Beyond Rare: Rio Tinto Buys Back Gems for Argyle Sale
October 23, 24
(IDEX Online) - Fancy color diamonds from the former Argyle mine are now in such short supply that owners Rio Tinto had to buy back gems from customers for its forthcoming 2024 Beyond Rare Tender.
Its own inventory of unsold pinks and reds now amounts to "a mere teaspoon", Rio Tinto diamond sales and business development manager Michelle Sherring told The West Australian newspaper.
"Including the secondary market is a new concept for this year, we have very strong relationships with our long running customers," she said.
A total of 76 diamonds, almost entirely from Argyle and with a combined weight of 39.44 carats, will be sold next month.
It includes "Old Masters", a legacy inventory of seven pink, red and violet diamonds of 0.60 carats to 2.63 carats all unearthed from the mine over a decade ago, in one case from 1987.
In May the Argyle Phoenix a 1.56-carat fancy red diamond, sold for $4.2m at Phillips Geneva, breaking auction records for the highest price and the highest price-per-carat ever achieved for a fancy red.
Argyle produced around 95 per cent of the world's pink and red diamonds during the 37 years until it closed in November 2020.
Pic courtesy Rio Tinto shows diamonds from the 2024 Beyond Rare Tender.