29 Oct

Australian Diamond Prices Soar

This article originally appeared in the Northern Territory News.

Australian pink diamonds are outperforming shares, soaring more than 30 per cent in value in the past 12 months.

The Argyle Mine, which closed in Western Australia in November last year, had 90 to 95 per cent of the world’s pink diamonds.

“With no future pipeline identified, prices have since skyrocketed,” Australian Diamond Portfolio executive director Anna Cisecki said.

“Prior to the closure of the mine, pink diamonds have been a consistently strong in-vestment too. The Australian Diamond Portfolio Pink Diamond Index shows that over the last 15 years, they have appreciated in value by 10 to 12 per cent per annum.”

Ms Cisecki said it was substantially better than most other asset classes, including cash and Australian shares.

The richer the pink shade is in the diamond, the rarer and more valuable the stone.

Ms Cisecki said if a new mine was discovered, it would take at least a decade to reach the stage of producing diamonds to sell.

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