13 Nov 2018

Rio Tinto’s Argyle Pink Diamonds Tender delivers record results for pink, red and violet diamonds

The following is a press release from Rio Tinto – 9th November 2018.

Rio Tinto’s 2018 Argyle Pink Diamonds Tender collection of 63 rare pink, red and violet diamonds from its Argyle mine in Australia has delivered another record result reflecting strong global demand for fancy coloured diamonds. These results are also a reflection of Argyle approaching the end of its mine life, with the supply of these extremely rare diamonds becoming even scarcer.

The 2018 collection of the finest pink, red and violet diamonds from the iconic Western Australian mine continued its trajectory of double digit price growth. Sold to an undisclosed buyer, Lot Number 1, the Argyle Muse™, a 2.28 carat Fancy Purplish Red diamond is the most valuable diamond in the Tender’s 34 year history.

Amongst the record breaking diamonds sold in the 2018 collection was Lot 2, the Argyle Alpha™, the largest and most valuable Vivid Pink diamond in the history of the Argyle Pink Diamonds Tender. The Argyle Alpha™ was won by Singapore based Argyle Pink Diamonds partner Glajz THG.

Managing director John Glajz said “I am honoured to be custodian of this record breaking gem, a diamond that embodies the rarity, beauty and provenance of Argyle pink diamonds.”

The Argyle Muse™ is the largest and only Fancy Purplish Red diamond over two carats ever offered at Tender. Image © Rio Tinto 2018.

Over the past 18 years the value of Argyle pink diamonds sold at Tender have appreciated over 400 per cent, outperforming all major equity markets.

Rio Tinto Copper & Diamonds chief executive Arnaud Soirat said “The 2018 Argyle Pink Diamonds Tender was highly sought after with record results that underscore the value of these gems in the history of rare coloured diamonds.”

Matthew Aldridge, chief executive of Gemcut Geneva, a successful bidder on a number of diamonds in the 2018 Tender including Lot 5, the Argyle Odyssey™, a 2.08 carat Fancy Intense Pink diamond said “I have been bidding at the Argyle Pink Diamonds Tender since 1987 and continue to be amazed by the magnificent potency of colour of these unique diamonds from this extraordinary mine. As an avid collector of the world’s finest fancy coloured diamonds I was especially delighted to win the Argyle Odyssey™, a match for another diamond that was sold in the Tender over fifteen years ago.”

Almost the entire world supply of rare pink, red and violet diamonds come from Rio Tinto’s Argyle diamond mine in the remote east Kimberley region of Western Australia. Current estimates indicate sufficient economic reserves at the mine to support production through to the end of 2020.

Source: Rio Tinto, November 9 2018
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25 Sep 2018

Giant pink diamond from Christie’s a cut above the rest

A pink diamond weighing in at almost 19 carats is set to go on tour before being auctioned in Geneva and could fetch a record price of between $30 million and $50 million, Christie’s auction house announced on Tuesday.

The rectangular cut Pink Legacy is rated “vivid”, the highest rating for a diamond’s colour, and weighs 18.96 carats, making it the largest fancy vivid pink diamond Christie’s has ever offered for auction.

It was once part of the Oppenheimer collection, Christie’s said, referring to the family who built De Beers into the world’s biggest diamond trader.

“Its exceptional provenance will no doubt propel it into a class of its own as one of the world’s greatest diamonds,” said Rahul Kadakia, international head of jewellery at Christie’s.

Only four vivid pink diamonds of over 10 carats have ever been offered for sale at auction, with a record price per carat set last November when Christie’s Hong Kong sold “The Pink Promise”, an oval-shaped diamond of just under 15 carats, for $32,480,500.

The Pink Legacy will be shown in Hong Kong, London and New York before being auctioned by Christie’s Geneva on Nov. 13.

 

 

 

Source: Reuters
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13 Jul 2018

Rio Tinto to Sell Largest Argyle Vivid Pink

Argyle Alpha

Photo: Copyright Rio Tinto 2018

Rio Tinto will offer a 3.14-carat, vivid pink diamond at its 2018 tender, the largest stone of its color in the history of the annual sales event.

The emerald-cut Argyle Alpha (pictured) is one of 63 rare pink, red and violet diamonds — weighing a combined 51.48 carats — featuring in this year’s Argyle Pink Diamonds Tender. It is part of a collection of six “hero” diamonds the miner will offer at the sale.

