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Pink Diamonds
Until the Australian Argyle mine began mining most pink diamonds came from Africa and indonesia but, as today they are a shade of blush pink. The Argyle Mine in the far north west of the dry ancient Australian continent escavates the worlds most rare pink diamonds that are the strongest most vivid pink colours available. They are highest price of any known commodity. Pink diamonds are approximately 20 to 100 times the value of white diamonds.
Until recently the Argyle diamond mine was an open pit escavation that was escavated to a depth that was below the water table and therefore was due to be closed. Rio Tinto announced in 2010 that it will reinvest 80 million US$ to start tunneling into the side wall of the mine.
By David Fickling
Of DOW JONES NEWSWIRES
SYDNEY (Dow Jones)--Rio Tinto Ltd. (RTP) will spend US$803 million ramping up production from its Argyle diamond mine in Western Australia state's Kimberley region as jewellery demand from burgeoning Asian markets depletes existing resources of the gemstones. In a statement Tuesday, the company said it would start construction work on an underground mine to complement the existing open pit operation in the first six months of 2011, extending the life of the mine to 2019.
Argyle, in the arid east Kimberley region of northwestern Australia, is one of the world's biggest diamond mines and the largest supplier of gem diamonds to the mass market jewellery industry in Japan, southeast Asia and the U.S. Plans to upgrade the mine were put on the slow track in 2009 in the wake of the global financial crisis but the company said that signs of recovering demand justified the renewed investment. "This investment...underlines our commitment to, and confidence in, the world diamond industry,"
Rio Tinto Diamonds and Minerals Chief Executive Harry Kenyon-Slaney said. De Beers, which is thought to control around 40% of the world's diamond supply, more than doubled production of diamonds in the first six months of the year, from a year earlier, to 15.4 million carats. In interim results in July, De Beers said that its pickup in sales had been driven by double-digit growth in demand from emerging markets, particularly China and India.
Argyle alone accounts for around 20% of global diamond supply and more than 90% of the world's production of pink diamonds, a rare variety historically popular in India. "There's not many other new areas of supply coming on stream and we're seeing increasing marketing in China and India where people are moving into the middle class and increasing consumer spending," said a Rio Tinto spokesman.
Rio Tinto had long set aside US$1.5 billion for the ramp-up work at the mine, with the spending announced Tuesday representing the balance of spending at the site. The mine is targeting nine million tons of raw production by 2013.
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Scientists and geologists dont really understand the cause of the pink. It is believed to be caused by the presence of Boron that during the pressure and heat of volcanic action 100 km below the earths surface has bonded to the atom of the diamond lattice. It is a complete miracle. Occurance in mathematical statistical terms of one in 90 million.
Most diamonds are hosted by kimberlite host rock deposits. In Argyle’s case the host rock is Lamproite. The chances of another mine being discovered like Argyle is against all odds. In 2017 the deposits are estimated to be exhausted and prices will escalate. Its one of the best investments known to mankind and whats more its a natural commodity.
Pink Tender
Once a year 50 of the best Argyle pinks are sold at Tender. The collection starts in Australia and travels to Hong Kong, Tokyo, London, Geneva and New York. Prices usually exceed 500,000 US$ per carat. The collectors are the best and most old school diamond companies in the world. Bôveri Diamond Mines, thanks to the "One" above, is one of the largest and most active Pink Diamond company in the world and has a list of clients awaiting stones from all around the world | | |
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