Rio Tinto to Sell Argyle’s Largest Red Diamond in 2013 Tender

The Telegraph reported that at its annual Argyle Pink Diamonds Tender, Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO) will put the 1.56-carat Argyle Phoenix, the largest red diamond ever produced by its Australia-based Argyle mine, up for sale.

As quoted in the market news:

The 2013 pink diamond tender comprises 64 diamonds, including 58 pink stones, three blue ones and the three fancy reds.

Such jewels routinely fetch over £1 million a carat. As a basic rule of thumb, a pink diamond is worth about 50 times more than a white diamond.

‘With a red diamond the colour itself is extraordinary, but what really transcends the appeal of the colour is just the outrageous rarity of something like this.’

Click here to read the full report from The Telegraph.