Rio Tinto Sees Strong Bidding for Argyle Pinks

RAPAPORT... Rio Tinto saw a double-digit increase in the number of bidsat its 2019 Argyle Pink Diamond Tender, the company reported Wednesday.The miner offered two collections at the tender, with one buyer acquiring all 64 lots of the Everlasting Collection, comprising 211 carats of smaller diamonds. The center piece Hero stones included six pink and red diamonds weighing 1.07 carats to 2.01 carats. Australia-based Blue Star & Kiven Diamonds, a subsidiaryof Aurostar Group, bought the Argyle Enigma, the most valuable diamond in the sale,Rio Tinto said Wednesday. The company also won the Argyle Verity. "To have acquired two of the last Argyle pink diamonds toever be unearthed, and one of the few fancy-red Argyle diamonds in existence,is the ultimate privilege," noted Blue Star & Kiven Diamonds director RonKiven. Meanwhile, Hong Kong-based fancy-colored-diamond dealerKunming Diamonds purchased the entire Argyle Pink Everlasting collection. Rio Tinto did not disclosethe sales price for any of the lots. "With the imminent closure of the Argyle mine, a collectionsuch as this deserves to be showcased to the world and we look forward toannouncing our plans at a later date," said Harsh Maheshwari, director ofKunming Diamonds. The Argyle mine in Western Australia is nearing the end ofits operational life, with Rio Tinto expecting to produce diamonds there untilthe end of 2020. Image: The Argyle Eniigma. (Rio Tinto)