia. The pink diamonds found in the mines of India, Brazil and Russia also don’t compete with the character of Argyle’s famous gems.

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Why is Argyle closing?

After 37 years of output, Argyle’s closure came at a time of flux for the diamond market. The sector has been dealing with reduced demand caused by the COVID-19 pandemic, as well as shifting demographics.

Why is Argyle mine closing?

Pink Diamond Production

The Argyle mine is among the largest producers of diamonds in the world. The mine annual output is (1,200 kg) or 8 million carats of diamonds. … However, due to the lowering prices in the market and the introduction of artificial diamonds, Rio Tinto decided to close the mines.

Are Argyle diamonds valuable?

The Argyle mine supplies over 90% of the world’s pink diamonds. … Most diamonds have at least one secondary color, so pure Argyle Diamonds are considered extremely rare and valuable. The higher the intensity or strength of the color, the more expensive the stone.

What’s the most expensive diamond in the world?

The Pink Star diamond

The world’s largest Internally Flawless Fancy Vivid pink diamond is set to go under the hammer at Sotheby’s Hong Kong on April 4 and, with an estimate in excess of $60 million, may become the most expensive diamond ever sold at auction.

Who owns the Argyle diamond mine?

The Argyle diamond mine, 100% owned by Rio Tinto, is one of the world’s largest suppliers of diamonds, producing approximately 20 million carats each year from its operations in the East Kimberley Region, in the remote north of Western Australia.

What is the rarest diamond?

Quick answer: The rarest diamond color is the red diamond. They are so rare that less than 30 true red diamonds are known to exist. They can cost $1 million per carat and most of the red diamonds in existence are less than ½ a carat in size.

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Why are pink diamonds so rare?

Argyle Pink Diamonds are so expensive because of the very limited supply. A pink diamond is formed of only carbon like a white diamond, through millions of years in the kimberlite pipes of volcanoes.

Are blue diamonds real?

What Are Blue Diamonds? Blue diamond stones are genuine diamonds that are not treated or enhanced in any way. They exhibit all of the same inherent properties of the precious stone but have the added element of a blue hue. These blue gems belong to a subcategory of diamonds.

Are Argyle pink diamonds increasing in value?

The average investment growth of all Argyle pink diamonds is around 15%, reaching up to 20% or more in some cases. It’s important to note that due to the rarity and high value of these pink diamonds, prices generally increase monthly.

How much do pink diamonds cost?

The pink diamond is one of the rarest colored diamonds that exist – rarer than every type of colored diamond, apart from red diamonds. Their rarity means pink diamonds are exceedingly valuable. A high-quality pink diamond with an intense shade can cost up to $700,000 per carat.

What is the biggest pink diamond in the world?

Purple-pink diamond sets record as the largest ever to be auctioned, selling for over $29 million

  • “The Sakura” is a 15.8-carat purple-pink diamond set on a platinum and gold ring.
  • It was auctioned alongside “The Sweet Heart,” a 4.2-carat fancy vivid heart-shaped pink diamond ring, which sold for $6.6 million.
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