19 Jul

Rio Tinto sells $1Million Dollar Red Diamond Coin to Dubai Businessman

We are delighted to collaborate with The Perth Mint on the exclusive release of this distinctive investment piece. ”
– Scott Trott, Rio Tinto Managing Director – Diamonds

Rio Tinto & The Perth Mint have sold the most valuable coin in history just two days after releasing it to the world.

The coin, known as The Kimberley Treasure, was struck by the Perth Mint from one kilogram of 99.99 per cent pure gold, but owes its hefty price tag due to the radiant cut 0.54 carat red diamond set into thereverse, held between the paws of a red kangaroo.

The unique piece also displays the Ian Rank-Broadley effigy of Her Majesty Queen Elizabeth II on the obverse, confirming its status as legal tender of Australia.

The $1 million Kimberley Treasure coin was picked up by Dubai businessman Ashish Vijay Jain, who chairs Tiara Gems and Jewellery DMCC.

Perth Mint chief executive Richard Hayes said he was delighted the Kimberley Treasure coin had attracted so much interest from international collectors and investors.

“This is a testament to the coin’s status as an object of desire and it has certainly found an ideal home in Dubai,” he said.

The Kimberley Treasure coin will be displayed at The Perth Mint in East Perth, until Sunday, August 14.

About Red Diamonds: Rare, Mysterious, Alluring

The powerful red colour diamonds exhibit is awe inspiring to those first viewing a red diamond and to seasoned professional alike. The colour ranges from a deep Crimson to the brighter red colour associated with a perfectly ripe strawberry. Although more have been found in recent years, red diamonds are still considered the ‘Most Rare’ diamonds. The largest known red diamond is the Mousieff Red, a triangular 5 carat stone, while the vast majority of red diamonds are less than half a carat in size.

Red diamonds have been found mostly from the Argyle Mine is West Australia, and occasionally from Minas Gerais in Brazil. Red diamonds exhibit many of the same characteristics as pinks, however they have a darker tone and deeper saturation.

Adding to the mystique of red diamonds is the question of how they get their color. GIA researchers, who have been studying diamonds for decades and have access to the most sophisticated equipment, are still not sure what causes their color. One explanation is that a diamond becomes red when heat and pressure deep within the earth cause the crystal lattice of a diamond to twist and distort. These distortions cause the diamond crystal to absorb green light and impart a red hue. This can often be seen in parallel bands within the diamond.

In terms of grading, the GIA grades all red diamonds as ‘Fancy’ – unlike with other coloured diamond, there is no light, intense, deep, or vivid designation as the strength of saturation required to receive a designation of red needs no descriptive modifier.


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