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Red Diamonds in Demand

Posted on October 31st, 2013 by Goldman Buyer

The Argyle mine in Western Australia produces about 90% of the world’s rare pink diamonds, and is the world’s largest supplier of natural colored diamonds.

In this year’s pink diamonds tender, Rio Tinto recently sold one of these rare gems, which fetched the highest price-per-carat of any diamond produced in the mine. The 1.56-carat fancy red is known as the Argyle phoenix, and was sold for $2 million.

All 64 diamonds in the tender were sold, many of them for more than originally estimated. The demand comes from top jewelers, designers, collectors and connoisseurs.

Rio Tinto opened a new $2.2 billion underground mine at Argyle, and is predicted to produce up to 20 million carats each year.

 

Courtesy of The Guardian
Photo courtesy of Rio Tinto
http://www.theguardian.com/world/2013/oct/14/2m-diamond-sold-argyle

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