This article originally appeared in The Australian and can be accessed here.
The West Australian mine that produces 95 per cent of the world’s pink diamonds will close forever this week and the already high value of the precious gemstone is set to explode as a result.
Rio Tinto’s Argyle mine in the far east Kimberley region ceases production on Tuesday after unearthing more than 865 million carats of variously hued diamonds since beginning operations in 1983.
It has simply run out of sufficient reserves to continue economically-feasible mining.
Gemologist Olivar Musson, the creative director Sydney-based Musson Jewellers, said Argyle pink diamonds had increased in value by 500 per cent over the past 37 years and were going to be worth a lot more. read more