Your question: Why is the pink diamond mine closing?

The world’s largest pink diamond mine has shut its doors after exhausting its reserves of the expensive gems, global mining giant Rio Tinto said Tuesday. The end of operations at Argyle is likely to push the price of the diamonds even higher, jewellers say. …

Why have they stopped mining pink diamonds?

Pink Diamond Production

For almost four decades, the mines have contributed nearly 18% of all diamonds in circulation today. However, due to the lowering prices in the market and the introduction of artificial diamonds, Rio Tinto decided to close the mines.

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.

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.

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Is the Argyle mine closed now?

The Argyle Mine in Australia, one of the world’s best sources for pink and brown diamonds, will close by 2020. It is both one of the largest sources of brown diamonds, and largest diamond producer in the world by volume.

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.

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.

Who mines pink diamonds?

1. Pink Diamonds Originate Mostly From Australia. 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.

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 is a pink Argyle diamond?

As expensive as “regular” pink diamonds are, certified Argyle pink diamonds are even more expensive. While a 1 carat fancy pink (not a round) could go for roughly $140,000 to $180,000—depending on the quality of the color—a similar Argyle stone would easily fetch over $200,000.

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Which is the 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.

Are Red Diamonds rare?

Although all natural fancy coloured diamonds are extremely rare, none are more so than the red diamond. Found mostly in Africa, Australia and Brazil, red diamonds are so rare that only around twenty to thirty true red diamonds are known to exist and most are less than half a carat in size.

How did pink diamond die?

When gems who fought on the side of the gem homeworld come to Earth, they describe Rose Quartz as a murderous assassin who killed Pink Diamond, a member of the royal family, who then fled to Earth and never answered for her crimes.

Why is Rio Tinto closing?

Rio Tinto had said in July last year that it would shut the smelter by August 2021 after a strategic review showed the business was no longer viable due to high energy costs and a challenging industry outlook.

Where is the Sakura diamond mined?

‘The Sakura was cut from a diamond discovered in Russia in 2017, which originally weighed 27.8 carats. It is said to be the largest pink diamond mined in Russia.

Can you visit the Argyle diamond mine?

In support of the local tourism industry, the Argyle diamond mine is open to visitors on guided tours departing from Kununurra. A day trip to the mine will give visitors a rare insight into the scope of a large mining operation and the history of its relationship with Traditional Owners.

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