Why is Argyle Diamonds closing?
Reason for the closure An estimate shows that only 5% of the diamonds mined are of gem quality. Despite this, the increasing operation cost and a stagnant diamond market, are forcing Argyle mines to close by 2020. Another reason for the closure is that the mines are so deep now that further excavation is unviable.
Is it worth buying Argyle Diamonds?
The Argyle mine supplies over 90% of the world’s pink diamonds. Most diamonds have at least one secondary color, so pure Argyle Diamonds are considered extremely rare and valuable. The higher the intensity or strength of the color, the more expensive the stone.
Are Argyle pink diamonds a good investment?
In the past 11 years especially, many of the pink diamond prices have increased by 367%, making them a hard and stable investment, and one that clearly shows strong growth. This makes pink diamonds an intelligent investment.
How much are Argyle diamonds worth?
For an argyle diamond price will start at 80,000$ per carat and can go up to a million dollars per carat. For example, one of the rarest pink diamonds in the world was sold at an auction for a record 46 million.
Is the Argyle mine still operating?
Our Argyle Diamond Mine, in Western Australia, ceased production in 2020 after nearly 40 years of operation. The Ranger uranium mine, operated by ERA, in the Northern Territory, Australia, ceased production in early 2021.
Who owns the Argyle mine?
the Rio Tinto Group
The Argyle mine is owned by the Rio Tinto Group, a diversified mining company which also owns the Diavik Diamond Mine in Canada and the Murowa diamond mine in Zimbabwe.
Why are Argyle diamonds so expensive?
Argyle Pink Diamonds are so expensive because of the very limited supply. A pink diamond is formed of only carbon like a white diamond, through millions of years in the kimberlite pipes of volcanoes.
Do pink diamonds hold their value?
Highly included pink diamonds are still valuable. Clarity is important when considering colored diamonds but not as crucial as it is for colorless stones. As color tends to hide flaws, even stones with lower clarity levels can still retail for high prices.
Do pink diamonds go up in value?
The Pink diamonds have been increasing by 20%-30% every year for the last 5 years, which is a return that many fund managers would envy. What we have found is that the price of the investment pink diamonds has at least doubled over the last 5 years.
Who owns the Argyle diamond mine?
Rio Tinto Group
The Argyle mine is owned by the Rio Tinto Group, a diversified mining company which also owns the Diavik Diamond Mine in Canada and the Murowa diamond mine in Zimbabwe….Argyle diamond mine.
| Location | |
|---|---|
| Closed | 2020 |
| Owner | |
| Company | Rio Tinto Group |
| Website | www.argylediamonds.com.au |
When did the Argyle mine close?
3 November 2020
On 3 November 2020, mining at Argyle officially stopped after 37 years of operations and a yield of more than 865 million carat rough diamonds.
When did Argyle mine close?
November 3, 2020
The value of these highly sought-after natural stones speaks for itself, but their rarity has arguably increased since the closure of Rio Tinto’s (ASX:RIO,LSE:RIO,NYSE:RIO) Argyle mine. The asset, which ceased mining activity on November 3, 2020, had been in operation since 1983.