ARGYLE MINE HISTORY TIMELINE & WHY INVESTING IN PINK DIAMONDS MAKES SENSE?
The Argyle Mine was one of the world’s most famous diamond mines in Australia. It was at times the largest diamond producer in the world by volume. As well as providing the only substantial source of its world-famous pink diamonds the mine also provided a large proportion of other coloured diamonds including red, champagne, cognac and rare blue diamonds. The Argyle mine was situated in Kimberley Western Australia and ceased operations in November 2020, with a planned decommissioning and rehabilitation of the site at least through to 2025 by Rio Tinto. Due to the pink diamond scarcity generated by the recent Argyle mine closure, there are now some great pink diamond investment opportunities that are well worth your attention.
Below we have put together an Argyle mine timeline which gives you a comprehensive history of the Argyle mine and the wonderful and highly revered pink diamonds it once produced.
The History of Argyle Mine & What Makes Pink Diamond investments Unique
Previously the world’s largest mine, the Argyle Mine was first discovered in 1979 by a group of geologists exploring diamond deposit opportunities in the Kimberly region of Western Australia. For centuries, pink diamonds have been regarded as some of the world’s most sought after gems due to their rarity and their command prices far exceeding those of white diamonds making them a great investment opportunity. In 2009, approximately 160 million carats of rough diamonds were produced worldwide and only 30,000 carats were rough pink diamonds giving them just 0.03% market share globally.
Argyle Mine is located in the Kimberley region of Western Australia, and it was discovered in 1979. The mine has produced over half a million carats of diamonds since its discovery. The Australian pink diamond is rare because only 1% of the mined diamonds at the Rio Tinto Argyle Mine were pink. As highlighted in the above Argyle mine timeline before closure in Nov 2020 the Argyle mine produced virtually the entire global supply of pink diamonds as well as unique shades of Blue/Violet diamonds. In 1984, Rio Tinto established a tender for the pink diamond investment process which was a significant contributor to establishing the profile of the Argyle mine for pink diamond production around the world. A small number of invited clients were given viewings on a selection of the most exceptional pink diamonds produced each year, known as the Argyle Tender stones, these pink diamond investors then lodge sealed bids to secure these priceless diamonds.
We are sure you will agree that since its discovery in 1979 and the Argyle mine closing in 2020 it has made a massive contribution to the global luxury pink diamond market. And will more than likely never relinquish its title of being the largest diamond mine in Australia and probably the world while cementing itself through the widespread pink diamond investments which take place around the world, many used to create stunning pink engagement rings.
Why Invest in Pink Diamonds from the Now Closed Argyle Mine?
Following the Argyle mine closing and ending diamond production in Nov 2020 we are now presented with a very unique opportunity to invest in Western Australian pink diamonds. Since the closure of the Argyle mine and the chances of a newly discovered pink diamond mine replicating the properties of the Argyle mines are slim to none. What makes pink diamond investments from the Argyle mine so appealing is that there are currently no other pink diamond mining operations in the world at this time, so even if there were another discovery following ongoing exploration, it would be 10 years before any new mines could be operational and mining diamonds. Unlike white diamonds that have an established list price for sale, every pink diamond is different and cannot be compared to one another. If you’re looking for an investment with some exclusivity to it then pink diamond investments in these rare and now scarce gems may just make complete sense!
Diversify your Portfolio Investing in Pink Diamonds
Investing in pink diamonds is a unique opportunity to not only diversify your portfolio but also invest in a product that has appreciated exponentially over the last 25 years. Pink Diamonds have increased in value due to their scarcity since the closure of the Argyle mine and are currently providing an excellent growth opportunity for investors around the world.
Pink Diamond Investment is a Great Hedge Against Inflation & Financial Uncertainty
Reap the Financial Rewards of Investing in Pink Diamonds from ArgyleInvestment in Pink Diamonds can reap considerable rewards. As the global recession of late 2008 was materialising, Rio Tinto received the highest price ever paid for a Pink Diamond from the Argyle mine. A year later a five-carat vivid Pink Diamond achieved US$10.7 million at auction. The following year a 24.78ct sold for US$46.2 million and in 2013 we saw a 59.6ct Fancy Vivid Pink sell for US$83.2 million, a world auction record for any diamond. The pink diamond is one of the rarest diamonds in the world. These gemstones from the legendary Argyle mine have been prized for their rarity and scarcity since their discovery in 1979. Now, as demand for these gems continues to rise, prices at jewellery auctions have continued to follow a similar pattern since 2010, with buyers consistently willing to pay well above the pre-estimated prices to secure a stone. And so, as time passes each Pink diamond becomes more collectable, highly sought after and valuable – with an enduring legacy that goes beyond its investment potential.
Argyle Mine History & Pink
Diamond Investment FAQs
Pink diamonds are becoming increasingly popular, with some even considering them the “next big thing.” They may be especially good investments due to their high growth rates and the rarity of these unusual diamonds. The average yearly investment growth for pink diamonds is around 15% and has reached up to 20% or more in some cases. It’s important to note that prices generally increase monthly because of the rarity and value of these pink gems. If you’re interested in pink diamond investment and making a purchase visit our pink diamond sales page.
Many people see pink diamonds as being the new gold in terms of being a safe-haven asset class offering protection against inflation and market volatility. Due to scarcity, the value of pink diamonds has increased substantially in recent years, and this trend does not seem to be slowing down anytime soon. A recent article by Forbes predicts that “the price of pink diamonds will continue to grow”. And while there is no doubt that some people Argyle pink diamond investment as a hedge against inflation, it’s important for you to consider all your options before making such an investment yourself.
While many people would say that the value of a diamond depends on its size, it also has to do with the rarity of the colour. Pink Diamonds, the rarest coloured diamond variety in the world and are increasingly becoming popular among collectors and investors alike due to their extreme scarcity. Put simply, pink diamonds are very rare and there just aren’t many of them around. With their extreme popularity and considering how difficult they are to find, the demand and price for these pink beauties will continue to grow.
The Argyle mine which is now decommissioned is located in the Kimberley region in the far northeast of the Australian state of Western Australia. The Argyle mine location is southwest of Lake Argyle, about 550 km from Darwin and 185 km from Kununurra. Because it was so remote, a complete residential camp was constructed on-site where most workers used to commute from Perth which is over 2,000 km away for alternating two-week shifts at the mine.
The pink diamonds extracted from the Argyle mine in the Kimberley region of Western Australia are some of the oldest diamonds ever found. They have been dated to be 1.58 billion years old, and the volcano that created them is about as old too, at 1.1 to 1.2 billion years old. This means there was a 400 million year window for diamond formation – which might explain why they’re so small on average and unusual looking!
Most people know the name Argyle if they know anything about diamonds. The mine was located in Western Australia and when operating at one point it was the fourth-largest diamond producing mine in the world by volume, averaging annual production of 8 million carats (1,600 kg). Production peaked in 1994 when 42 million carats (8,400 kg) were produced.
The Argyle mine in Western Australia closed on the 3rd of Nov 2020. The decision by Rio Tinto to decommission the mine and cease operations came after a dip in the global demand for diamonds which was compounded by increases in mining costs. The mine was previously one of the most productive diamond mines on the planet and yielded large numbers of pink diamonds over its lifetime. However, the mine reached a point of being over excavated reaching 600m depth at its deepest point. Continuing with excavations would be unviable, so Rio Tinto decided to close down the operations at Argyle and focus on other projects. But pink diamonds’ history still lives on via the wonderful stones which can be purchased at the Diamond Jewellery Studio.