The diamonds mined in Argyle are of average to low 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.
Why did the Argyle diamond mine shut?
After 37 years of output, Argyle’s closure came at a time of flux for the diamond market. The sector has been dealing with reduced demand caused by the COVID-19 pandemic, as well as shifting demographics.
Is Argyle closed?
With prices rising, the closure of the Argyle mine in November 1, 2020, put traders and investors in uncertainty, since the mine was the supplier of 90 percent of the world’s supply. … Like with any investment, it is the responsibility for the investor to seek expert advice or do some due diligence.
Is the Argyle diamond mine closed?
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.
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.
Who owns the Argyle mine?
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.
Is the Argyle diamond mine open?
In support of the local tourism industry, the Argyle diamond mine is open to visitors on guided tours departing from Kununurra. A day trip to the mine will give visitors a rare insight into the scope of a large mining operation and the history of its relationship with Traditional Owners.
When did the Argyle mine close?
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.
Are Argyle pink diamonds increasing 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.
What diamond is pink?
Pink diamonds belong to a subcategory of diamonds called fancy color diamonds, the generic name for all diamonds that exhibit any sort of color. Pink diamonds range from flawless to included, just as do white diamonds.
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.
What Colour are Argyle Diamonds?
More abundant than pink diamonds, Argyle champagne and cognac diamonds come in a variety of colours from light yellowish browns to rich chocolate and oranges. The lightest and the most intense champagne diamonds are the more highly prized.
Will diamonds run out?
Diamonds may not be forever despite De Beers’ best marketing efforts because, if no new sources are discovered, the world’s supply of the precious gems will run out of in about 20 years.
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.
Why are Argyle Diamonds pink?
Yellow diamonds contain traces of nitrogen, and blue diamonds contain boron. But no similar impurities have been found in pink diamonds, leading scientists to speculate that the colour may be the result of some kind of seismic shock that altered the stone’s molecular structure.
Are champagne diamonds cheaper?
Champagne diamonds are generally less rare than colorless diamonds. Due to this, they are often less expensive than white diamonds. A yellow canary diamond is more costly than a brown and champagne diamond. The price of champagne diamonds still depends on the intensity of color, weight, and clarity.