Australia’s Argyle Mine Is Now Closed

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Australia’s Argyle Mine Is Now Closed

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The last load of ore has been removed from the Argyle mine and it is now closed. We need someone to find another pink diamond mine! ;)

Australia’s Argyle Mine Is Now Closed
By Michelle Graff
michelle.graff@nationaljeweler.com
November 4, 2020


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Argyle’s underground mining manager and its operator traverse the mine’s underground portal for the last time. The Argyle Diamond Mine in Western Australia, which was discovered in October 1979 and mined since 1983, closed Tuesday. (Photo courtesy of Rio Tinto)

"Sydney—The Argyle Diamond Mine in Western Australia, the world’s major source for pink and purple stones, marked its last day of mining Tuesday.

Alluvial mining at the site, located in the remote east Kimberley region in Western Australia, started in 1983, with underground operations commencing two years later.

The mine went fully underground in 2013 and, over the years, produced 865 million carats of rough diamonds.

It became the world’s largest producer of natural color diamonds that span the value spectrum, from low-cost browns to ultra-rare pinks, purples and reds that have skyrocketed in value over the years, captivating the trade and attracting collectors.

The closing of Argyle marks the end of an era in the diamond industry.

Some consider its top stones akin to rare works of art, and they compare the mine’s closure to the death of a great artist.

There’ll be no more diamonds quite like those produced by Argyle, which means, they hope, the mine’s existing works will continue to appreciate in value.

The mine’s operator, Rio Tinto, releases few details on the Argyle Pink Diamonds Tender, its annual sale of the best stones from the past year’s production.

It doesn’t reveal prices paid for individual stones or the total amount brought in by the tender but it did say that the value of Argyle pink diamonds has appreciated more than 500 percent in the past 20 years, outperforming all major equity markets.

“It is very special, especially to the people who are experts,” L.J. West Diamonds President Larry West said in an interview with National Jeweler in September. “It’s a sad moment. It’s the equivalent of a great artist dying, as far as I’m concerned.”

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Rio Tinto mined the last load of ore at the Argyle Mine, which has been in operation since 1983, on Tuesday, Nov. 3. (Photo courtesy of Rio Tinto)

The current Argyle Pink Diamonds Tender, called “One Lifetime, One Encounter,” is scheduled to remain open for bids until ... "

https://www.nationaljeweler.com/diamond ... now-closed
PinkDiamond
ISG Registered Gemologist


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