Pink diamonds dazzle investors as price set to soar

The closure of Rio Tinto’s Argyle Mine in Western Australia is expected to send the price of pink diamonds sky high at an upcoming auction.

Via NestEgg.com – Images copyright 

The closure of Rio Tinto’s Argyle Mine in Western Australia is expected to send the price of pink diamonds sky high at an upcoming auction.

As one of the world’s rarest coloured diamonds, pink diamonds represent less than 0.1 per cent of all diamonds, with 90 per cent of the world’s output of coloured diamonds coming from the Argyle mine.

To put that into some form of perspective, the Western Australian mine’s annual production of pink diamonds “would fit in the palm of your hand”, according to a statement.

The recent announcement of the mine’s closure has hit news headlines worldwide, and has prompted speculation about the potential value of investing in coloured diamonds.

An upcoming auction will see a number of items containing pink diamonds go under the hammer this Thursday, 26 September 2019, and include a solitaire brilliant cut diamond and two rings that feature pink diamonds.

The upcoming sale follows the 2018 auction of a Pink Legacy diamond by another auction house for nearly $70 million.

Commenting on the pink diamonds up for grabs, Lloyds Auctions’ chief operations officer, Lee Hames, said: “This pink diamond is beyond rare and is in extremely high demand worldwide, so we feel very privileged to see one a year, but to have a few in the same auction is a privilege.

“We predict that these pink diamonds will sell far exceeding their valuations due to the closure of the mine, and the interest we have had so far.

“We have two rings featuring pink diamonds valued at nearly $600,000 as well as a solitaire brilliant cut diamond worth over $350,000 from the Argyle mine.”