Rio Tinto Unveils Rare Tender of Red and Pink Diamonds

Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) has unveiled its 2019 Argyle pink diamond tender. Dubbed “The Quest for the Absolute,” it features extremely rare and vibrant red and pink diamonds.

The glistening gems were recovered from Rio’s famed Argyle mine in Australia, one of the few operations globally that hosts kimberlites that produce red- and pink-hued stones.

The collection of 64 exclusive stones features three fancy red diamonds from the diversified miner that weigh a combined 56.28 carats.

The asset, which officially opened in 1983, is considered to be one of the largest diamond-producing mines by volume.

“These diamonds, each a natural treasure, are a testament to the enormous range and depth of offering from the Argyle ore body, nearly four decades from when production commenced,” Rio Tinto Copper and Diamonds Chief Executive Arnaud Soirat said in a press release.

This particular tender is bittersweet, as Argyle is slated to close sometime in 2020. Over the course of the mine’s life, more than 800 million carats of rough diamonds have been recovered.

The largest pink diamond ever produced at the Australian mine is the Argyle Pink Jubilee, an 8.01 carat diamond unearthed in 2012. The rough diamond weighed in at nearly 13 carats and was subsequently cut and polished into the 8.01 carats it is today.

The rare find is now on display at the Melbourne Museum.

“Rio Tinto’s Argyle mine is the first and only ongoing source of rare pink diamonds in history. With the lifecycle of this extraordinary mine approaching its end, we have seen, and continue to see, unstoppable demand for these truly limited-edition diamonds and strong value appreciation,” Soirat continued.

The collection also includes six hero diamonds, including a 1.48 carat heart-shaped fancy vivid purplish pink diamond.

“The Quest for the Absolute” collection will be on display in Perth, Hong Kong and New York, with bids on the stones closing on October 9, 2019.

Shares of Rio Tinto were slightly flat on Tuesday (July 16), trading at AU$103.25.

Image courtesy of Rio Tinto.

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