Argyle pink diamonds being snapped up ahead of mine closure
Arylene Westlake-JenningsWestern Suburbs Weekly
October 8, 2020 7:24PM
"Perth’s well-heeled have turned to snapping up a sparkly piece of rare WA history since COVID-19 stopped them splashing their cash on travel this year.
Those lucky enough to have extra money squirrelled away from halted trips are pocketing the luxury prize from jewellers across Perth — the Argyle pink diamond from Rio Tinto’s soon-to-be-closed east Kimberley mine.
Rio says the mine will be wound up at the end of this year.
“Being an Argyle pink diamond atelier and specialist, (the mine closing) is essentially like Rolls Royce saying, ‘you know what, we’re not going to produce Rolls Royces anymore’,” Rohan Jewellers founder Rohan Milne said.
Rohan Milne from Rohan Jewellers shows off his atelier's pink diamonds. Credit: Supplied
“There’s definitely people coming in to look at them now because they feel in the future they won’t have the opportunity to buy pink diamonds, and a lot of these people have some money saved up or have managed to save on their family trip this year.
“And maybe it’s because of COVID as well; we have become a little bit more mindful of our mortality and the things we leave behind.”
One of Rohan Jewellers’ clients, who asked to remain anonymous, first purchased a pink diamond ingot for its lower starting price, then followed up with a bespoke piece from the atelier. Most recently, he purchased a 0.55ct loose Argyle pink diamond.
Rohan Milne from Rohan Jewellers shows off his atelier's pink diamonds. Credit: Supplied
“I have always liked the look of pink diamonds after becoming aware of them five years or so ago, due to their unique colours, variations and rarity,” he said.
“Whilst travelling interstate, Rohan showed me a couple of examples that he had — at the time I was planning to upgrade the car — but one of the stones he had was great value, based on the fact that they are so rare and going up in value, so I decided to invest right then and there and decide whether I sell it or use it in the years to come.”
Rohan Milne from Rohan Jewellers shows off his atelier's pink diamonds. Credit: Supplied
At Linneys, another Argyle atelier on the elite roster of about 30 worldwide, creative director Justin Linney said interest has been consistent as Argyle pink diamonds have always had their appeal.
“The unique thing about acquiring pink diamonds is that they are a tangible asset that can be worn and enjoyed in jewellery or safely stored and appreciated as loose diamonds — this makes them appealing to art, watch and jewellery collectors and gem enthusiasts,” he said.
“After initially being drawn to the pink diamonds for their visual appeal, there is also an appreciation of what makes this natural coloured diamond so unique and highly sought-after around the world — once they understand how it is their formation in the lamproite pipe at Argyle which makes them so rare.
“Once there is this understanding of the pink diamonds overall, buyers want to become the owner of a rare and collectable specimen that can be physically handed down as a family heirloom.”
Argyle pink diamond jewellery from Rohan Jewellers. Credit: Supplied
Since production began in 1983, the Argyle diamond mine has produced approximately 865 million carats of rough diamonds; however, just over one million rough carats — or 0.13 per cent — of these have been classified as pink, according to Rio Tinto.
“Argyle pink diamonds are so rare that an entire year’s worth of Argyle pink diamonds over half a carat would fit in the palm of your hand,” Argyle Diamond Mine general manager Andrew Wilson said.
“The Argyle diamond mine is the first and only ongoing source of rare pink, red and violet diamonds in the world.
“We have seen, and continue to see, strong demand for these highly coveted diamonds, which together with extremely limited global supply, supports the significant value appreciation for Argyle pink diamonds.
Justin Linney at the Linneys store in King Street Perth with some pink diamond jewellery. People are investing in pink diamonds due to the COVID-19 crisis. Credit: David Baylis/Community News
“By way of example, we have seen a 500 ... '
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