In November 2020 mining ceased at Argyle, after 37 years of operations and producing more than 865 million carats of rough diamonds. Despite occupying such an influential position within the diamond industry and the investment market, all mines eventually "burn out," and unfortunately the Argyle mine is no exception. Last year, Australia's Argyle diamond mine closed after 37 years of operation. This month, Melbourne University Publishing released Argyle: The Impossible Story of Australian Diamonds, a comprehensive history of the mine by Stuart Kells.. Because they pretty much are. Rio Tinto. While diamonds do last forever, apparently diamond mines don't. Is Argyle Diamond Mine closing? and insights straight to your inbox. The annual Argyle Pink Diamonds Tender on July 12, 2019. That has only accelerated in the past year since the closure of the Argyle diamond mine in November 2020. When the mine closes, the Argyle Tender will be gone, which will significantly impact the diamond investment market. The tender's success indicates that demand for investment diamonds is increasing. Especially since the mine is said to close down by 2020, the demand for these stones is very high, which will ease an investor's challenge of liquidating these assets in the future. The closing of Argyle marks the end of an era in the diamond industry. After 37 years of output, Argyle's closure came at a time of flux for the diamond market. The estimated value of Argyle diamond production is only US$7 per carat ($35/g); this compares to values of $70 per carat ($350/g) for diamonds produced at the Diavik mine and US$170 per carat ($850/g) at the Ekati mine, both in Canada. . Photo by Carla Gottgens/Bloomberg. The sector has been dealing with reduced demand caused by the COVID-19 pandemic, as well as shifting demographics. The Argyle pink diamonds are divided into 4 categories: "purplish pink" (PP), "pink rose" (PR), "pink" (P), and "pink champagne" (PC). The Argyle mine closed in November 2020 after exhausting its reserves that were present for 36 years. The Rio Tinto operation in WA's remote Kimberley region operated for 37 straight years, producing around 95% of the world's supply of pink diamonds. The Argyle Pink Color On average it produced about 10,000 polished . What happened to the Argyle diamond mine? Argyle is best known as the source of about 90% of the world's prized pink diamondsrose-to-magenta hued stones that command among the sector's highest prices. Is Argyle diamond mine closing? That has only accelerated in the past year since the closure of the Argyle diamond mine in November 2020. The Argyle Diamond Mine is a diamond mine located in the East Kimberley region in the remote north of Western Australia. Another reason for the closure is that the mines are so deep now that further excavation is unviable. Can you visit the Argyle diamond mine? We can all agree with De Beer's marketing slogan, "a diamond is forever.". The open pit operation reached a depth of around 1,800 feet prior to operations moving "underground" ten . "A new chapter will now begin as we start the process of respectfully closing the Argyle mine and rehabilitating the land, to be handed back to its traditional custodians" Pure argyle diamonds are crystalline, colorless and transparent. Discovered in 1979, Argyle mine spans over 124 acres. What Argyle Mine is famous for: Pink & Champagne Diamonds. Pink diamonds are rare because their color is natural meaning the color has not been altered synthetically or irradiated. The world-famous Argyle diamond mine, in the East Kimberley region of Western Australia, was the dividend from a painstaking search for tiny mineral clues. Pink diamonds only come from the Argyle Mine in Australia. Its resources were expected to be largely depleted in 2020, and on November 2, 2020 the Argyle Mine finally ceased operations. In November 2020 mining ceased at Argyle, after 37 years of operations and producing more than 865 million carats of rough diamonds. With Argyle mine now closed and no other reliable source known for rare pink diamonds, they will continue be valued for their finite supply, which is one of the reasons they are so in demand. It is located to the south-west of Lake Argyle in the Matsu Ranges, about 550 km (340 mi) south-west of Darwin. There are growing concerns in the diamond community as the 90% of all pink diamonds in circulation today came from the Argyle mines. Here, Kells (pictured), a writer and adjunct professor at La Trobe University in Melbourne, Australia, talks with JCK about the mine's origins, why its . In 2021, we spent 14% of our closure budget with Traditional Owner business. The mine's last day of operation was 3 November, with employees and traditional owners of the land attending an event to mark the start of the closure process. We are committed to support the development of long-term sustainable local businesses and local employment. This 1 - 9 system is true . Diamonds constitute of carbon atoms arranged in very specific, and rigid tetrahedrons structure also called triangular pyramids. Unfortunately, now that the supply is dwindling and the largest mine is closing by 2020, this changes how the Argyle pink diamonds are going to fare in the market. Argyle is the largest diamond producer in the world by volume, although due to the low proportion of gem-quality diamonds it is set to close by 2020. In 1972, the searchers found their first diamond. As such, when Argyle closed, the supply of