Rio Tinto's newest figures report that the company's Argyle Diamond Mine tender had favorable results. With reports concluding their top lot of pink diamond materials selling at more than 2 million. Rio Tinto owns and operates the Argyle diamond mine in the remote East Kimberley region of Western Australia. The mine has been operating since 1983 and has produced more than 800 million carats of rough diamonds. It is one of the world's largest supplier of diamonds and the world's largest supplier of natural fancy color diamonds.
The Argyle Diamond Mine and the Phoneix Diamond
The famous Argyle Diamond mine has produced many wonderful pink diamonds amongst others. The Phoenix diamond was mined at the Argyle Diamond mine by mining giant Rio Tinto; a 1.56 carat round fancy-red diamond. The diamond is the highest ever price per carat diamond sold from the mine. In addition to the Argyle Phoenix, the company also sold its Argyle Dauphine. Which is a 2.51 carat, fancy-deep pink diamond.
Pink Diamond and Bids
This sale broke the record for the highest payment ever made for a diamond from the Argyle Diamond mine. Furthermore, the pink diamond value also set a world record for a fancy-deep pink diamond. For example, bids for many of the 64 pink, red and blue diamonds on offer in the 2013 Tender surpassed $1 million. Thereby setting a new sales records for the company. Rio Tinto did not release its final sale totals for the auction. However, the tender saw 64 diamonds from the mine. Additionally, the sale included three fancy red diamonds. The sales sell in 100% in lot format. Managing director of Rio Tinto mentions, "we are delighted with the results for the 2013 tender collection which are a reflection of their rarity, provenance and global reach."
The Argyle Diamond Mine Diamond Material and China
The company also noted that both established and emerging markets were present for the winning bids. Thereby leaving many to speculate if new buyers from China were attempting to join the rough diamond trade. The highest bid of the tender was in the $2 million range, and the lowest was in over the $1 million marker. Managing director of Rio Tinto Diamonds said, "We are delighted with the results for the 2013 tender collection which are a reflection of their rarity, provenance and global reach."
Furthermore, he went on to say that many of the diamonds sold above pre-tender estimates, reflecting increasing demand from the world's top jewelers, designers, collectors, and connoisseurs. Moreover, the Argyle Mine produces about 90% of the world's rare pink diamond material. Additionally, the mine is the world's top supplier of natural color diamonds. In April, Rio opened its new $2.2 billion underground diamond mine at Argyle amid predictions it will produce up to 20 million carats a year and extend the overall mine life until 2020. In June, the company took its global diamonds business off the market following a strategic review.
An image of a GIA certified Pink Diamond from the Argyle Diamond Mine.
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An image of a GIA certified Pink Diamond from the Argyle Diamond Mine.