Not forever: World’s biggest pink diamond mine in Western Australia closes
The world’s largest pink diamond mine has shut its doors after exhausting its reserves of the expensive gems, global mining giant Rio Tinto said on Tuesday.
For all the latest headlines follow our Google News channel online or via the app
The Argyle mine, in the remote Kimberley region of Western Australia, churned out more than 90 percent of the world’s pink diamonds -- sought after for their incredible rarity.
The seam was discovered in 1979 and the Anglo-Australian firm began mining operations there four years later.
It has since produced more than 865 million carats of rough diamonds, including a small but steady stream of prized pink stones, according to Rio Tinto.
Argyle employees and indigenous landowners attended a ceremony at the shuttered mine to mark the end of operations.
The company expects efforts to decommission and dismantle the 37-year-old site will take around five years.
“A new chapter will now begin as we start the process of respectfully closing the Argyle mine and rehabilitating the land, to be handed back to its traditional custodians,” mine manager Andrew Wilson said.
Over the past two decades, the value of pink diamonds has risen by 500 percent, Rio Tinto’s Sinead Kaufman told public broadcaster ABC.
The end of operations at Argyle is likely to push the price of the diamonds even higher, jewelers say. At current rates, the gems can fetch up to $3 million per carat.
Diamonds are typically clear, but jewels such as those mined at Argyle become pink through extreme heat and pressure during their creation.
Those conditions warp their crystal lattices and alter the reflection of light as it passes through the body of the diamond.
-
Extremely rare, purple-pink Russian diamond up for auction, worth $38 mln
An extremely rare, vivid purple-pink diamond mined in Russia is expected to fetch up to $38 million when it goes under the hammer on November 11, the ... Variety -
‘New era of trade relations’: Dubai, Israel diamond exchanges sign agreement
Diamond exchanges of Dubai and Israel signed an agreement of collaboration on Thursday that will see the establishment of reciprocal offices in each ... Economy -
Rare, flawless 102-carat diamond could fetch up to $30 million at Sotheby’s auction
One of the world’s rarest diamonds, about the size of an egg or a large lollipop, is going up for auction next month and is expected to fetch $12 ... Variety -
Dubai invites the world’s diamond trade with message on iconic Burj Khalifa
Dubai invites the world’s diamond trade with message on iconic Burj Khalifa Economy -
Coronavirus: Dubai Diamond Exchange reopens following lockdown
The Dubai Diamond Exchange (DDE) reopened for business on Monday following a period of closure due to the coronavirus pandemic, state news agency WAM ... Coronavirus -
Over $1.8 million diamond stolen from Japan jewelry fair
Japanese police are investigating a 200 million yen ($1.84 million) diamond allegedly stolen from an international jewelry trade show near Tokyo. The ... Variety -
$50 mln rare diamond snapped up by Lebanese origin business woman
An exceptionally rare 19-carat pink diamond that fetched $50 million at Christie’s auction house was purchased by a jewelry house owned by a ... Variety