Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) has unveiled a preview of its final showcase of uncommon pink, purple and blue diamonds from its iconic Argyle mine within the distant east Kimberley area of Western Australia.
Argyle, the world’s greatest and the primary world supply of high-quality pink diamonds, ceased operations on November 3, after 37 years in production.
Throughout that point, it churned out 865 million carats of tough diamonds and have become the supply of about 90% of the world’s prized rose-to-magenta hued stones.
The final Argyle pink diamonds tender, an annual invitation-only occasion for the previous 38 years, will showcase the final assortment of gems dug out on the mine. It includes 70 diamonds weighing 81.63 carats, with a file variety of diamonds bigger than one carat.
The gathering, referred to as “The Journey Past”, makes reference from the 1.5 billion 12 months journey from the formation of the deposit to its discovery and its influence on the world diamond and jewelry historical past, Rio mentioned.
It’s headlined with Lot #1, Argyle Eclipse, a 3.47 carat diamond that’s the largest Fancy Intense Pink diamond ever provided on the occasion.
The diamonds can be showcased in Perth, Antwerp, Singapore and Sydney, topic to Covid-19 protocols. Bids shut on September 1.
The closure of Argyle eliminated about 75% of Rio’s diamond output, but the influence on the miner’s earnings is predicted to be negligible. Diamonds usher in solely about 2% of its earnings, whereas iron ore — the corporate’s primary commodity — accounts for nearly 60%.
Argyle was Australia’s first large-scale diamond operation, pioneering the fly–in fly–out mannequin, and seen as a possibility for a workforce drawn from throughout the nation.
It additionally triggered the creation and adoption of latest know-how and exploration strategies to make the seek for diamonds extra environment friendly throughout the rugged and distant Kimberley panorama.
At its peak, Argyle churned out 40% of the world’s diamond output, which made it the most important producer by quantity.