Closure of the Argyle Mine: What it Means for the Future of Argyle Pink Diamonds
Linneys are proud to have been a trusted Argyle Pink Diamond Select Atelier from the earliest days of the Argyle mine. The Linneys team’s long relationship with Argyle Pink Diamonds grants it significant experience in creating unique jewellery featuring these special gems. Active in the annual Argyle Pink Diamond Tender, Linneys has successfully promoted these collectible diamonds to international and local clients alike.
The news of the upcoming closure was a shock, but we envisage the demand for these exquisite gems will never fade.
History of the Argyle Mine
This iconic diamond mine started when a group of geologists started exploring the Kimberly region in the 1970s. They found a diamond in the area, which prompted the Rio Tinto corporation to open the Argyle mine in 1983. It wasn’t long before the site proved to be a significant source of much coveted pink diamonds. From a modest start-up budget of only $100,000, the mines became one of the biggest producers of pink diamonds, globally.
Why Did it Close
Ultimately, many of the diamonds mined in Argyle are average to low quality, with pink diamonds comprising only 1% of the entire volume of diamonds produced. The increasing operation costs, along with a stalled global diamond market and the depth of the mine (too deep to mine reasonably) are all factors contributing to its closure. While the diamond market is lucrative, continuing diamond production is no longer financially feasible for Rio Tinto.
What does future look like for Argyle Diamonds?
It’s easy to predict that the closure of the Argyle mines will have an impact on the global diamond market. We anticipate the reduction of supply from the closure of the mine may actually stimulate prices and reinvigorate the diamond market.
Fancy coloured Argyle Diamonds
The Argyle mine also produces a significant portion of the world’s supply of champagne and cognac diamonds. These diamonds are popular due to wide colour palette they embrace, from pale straw to deep brown, and are the most affordable of the natural coloured diamonds range.
Amongst the rarest and most famous fancy coloured diamonds are the family of pink diamonds including red, purplish red and purplish pink diamonds. Pink diamonds, unlike the other natural fancy colours, are found in very few diamond mines across the world, and more than 90% of the global supply come from the Argyle diamond mine.
Argyle Pink Diamonds uphold provenance of its diamonds through meticulous tracking and audited controls in the mining, polishing and distribution of its gems. This dedicated chain of custody provides the assurance that every Argyle pink diamond is as sustainable and ethically sound as it is rare and beautiful.
As early as 2005, Argyle Pink Diamonds has laser inscribed each of its diamonds above 0.15 carats with a unique identification number. The unique inscription is applied to the girdle of the diamond using the latest laser technology and is visible only under magnification. More than a mark of authenticity, the inscription represents the careful chain of custody that has accompanied each diamond and provides assurance of its responsible sourcing.
Invest in a stunning Argyle Pink Diamond today and cherish it for a lifetime.
To enquire about our selection of Argyle Pink Diamonds, or to simply learn more about our Australian-made jewellery, please contact our team of jewellers at Linneys.