Your question: Is Argyle diamond mine still operating?

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 the Argyle diamond mine closed?

The value of these highly sought-after natural stones speaks for itself, but their rarity has arguably increased since the closure of Rio Tinto’s (ASX:RIO,LSE:RIO,NYSE:RIO) Argyle mine. The asset, which ceased mining activity on November 3, 2020, had been in operation since 1983.

When did Argyle diamond mine close?

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

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

Despite the low production volume of pink and red diamonds, the Argyle mine is the only reliable source in the world, producing 90 to 95% of all pink and red diamonds.

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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What is rarest diamond?

The world’s rarest diamonds available to buy

  • The Pink Legacy. …
  • Lesedi La Rona rough diamond. …
  • Graff Venus. …
  • The Cullinan Heritage diamond. …
  • The Golden Empress diamond. …
  • The Millennium Star diamond. …
  • The Graff Pink diamond. …
  • The Incomparable diamond.

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.

Why are Argyle Diamonds Pink?

Yellow diamonds contain traces of nitrogen, and blue diamonds contain boron. But no similar impurities have been found in pink diamonds, leading scientists to speculate that the colour may be the result of some kind of seismic shock that altered the stone’s molecular structure.

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.

Are there natural pink diamonds?

Pink Diamonds Originate Mostly From Australia

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More than 90 percent of the world’s supply of natural pink diamonds are produced in a worldwide-known diamond mine called the Argyle Mine in Western Australia. Historically they have also been found in India, South Africa, Canada, Russia and Brazil.

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.

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.

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.

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