Rio Tinto to Offer Three Red Diamonds in Pink Diamonds Tender

The Wall Street Journal’s Scene Asia reported that Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO) is on tour, showing the diamonds that will be included in its 30th annual Argyle Pink Diamonds Tender. The company expects the Argyle Phoenix, one of three “beyond rare” red diamonds being offered, to fetch the highest price.

As quoted in the market news:

Though Rio Tinto declined to release price estimates for any of the gems in the tender, they expect the Argyle Phoenix, the largest of its three red diamonds, to attract the highest bid. The tender has offered just six red diamonds in its history, and never in the same year.

Because of their rarity, red diamonds are hard to estimate in price. Earlier this year, a 1.92-carat red diamond sold for more than $3.2 million, or $1.6 million per carat, at a Christie’s auction in Geneva. The sale set a record for a red diamond on a per-carat basis.

Click here to read the full report from Scene Asia.