Rio Tinto to Sell its Largest Pink Diamond

Rio Tinto to Sell its Largest Pink Diamond

Rio Tinto to Sell its Largest Pink Diamond

$RIO

Rio Tinto (NYSE:RIO) said Thursday is putting up for sale a 3.14-carat, vivid pink diamond at its Y 2018 tender, the largest stone of its color in the history of the annual sale of sparklers from its West Australian-based Argyle mine.

The emerald-cut polished stone, named The Argyle Alpha, is one of 63 rare pink, red and violet diamonds, weighing a combined 51.48 carats, Rio expects to sale at this year’s Argyle Pink Diamonds Tender.

The stone, found in Y 2015, is  part of a collection of 6  “Hero” diamonds the miner will offer at the sale.

The estimated price for the Alpha, the record sum for a pink diamond is $2.2-M per carat, which means the stone could potentially be worth around $7.9-M.

At auctions, however, pink diamonds have fetched much more than at tenders. The 59.6-carat Pink Star diamond, in fact, sold for $71.2-M last year, becoming most expensive gem ever sold that way.

While the Argyle Alpha is the biggest pink ever sold since Rio began offering its diamonds in Y 1984,  the largest ever pink diamond recovered from the Argyle mine is the Pink Jubilee, which weighed 12.76 carats.

The emerald-cut polished diamond the largest stone of its color in the history of Rio’s annual sale of sparklers from its West Australian-based Argyle mine

The prolific Argyle mine, Australia’s biggest diamond operation and the source of rare and prized fancy pink gems, is set to close in Y 2020. It has been opened since Y 1983, first as an open pit and then from Y 2013 as an underground operation, producing more than 95% of Australia’s diamonds

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