At the unveiling of this year’s Argyle Pink Diamonds Tender in Sydney, Australia, Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) revealed that it includes a record four fancy red diamonds, along with 51 that are pink and purplish red.
To find out more about the tender, including how it compares to last year’s, Diamond Investing News spoke with Yaniv Marcus, investment strategist at Leibish & Co., a supplier of natural fancy colored diamonds of all colors and sizes. In the video below, he notes that while there’s been “quite a decrease in the supply from Argyle … the size of the diamonds has increased.” Specifically, “56 percent this year are above 75 points, or 0.75 carats, whereas last year was the other way around.”
He also touches on how Argyle’s transformation into an underground mine has impacted the market and what will happen if the mine closes in 2020, as Rio Tinto predicts. “We’re going to need another two, three years to see what they’re extracting and how easily they’re selling the diamonds and how easily the market is going up and down to really know if they’re really going to close in 2020,” he states.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.