Anglo’s sale of De Beers hindered by diamond market state
Anglo American has warned of more production cuts at De Beers due to reduced spending by Chinese consumers prolonging the market downturn.
Rio Tinto (ASX, LON: RIO) announced that its iconic Argyle Pink Diamonds Tender is being showcased in Singapore this week.
In a press release, the mining giant said that headlining the 2019 collection of 64 pink and red diamonds is Lot 1 with the 1.75-carat Argyle Enigma, a modified radiant fancy red diamond.
“With an unrivalled potency of colour the Argyle Enigma is one of three fancy red diamonds in the collection that will be keenly sought after from across Asia where the colour red is highly symbolic,” the miner’s media brief states.
The diamonds in the tender weigh a total of 56.28 carats and, according to Rio, include six ‘hero’ diamonds selected for their unique beauty and named to ensure there is a permanent record of their contribution to the history of the world’s most important diamonds.
Besides the Enigma, the showcase includes the 1.48-carat, heart-shaped purplish-pink Argyle Amari; the 1.20-carat Argyle Elysian, a modified cushion-shaped fancy vivid pink gem; the 1.37-carat, oval-shaped Argyle Verity, which is purplish-pink; the Argyle Opus, which is a 2.01-carat, round-shaped fancy intense pink diamond; and the Argyle Avenoir, a 1.07-carat oval-shaped fancy red diamond.
Rio Tinto’s Argyle mine, located in the far north of Western Australia, produces virtually the world’s entire supply of pink, red and violet diamonds.
The mine has been in operation since 1983 and it is scheduled to close in 2020 after almost four decades of production.
