MajorsOct 13, 2026
David Webb Owner Purchases Lugano JewelryThe high-end jewelry retailer was sold to private investment firm Middle West Partners and a group of longtime clients.
SourcingNov 04, 2020
Australia’s Argyle Mine Is Now Closed
On Tuesday, the last ton of ore left the mine famous for its red, pink and purple diamonds.
Argyle’s underground mining manager and its operator traverse the mine’s underground portal for the last time. The Argyle Diamond Mine in Western Australia, which was discovered in October 1979 and mined since 1983, closed Tuesday. (Photo courtesy of Rio Tinto)
Sydney—The Argyle Diamond Mine in Western Australia, the world’s major source for pink and purple stones, marked its last day of mining Tuesday.
Alluvial mining at the site, located in the remote east Kimberley region in Western Australia, started in 1983, with underground operations commencing two years later.
Alluvial mining at the site, located in the remote east Kimberley region in Western Australia, started in 1983, with underground operations commencing two years later.
The mine went fully underground in 2013 and, over the years, produced 865 million carats of rough diamonds.
It became the world’s largest producer of natural color diamonds that span the value spectrum, from low-cost browns to ultra-rare pinks, purples and reds that have skyrocketed in value over the years, captivating the trade and attracting collectors.
The closing of Argyle marks the end of an era in the diamond industry.
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.
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.
The mine’s operator, Rio Tinto, releases few details on the Argyle Pink Diamonds Tender, its annual sale of the best stones from the past year’s production.
It doesn’t reveal prices paid for individual stones or the total amount brought in by the tender but it did say the value of Argyle pink diamonds has appreciated more than 500 percent in the past 20 years, outperforming all major equity markets.
“It is very special, especially to the people who are experts,” L.J. West Diamonds President Larry West said in an interview with National Jeweler in September.
“It’s a sad moment. It’s the equivalent of a great artist dying, as far as I’m concerned.”
Rio Tinto mined the last load of ore at the Argyle Mine, which has been in operation since 1983, on Tuesday, Nov. 3. (Photo courtesy of Rio Tinto)
The current Argyle Pink Diamonds Tender, called “One Lifetime, One Encounter,” is scheduled to remain open for bids until early December.
Normally, bids close in October but the tender dates were pushed back this year because of the complications caused by COVID-19.
On Tuesday, Rio Tinto said Argyle employees, traditional owners and local stakeholders attended an event at the mine to mark the end of its life.
The company said it will take about five years to decommission and dismantle the mine and rehabilitate the land.
Argyle will continue to employ a smaller workforce throughout the closing process.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
Lab-GrownOct 13, 2026
Stephanie Gottlieb Takes Lab-Grown Diamond Collection WholesaleThe jewelry designer has partnered with Sofer Jewelry to distribute her 85-piece lab-grown diamond collection.
IndependentsOct 13, 2026
Retailer Hall of Fame 2026: Sean DunnDunn, this year’s Single-Store Independent inductee, is passionate about innovation and telling the story of natural diamonds.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
AuctionsOct 13, 2026
Christie's Geneva To Auction 'Bulgari Pink' DiamondThe 24-carat fancy intense pink diamond ring could fetch up to $18 million at the November sale.
Weekly QuizOct 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsOct 13, 2026
Greenwich St. Jewelers’ New Candle Smells Like HomeThe “Island Jewel” candle honors New York City and Puerto Rico and raises money for the island’s water relief efforts.
TechnologyOct 13, 2026
GemFind Is a New JA Member Benefit Partner The partnership will give JA members access to preferred pricing, exclusive benefits, technology solutions, education, and resources.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
SurveysOct 09, 2026
These Will Be the 10 Busiest Days for In-Store Shopping This Holiday SeasonStores should expect to see the most customers on Nov. 27, and Christmas week is expected to be hectic too, as Dec. 25 falls on a Friday.
CollectionsOct 09, 2026
Elisa Solomon Collabs With Serendipity 3 on ‘Frozen Hot Chocolate’ CharmThe charm, our Piece of the Week, features brown diamond frozen hot chocolate topped with white diamond whipped cream and a ruby straw.
AuctionsOct 09, 2026
8-Carat Blue Diamond Goes Unsold at UK Jewelry Auction The top lot of Elmwood’s recent fine jewelry sale in London was a 1.84-carat, D color Tiffany & Co. solitaire diamond ring.
WatchesOct 09, 2026
Movado to Sell Majority Stake in Ebel for $66.5MThe watch company agreed to sell a 95 percent interest to a group comprised of F.P. Journe, Chanel, and Swiss watch exec Pierre Jacques.
Policies & IssuesOct 08, 2026
Third Wave of IEEPA Tariff Refunds Begins This round of tariff refunds is for importers that have sued over IEEPA tariffs in the Court of International Trade and won.
CollectionsOct 08, 2026
Brent Neale’s New Collection Goes ‘Back to Basics’It revisits the brand’s most requested silhouettes, from "Pillow"-set necklaces and bracelets to "Signature"-set rings and earrings.
Events & AwardsOct 08, 2026
Pattons Fine Jewelry Sweeps Local Design ContestAra Chanakian, a jeweler at Pattons, took home top honors in every category at Jewelers of Louisiana’s annual jewelry design competition.
AuctionsOct 08, 2026
Reba McEntire’s Jewelry, Watches Head to Julien’s AuctionsThe live charity benefit sale in Nashville will also feature gowns, boots, and other memorabilia from the country music legend.
Supplier BulletinOct 08, 2026
Overnight Mountings’ Bridal Builder Helps Jewelers Turn Custom Design into a Hands-On Selling ExperienceSponsored by Overnight Mountings
Policies & IssuesOct 07, 2026
The Plumb Club Amplifies Its Voice as Geopolitical Pressures MountThe supplier organization recently joined JA and JVC to have more input on political issues affecting the jewelry industry.
CollectionsOct 07, 2026
Blue Nile, Royal Asscher Collection Highlights Natural Diamond BeautyBlue Nile, a Signet Jewelers-owned brand, is now Royal Asscher’s exclusive licensed retailer in North America.
CollectionsOct 07, 2026
4 Standout Pieces in Audemars Piguet’s First High Jewelry Collection “Royal Oak” pays homage to the brand’s most popular watch model using 18-karat gold as well as diamonds, emeralds, and sapphires.
MajorsOct 07, 2026
Empire Safe & Vault Promotes Juan Morales to CEOAs part of the transition, Joseph Nicosia has stepped into the role of COO.
CrimeOct 06, 2026
6 Charged in Connection to String of New Jersey Smash-and-GrabsThe alleged thieves used crow bars and sledgehammers to smash into jewelry stores across the state.
ColumnistsOct 06, 2026
Sherry Smith: Is the Consumer Really Trading Up?Ahead of the holidays, Smith urges jewelers to take a hard look at who’s buying jewelry, what they’re purchasing, and who’s stopped buying.
SourcingOct 06, 2026
DDG Taps Influencers for ‘My Diamond Does Good’ CampaignIn the new consumer-facing campaign, four fashion and lifestyle creators share the stories behind their natural diamond pieces.
MajorsOct 06, 2026
Frederick Goldman Names COO, CMOFGI President John Orrico is also leaving the company after more than 13 years.
Events & AwardsOct 06, 2026
JIS Fall Returns to MiamiThe 2026 edition will feature presentations on alternative materials and design trends, as well as pop-up activations on the show floor.
SourcingOct 05, 2026
De Beers to Take Full Ownership of Gahcho KuéIt is the last fully operational diamond mine in Canada following the recent closures of Ekati and Diavik.
