Running out of gems closes the largest pink diamond mine

The largest pink diamond mine in the world has closed its doors in Australia, after it has exhausted all its stocks of precious stones, according to the giant English-Australian mining company, Rio Tinto, on Tuesday.

The Argyle mine, located in the western region of Kimberley, produces more than 90% of the pink diamonds known throughout the world, which are especially desired because of their rarity.

Diamond in the rough

The mine was discovered in 1979, and the Anglo-Australian group began investing in it four years later, and it has produced more than 865 million carats of rough diamonds, including a small percentage of pink diamonds, which are considered very precious stones due to their being rare, according to Rio Tinto.

Argyle’s employees and real estate owners from the local population participated in a farewell ceremony held in the closed mine on the occasion of the end of its 37-year investment. The giant group expected that it would take five years to dismantle the mine and put it out of service.

A new chapter

The director of the mine, Andrew Wilson, said during the ceremony: “A new chapter will begin now with the start of the process of closing the mine and the rehabilitation of the lands that will be returned to their owners.”

The director general of “Rio Tinto” for operations relating to brass and copper, Sinaide Kaufman, told the official “ABC” television station that the value of red diamonds has increased by 500% over the past twenty years.

Currently, it can sell one carat of these very rare gemstones at a price of up to 3 million dollars, and a number of jewelry dealers expected that the suspension of Argyle’s work would lead to an increase in the price of diamonds.


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