Why have they stopped mining pink diamonds?

The sector has been dealing with reduced demand caused by the COVID-19 pandemic, as well as shifting demographics. While mining activity has concluded at the source of 90 percent of the world’s pink gems, diamond analyst Paul Zimnisky noted that Rio Tinto is likely still processing ore from Argyle.

Are they still Mining pink diamonds?

No mine in the world has produced rare pink diamonds that can compete with the vibrancy and colour depth of those unearthed at Rio Tinto’s Argyle mine in Western Australia. The pink diamonds found in the mines of India, Brazil and Russia also don’t compete with the character of Argyle’s famous gems.

Are pink diamonds only found in Australia?

1. Pink Diamonds Originate Mostly From Australia. More than 90 percent of the world’s supply of natural pink diamonds are produced in a worldwide-known diamond mine called the Argyle Mine in Western Australia. Historically they have also been found in India, South Africa, Canada, Russia and Brazil.

Are Australian pink diamonds a good investment?

Since its opening in 1983, the price of the diamonds has never gone down, even in times of economic hardship and financial struggle. In the past 11 years especially, many of the pink diamond prices have increased by 367%, making them a hard and stable investment, and one that clearly shows strong growth.

What percentage of all pink diamonds come out of the Argyle mines?

90 to 95%
Despite the low production volume of pink and red diamonds, the Argyle mine is the only reliable source in the world, producing 90 to 95% of all pink and red diamonds.

How much are pink Argyle diamonds worth?

As expensive as “regular” pink diamonds are, certified Argyle pink diamonds are even more expensive. While a 1 carat fancy pink (not a round) could go for roughly $140,000 to $180,000—depending on the quality of the color—a similar Argyle stone would easily fetch over $200,000.

Are Argyle pink diamonds a good investment?

Argyle pink diamonds have escalated in value by 13.8 per cent per year, proving to be a sturdy investment. If you don’t have a penchant for sparkly gems, here are other unusual investment avenues to consider.

Are pink diamonds worth buying?

The pink diamond is one of the rarest colored diamonds that exist – rarer than every type of colored diamond, apart from red diamonds. Their rarity means pink diamonds are exceedingly valuable. A high-quality pink diamond with an intense shade can cost up to $700,000 per carat.

Are pink diamonds worth investing?

Because of their striking colour and constraints on supply (the Argyle mine, which produced 90% of the world’s pinks, shut down in November 2020), pink diamonds represent excellent investment opportunities.

Why are there so many pink diamonds in Australia?

“Pink diamonds will become the ultimate in rarity, desirability and luxury. “It’s a very emotional thing to have worked with so many extraordinary Argyle pinks, for so many years, and to know there will be no more. “It makes the pink diamonds that came from the Argyle mine all the more special.”

Is the mine that produces pink diamonds closing?

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.

Are there any new diamond mines in Australia?

The closure of Argyle Diamonds will knock 10% off the annual world diamond output. This is expected to help keep diamond prices higher and encourage new exploration. Among the contenders to develop a new diamond source in Australia is Lucapa’s Little Spring Creek in Western Australia’s West Kimberley.

Are there still pink diamonds in the Kimberley?

A geological rarity, pink diamonds are one of our most valuable resources. But with the impending closure of the Argyle mine in the Kimberley, the fairy tale may be near its end. “Fly to virtually any city on earth, and within an hour you can buy a one-carat white diamond. You could never do that with a pink,” notes one jeweller.