“Rio Tinto’s Argyle mine is the world’s only source of these highly coveted pink, red and violet diamonds, and we expect considerable interest in this year’s collection,” Rio Tinto CEO Jean-Sébastien Jacques said Thursday. “The combination of strong demand and extremely limited world supply continues to support significant value appreciation for Argyle pink diamonds.”

This year’s tender, which the company has called Magnificent Argyle, also includes the Argyle Muse, an oval-cut, 2.28-carat stone, which is the largest purplish-red diamond ever offered at the tender, and came from a 7.39-carat rough. A second diamond, cut from the same stone, will also be up for sale.

The other hero diamonds include the square-radiant-shaped, 1.29-carat, fancy vivid purplish-pink Argyle Maestro; the princess-shaped, 1.57-carat, fancy dark grey-violet Argyle Alchemy; the Argyle Odyssey, a round brilliant, fancy intense pink stone weighing 2.08 carats; and the radiant-shaped Argyle Mira, a 1.12-carat fancy red.

Rio Tinto will unveil the gems at a world exclusive preview in Sydney, and will also showcase them in Hong Kong and New York. Bidding for the diamonds closes on October 10.

The company held its first Argyle Pink Diamond Tender in 1984.

Source: Rapaport
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13 Jul 2018

Pretty in pink: Rio Tinto kicks off one of its last rare diamond sales

Rio Tinto is launching one of its last ever pink diamond tenders as it prepares to shut the only pink diamond mine in the world.

The miner has put 63 of its rare pink diamonds from its West Australian-based Argyle mine up for tender, with prices expected to run to nearly $100 million for the entire lot.

Argyle Tender Hero Stones 2018

Rio Tinto has 63 rare pink and blue diamonds up for sale in 2018. Photo: Copyright Rio Tinto 2018

Every year, Rio Tinto selects its best pink diamonds to sell to the world’s wealthiest people, and this year’s auction features the largest ever vivid pink diamond since its sales began in 1984, Rio Tinto’s chief executive Jean-Sébastien Jacques told Fairfax Media.

The largest diamond in the 2018 tender is the Argyle Alpha diamond, weighing 3.14 carats, which was actually uncovered in 2015.

Before it was cut, the Alpha pink diamond weighed 5.88 carats.

Pink Jubilee

The Argyle Pink Jubilee. Photo: Jason South

While the process of creating regular diamonds is well understood – with diamonds able to be synthetically created – it is not yet known why pink diamonds are pink.

The largest ever pink diamond recovered from the Argyle mine, the Pink Jubilee, weighed 12.76 carats.

Although Rio Tinto has not set a price on Alpha, the record price achieved for a pink diamond was $US2.2 million per carat, potentially valuing Alpha at around $US7.9 million ($10.7 million).

The most expensive gem ever sold at auction was the 59.6 carat Pink Star diamond, sold for $US71.2 million last year.

The buyers are typically the super-wealthy, or luxury jewellery businesses from around the world. They are allowed to bid by invite only.

‘Niche market’

“It’s a niche market, there are very few people who are invited to bid. All the bids will be received before the 10th of October, and at that point, we will disclose who are the winners,” Mr Jacques said.

“Last year’s auction was very good and we expect 2018 to be even better.”

Rio Tinto CEO Jean-Sebastien Jacques inspects the Argyle Muse Diamond in Sydney on July 12, 2018. Photo: Dominic Lorrimer

The tender starts in Sydney before moving to Hong Kong and finishing up in New York.

However, this could be one of the last auctions with pink diamonds.

Mr Jacques said the world is about to lose its main supply of pink diamonds as its Argyle mine is approaching the end of its supply. Argyle accounts for about 90 per cent of the world’s pink diamonds, with the remaining 10 per cent being random finds in other diamond mines.

“This is the only mine which has consistently produced these types of diamond,” Mr Jacques said.

“It took only a few billion years to produce them all. The mine has only a few years left, about three years.”

While Rio Tinto is shutting down the Argyle mine, it still operates the Diavik diamond mine in Canada’s frozen far north.

“We like diamonds, which is why we have comprehensive exploration for diamonds. It takes a lot of time and a lot of dedication, and we hope to find a new mine like Argyle, but we have to be patient,” Mr Jacques said.

Source: Sydney Morning Herald
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