With the looming closure of Western Australia’s Argyle mine, the world’s largest coloured diamond mine, multiple pink diamonds are expected to each fetch six figures at auction this weekend.
The pink diamond is one of the rarest diamonds in the world gaining enormous interest worldwide where coloured diamonds are becoming increasingly popular for investment reasons.
In a 2018 auction, a Pink Legacy diamond sold for nearly $70 million setting a world record price.
Lloyd Auctions'Amanda Bensen said local and global demand is high.
“We expect that this Argyle pink diamond necklet and loose Argyle pink diamond that is just under 1 CT will each sell for 6 figures due to the closure of the Argyle mine, and the interest we’ve had in the necklet so far from both Australian and International investors."
Pink diamonds originating from Western Australia are considered the most prized diamonds in the world, representing less than 0.1% of all diamonds.
The Argyle mine’s annual production of pink diamonds would actually fit in the palm of your hand.
The closure of Rio Tinto’s Argyle Mine in Western Australia has hit news headlines worldwide and prompted speculation about the value of investing in coloured diamonds.
“We expect there to be some fierce bidding come auction day in a couple days time in the bid to win these unique, highly desirable and collectable pieces,” Benson said.