Rio Tinto to Sell its Largest Pink Diamond

Australian diamond miner Rio Tinto (LSE:RIO, ASX:RIO, NYSE:RIO) has unveiled the largest vivid pink diamond ever recovered in the history of its Argyle pink diamonds tender. The dazzling gem was unearthed at Rio Tinto’s Argyle mine, well-known for its exquisite rosy toned stones.

Weighing in at 3.14 carats, the unique find is part of the 2018 Argyle pink diamonds tender. The pink polished emerald cut diamond, dubbed the Argyle Alpha, will be showcased in Sydney, Hong Kong and New York for those interested in purchasing, with closing bids occurring on October 10, 2018.

“I am delighted to unveil this stunning Argyle Alpha diamond, the largest vivid pink diamond presented since the Argyle pink diamonds tender began in 1984,” Jean-Sebastien Jacques, chief executive at Rio Tinto said in a company announcement.

Located in the remote East Kimberley region of Western Australia, Rio Tinto’s Argyle mine has been in operation since 1983. The company has recovered more than 800-million carats worth of rough diamonds from the site, with the vast majority being the rare and beautiful colored gems.

“Rio Tinto’s Argyle mine is the world’s only source of these highly coveted pink, red and violet diamonds and we expect considerable interest in this year’s collection. The combination of strong demand and extremely limited world supply continues to support significant value appreciation for Argyle pink diamonds,” Jacques added.

This year’s lot of recovered gems is especially exquisite, featuring 63 diamonds with a combined total weight of 51.48 carats. The tender includes: five fancy red diamonds, two purplish red diamonds and three violet diamonds. The 2018 tender has been named the “Magnificent Argyle” paying homage to Argyle’s role in charting the history of the world’s most coveted diamonds.

In addition to the impressive 3.14-carat pink sparkler, the Magnificent Argyle’s centerpiece stone is the Argyle Muse, a 2.28-carat polished oval purplish red diamond, the largest of its kind ever offered at tender. The collection also includes: the 1.29-carat fancy vivid purplish pink Argyle Maestro; the Argyle Alchemy, a 1.57-carat princes cut dark gray-violet diamond; the Argyle Odyssey, a 2.08-carat fancy intense pink and the 1.2-carat Argyle Mira, a 1.12-carat radiant shaped fancy red diamond.

As noted in the press release: “The 2018 Argyle pink diamonds tender collection comprises six ‘hero’ diamonds selected for their unique beauty and named to ensure there is a permanent record of their contribution to the history of the world’s most important diamonds.”

Earlier this month, the international miner announced the ‘Real as You’ Indian advertising campaign designed to showcase the company’s line of affordable bridal and fashion jewelry. The company has chosen Mithali Raj, captain of the Indian women’s cricket team, to be the official ambassador for the new campaign.

“Diamonds were once only accessible to kings and queens and Hollywood royalty,” Raj said in the company press release. “A campaign such as this makes these sought-after diamonds far more affordable to a broader range of consumers across India.”

Rio Tinto stocks experienced a slight fall on Monday (July 16), closing down roughly 1 percent at GBX 3,991.50.

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