At current rates, gems can fetch up to $ 3 million per carat. (Representative)
Sydney:
The world‘s largest pink diamond mine has closed after exhausting its reserves of expensive gemstones, global mining giant Rio Tinto said on Tuesday.
The Argyle mine, in Western Australia’s remote Kimberley region, has produced over 90% of the world‘s pink diamonds – prized for their incredible rarity.
The vein was discovered in 1979 and the Anglo-Australian firm began mining operations there four years later.
It has since produced more than 865 million carats of rough diamonds, including a small but steady stream of prized pink stones, according to Rio Tinto.
Argyle employees and Indigenous landowners attended a ceremony at the closed mine to mark the end of operations.
The company expects the decommissioning and dismantling efforts at the 37-year-old site to take about five years.
“A new chapter will now begin as we begin the process of respectfully closing the Argyle Mine and rehabilitating the land, which will be returned to its traditional custodians,” said Mine Manager Andrew Wilson.
Over the past two decades, the value of pink diamonds has increased by 500%, Rio Tinto’s Sinead Kaufman told state broadcaster ABC.
The end of operations at Argyle is likely to drive the price of diamonds even higher, jewelers say. At current rates, gems can fetch up to $ 3 million per carat.
Diamonds are generally clear, but jewelry such as those mined at Argyle turn pink with extreme heat and pressure when created. These conditions distort their crystal lattices and alter the reflection of light as it passes through the body of the diamond.
(Except for the title, this story was not edited by GalacticGaming staff and is posted from a syndicated feed.)
