Pink diamonds deliver strong results for Rio

Lot 6, Argyle Avenoir 1.07 carat Fancy Red, oval cut diamond. (Image courtesy of Rio Tinto).

Rio Tinto (ASX, LON: RIO) announced that its 2019 Argyle Pink Diamonds Tender collection of 64 rare pink and red diamonds saw double-digit growth in the number of bids, with successful bidders hailing from nine countries. 

The stones in the 2019 Argyle Pink Diamonds Tender were showcased in Perth, Hong Kong and New York

The rocks were mined from the company’s Argyle mine in Western Australia and the collection is the 35th Tender since the operation became commercially active in 1983. 

“Whilst bids and total values remain confidential, Lot 1, Argyle Enigma, the most valuable diamond in the collection, was won by Australian based Argyle Pink Diamonds partner Blue Star & Kiven Diamonds. Blue Star & Kiven Diamonds also won Lot 4, Argyle Verity,” Rio Tinto revealed.

According to Ron Kiven, director of Blue Star & Kiven Diamonds, no other diamonds on Earth match the rarity and provenance of Argyle pink diamonds. 

“To have acquired two of the last Argyle pink diamonds to ever be unearthed, and one of the few Fancy Red Argyle diamonds in existence is the ultimate privilege,” Kiven said in a media statement.

Rio Tinto’s Argyle mine, located in the far north of Western Australia, produces virtually the world’s entire supply of pink, red and violet diamonds. 

The mine, however, is scheduled to close in 2020 after almost four decades of production.

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