Going Once, Going Twice, Sold! Leibish & Co. Discusses the 2013 Argyle Pink Diamond Tender

Rio Tinto’s (ASX:RIO,LSE:RIO,NYSE:RIO) Australia-based Argyle diamond mine, which opened in 1983, produces about 90 percent of the world’s pink diamonds and is the largest supplier of natural fancy colored diamonds. To get those diamonds out into the world, Rio Tinto holds a yearly tender at which it auctions the best of its pink diamonds — and sometimes those of other hues — to the world’s leading diamantaires and diamond jewelers.

Diamond Investing News recently had the chance to speak with Shmulik Polnauer, chief buyer at Leibish & Co., who returned from this year’s tender with six pink diamonds and one red diamond. In the interview below, he discusses those diamonds and why his company took on the risk of sending two of them back for further polishing. He also touches on the diamond quality he expects to see from Argyle now that the mine has been transformed into an underground operation, finishing up by explaining what diamond colors are currently enjoying popularity.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article. 

Related reading: 

Rio Takes Argyle Underground, Steps Up Efforts to Sell Mines

Colored Diamonds 101