The Argyle Pink Diamond Mine is Officially Closed

The iconic Australian Argyle pink diamond mine has officially closed down after 37 years of operation. And, now that 90% of the world’s pink diamond supply has ceased, the opportunity to invest won’t last long. This is big news, with people rushing to snap up a sparkling piece of Western Australian history. For investors, collectors and fine jewellery buyers who’ve yet to invest, this news may not prompt excitement, but it’s not too late! Here at Springfield Jewellers, we’ve just received our final shipment of elusive loose pink diamonds and pink diamond jewellery for your enjoyment. So, what makes this opportunity so special?

The Argyle Pink Diamond Mine Has Notable Historical Significance

For those unfamiliar with the story behind Rio Tinto’s Argyle pink diamond mine,  it’s one of great hope, vision and determination. A mere fifty years ago, very few people believed that there were diamonds Australia, let alone pink diamonds. Yet, hope preceded and in 1979, the Argyle ore body was discovered. This prompted the construction of a camp infrastructure in the remote East Kimberley region along with the organisation of a Perth-based ‘fly-in, fly-out’ workforce.

Operations began in 1983 and soon after that, in 1985, open-cut mining began. In 2013, the underground operation followed. Argyle quickly became renowned for its consistent stream of striking and rare Australian pink diamonds. And, throughout its 35 years of operations, the Argyle pink diamond mine produced over 865 million carats of rough diamonds, with only 1 million carats (0.13%) of these being classified as pink. The influence of this mass diamond production spanned worldwide with the belief that these were some of the ‘finest diamonds the world has ever seen’.

Pink Diamonds Have Experienced Strong Long Term Growth 

Pink diamonds have had a long history of growth. Even through times of crisis where other jewellery investments such as gold have dropped in price, the price of pink diamonds has been steadily climbing. Since 2005, pink diamonds have had an average annual growth rate of 11.2%, with deeper pink colours appreciating in value the most. 

Source: The Fancy Color Research Foundation.

Total Appreciation Since 2005

• Fancy Pink Diamonds - 316.2% 
• Fancy Intense Pink Diamonds - 371.5%
• Fancy Vivid Pink Diamonds - 415.1%

At the current growth rate, with a pink diamond investment, you can expect your asset to appreciate at a minimum of 10% every year. However, with the closure of the Argyle pink diamond mine, prices are expected to skyrocket. 

Demand is continuing to grow in developing markets such as China and India, evident by the recent purchase of Pink Star, a 59.6-carat fancy vivid pink diamond, by Hong Kong jewellery conglomerate Chow Tai Fook. Sold in 2017, Pink Star (pictured below) was purchased for US$68.7 million! This promising sale gives pink diamond owners hope of capitalising on extraordinary potential returns in the future. 

Pink Diamonds Have a Unique Appeal 

Source: Sotheby’s Auction House.

While pink diamonds are still being produced in Russia, South Africa, Brazil and Canada, non-Australian pink diamonds are often very soft and pale in colour. Pink diamonds sourced from the Argyle pink diamond mine have a distinctive depth and radiance of colour, which surpasses that of any other mine. These diamonds offer buyers a unique piece of Australian heritage in the form of a rare, tangible and historical piece of Western Australia - a diamond that took over 1 billion years to form.

The unique thing about acquiring pink diamonds as an investment is that they can be worn in jewellery, stored away and also appreciated as loose diamonds. Due to this, they’re attracting the interest of those who want to diversify their investment portfolio and also families who want to pass them down as a family heirloom. 

Book an Appointment with Springfield Jewellers

Very few jewellers in Brisbane have access to diamonds from the exclusive Argyle pink diamond mine, but we’re proud to be one of them. To view our range or to discuss investment opportunities, book an appointment in-store or online. We look forward to hearing from you.