Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) has put up for sale its final collection of uncommon pink, pink, violet and blue diamonds from its iconic Argyle mine within the distant east Kimberley area of Western Australia.
Mining ended at Argyle in early November final yr, after 37 years of uninterrupted production throughout which the mine turned the supply of about 90% of the world’s prized rose-to-magenta hued stones.
The 2021 Argyle tender, being showcased in Antwerp, Belgium, is the ultimate assortment of diamonds from the ultimate yr of the mine’s operations.
“The primary Argyle Pink Diamonds Tender was held in Antwerp in 1984 and I’m delighted to host the ultimate epic assortment in Antwerp,” Patrick Coppens, normal supervisor, gross sales and advertising and marketing for Rio Tinto’s diamonds enterprise stated.
The variety of diamonds introduced on the annual Argyle tender over the past three many years would barely fill two champagne flutes, Coppens famous, which highlights the rarity and relevance of this last assortment.
Comprising 70 diamonds weighing 81.63 carats, the 2021 tender has a file variety of stones bigger than one carat. It consists of the Argyle Eclipse, a 3.47 carat diamond that’s the biggest Fancy Intense Pink diamond ever provided on the occasion.
The assortment, referred to as “The Journey Past”, makes reference from the 1.5-billion-year journey from the formation of the deposit to its discovery and its affect on the world’s diamond and jewelry historical past, Rio stated.
The closure of Argyle eliminated about 75% of Rio’s diamond output, but the affect on the miner’s earnings is predicted to be negligible. Diamonds herald solely about 2% of its earnings, whereas iron ore — the corporate’s principal commodity — accounts for nearly 60%.
Argyle, positioned throughout the historical Matsu Ranges greater than 3,000 km north of Perth, was Australia’s first large-scale diamond operation. It pioneered the fly–in fly–out mannequin, drawing employees from throughout the nation.
It additionally triggered the creation and adoption of recent 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.