This content was first published on IGR – Italian Gemological Review no. 11 in 2021. The information provided here is therefore current as of the original publication date.
Pink diamonds lovers are worried and wonder where will these rare and coveted gems be sourced, from now on. Following a decision taken some time ago, on November 3, 2020, Rio Tinto’s Argyle diamond mine, located in the East Kimberley region in the remote north of Western Australia has interrupted its mining operations started in 1983. There are many reasons why Argyle will remain in the history of diamond mining. If compared to the available knowledge based on South African mining sites, the area of Argyle is characterized by a different formation structure, different indicator minerals, and ultimately, a different host rock, lamproite.
Argyle was Australia’s first large-scale diamond mining site, the fourth largest in the world. It produced 865 million carats of rough diamonds (the peak was recorded in 1994, with 42.8 million carats). Argyle was an open pit mine until 2013 when the exploitation was converted into an innovative underground operation, the so called block-cave that reaches under the pipe to mine it from below.
Further to this and most importantly, Argyle was the world best source of pink diamonds, producing 90 per cent of the global supply of extraordinary vivid pink gems, including as well some rare blue and red, yellow, white and the less celebrated but inexpensive brownish diamonds. Brown diamonds accounted for 80% of total quantity and were massively used by the Indian cutting industry in the late 1990s.
Beginning in 1985, the more exceptional pink (to red) diamonds from each year’s production were sold individually at special auctions known as “tenders”, invitation-only events for around 100 collectors and jewellery houses. Argyle’s auctions have been breaking records every year, a reported increase of 500% over the past two decades. This can be explained by the objective rarity of these gems but also by the announcement that they would only be mined until the end of 2020. The 62 diamonds in the 2020 tender included six named stones, ranging from the 0.70-carat oval-shaped fancy dark violet-gray Argyle Infinité to the 2.24-carat round brilliant fancy vivid purplish-pink Argyle Eternity. The closure of Argyle mine occurs in a period of an increased demand and very limited production.
What are the prospects for the future? There are fancy color diamond producing countries such as India, Brazil, Angola and Russia, to mention a few, however, none of these can match the magnificence of Argyle’s stones, especially the unique “bubble gum” hue of its famous pink diamonds. In Australia the challenge has already begun, again in the western territory. The Ellendale mine is to be put back into production, but this time the color of the diamonds will be yellow and they should be supposedly subject to a special marketing agreement with Tiffany & Co.
Gem News published on IGR – Italian Gemological Review #11, Winter 2020-21