pink diamonds became even more limited. A) Pure Diamond. Commercial mining started in 1983 at the Argyle mine, which is the source of approximately 90 percent of the rare pink diamonds along with other natural colored diamonds as well as gemstones. Diamonds created from a single element, carbon, are the hardest natural substance on earth. Once the color designation is assigned each stone receives a number value between 1 - 9 to convey the intensity of color, 1 being the highest and 9 being the lowest. That has only accelerated in the . Its rarity does not even allow it to reach the open market. According to the owning company, Rio Tinto, decommissioning and rehabilitation of the mine will take . The Argyle diamond mine is located in the Kimberley region in the far northeast of the Australian state of Western Australia. Located in Western Australia, the mine was named after Lake Argyle, the country's second-largest man-made freshwater reserve. Led by geologist Ewen Tyler, the search scrutinised 190,000 square kilometres of country, an area almost as large as Great Britain. Australia's famous Argyle Mine, which has mined 90% of the world's pink diamonds since 1983, officially closed its operations today. Rio Tinto's Argyle mine produces 90 per cent of the world's pink diamonds Closure, rehabilitation and monitoring activities may take more than a decade But today the very last of these precious gems will be mined from the site, located within the ancient Matsu Ranges more than 3000 kilometres north of Perth. But what happens now? Sotheby's auctioned the 59.6 . Argyle diamonds are highly sought after by both collectors and investors as a result of their beauty and their ability to retain value. Argyle continues to employ people post-mining to work on rehabilitation and monitoring, continuing to pay wages and contributing to the local economy. But such pure diamonds are very rare to be found; hence they are highly valuable. Since opening its doors 37 years ago, the Western Australia mine produced 865 million carats of rough diamonds and became the source of about 90% of the world's prized rose-to-magenta hued . 2018's tender was the most successful in the company's entire history, with a 400% appreciation. Location in Australia. The closure will have a huge impact on the diamond industry because the Argyle mine was one of the top five producers of Diamond in the world. Simply put, the largest source of pink diamonds, the Argyle mine is about to close in 2020, and no mine has yet been found that can replace it. Like all assets, the diamond market follows the laws of supply and demand. June 1, 2022. Ever since its discovery, the Argyle pink diamond has been considered as the most esteemed diamond in the whole world. Despite this, the increasing operation cost and a stagnant diamond market, are forcing Argyle mines to close by 2020. Just like Chocolate Diamonds, the pink diamonds rarity will increase along with their prices when the mines close down. The drilling costs are growing, and profits deriving from the diamonds produced are not enough to cover operation costs. Uncut Diamond crystal from the Argyle mine, 4.27 carats. The Rio Tinto operation in WA's remote Kimberley region operated for 37 straight years, producing around 95% of the world's supply of pink diamonds. Representing a gift from the Argyle mine, The Legacy Collection's diamonds are valued at $1000 to $10,000, in contrast with the $20,000-$25,000 usually fetched for an investment diamond of . Why should investors be on the lookout? We are committed to respectfully . It takes a diamond to scratch a diamond. The producer estimates Argyle has only about 150 coloured diamonds of sufficient quality left to extract and make available for its annual tender, a sale to invited buyers that showcases 50-to-60 of the year's most valuable gems, he said. Argyle was also the cause of an acrimonious relationship between Rio Tinto, a business best known for its mining skills and De Beers, the long-term leader of the diamond business with a deep. The site is spread across 124 acres, an area that's nearly a mile in length and a third of that in width. Some consider its top stones akin to rare works of art, and they compare the mine's closure to the death of a great artist. At this time, there is nothing on the horizon that . Located in the remote East Kimberley region of Western Australia, the Argyle mine is the fourth largest diamond mine in the world by volume. If a new mine was discovered in the near future, it would still take a minimum 10-15 years to reach the actual stage of producing diamonds to sell to consumers. There'll be no more diamonds quite like those produced by Argyle, which means, they hope, the mine's existing works will continue to appreciate in value. [1] However, Argyle has two to four times the concentration of diamonds (ore grade) of these mines. Up until it's closure, The Argyle Mine was the only steady source of the incredibly rare and valuable pink diamonds - producing 90 - 95% of the world's supply, Despite being the pink diamond mecca, pink diamonds only made up 1% of Argyle's total production. . Argyle Diamond mine is the world's largest diamond mine located in East Kimberly, Western Australia. and insights straight to your inbox. We are committed to respectfully closing and rehabilitating the mine, and returning the land to its traditional custodians.
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why is the argyle diamond mine closing