EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
SourcingNov 21, 2018
As Argyle Nears Its End, Prices for Reds and Pinks Soar
The most valuable diamond sold at this year’s tender, a 2.28-carat fancy purplish-red, toppled a record set just last year.
The oval-shaped “Argyle Muse,” a 2.28-carat fancy purplish-red diamond, was the most expensive stone sold as part of Rio Tinto’s 2018 tender of pink, red and violet diamonds from the Argyle mine in Australia. Neither its purchase price nor the name of the buyer were disclosed.
Perth, Australia—Rio Tinto doesn’t release many details when sharing the results of its annual Argyle tender but, then again, one doesn’t need many specifics to trace the trajectory of red and pink diamonds prices.
They are climbing and will continue to do so as the closing date for the Argyle Mine in Western Australia draws closer.
And though the London-based miner always has been tight-lipped about the Argyle Pink Diamond Tender results—it doesn’t reveal the sale’s total, prices paid for individual diamonds or names of buyers (unless allowed)—it did note that the 2018 sale set numerous records, including tender total and prices per carat.
The diamond that sold for the most money was the “Argyle Muse,” a 2.28-carat fancy purplish-red oval. Purchased by an undisclosed bidder, Muse is now the most expensive diamond sold in the 34-year history of the tender.
Muse took the title from Everglow, the fancy red Optimum Diamonds LLC bought last year.
Though he declined to reveal the Everglow’s purchase price, Optimum CEO David Shara said the 2.11-carat diamond is for sale for $18 million.
It is also being offered as part of a collection of more than 60 red diamonds amassed by the CEO and his business partner; he said it is the largest collection of its kind in the world and is worth about $200 million.
For Shara, natural colored diamonds, particularly those originating from the Argyle mine, are akin to a “very specific painting from a very specific artist.”
The wealthy want to own rare diamonds from Argyle for the same reason they are paying huge amounts of money for works for art, like the $450 million a Saudi prince spent on Leonardo da Vinci’s “Salvator Mundi” last year—they want to park their money in tangible, portable assets at a time of geopolitical instability worldwide.
“That’s how people are treating these rocks,” he said.
The desire for colored diamonds is also evident in the auction market, where the stones are continually setting records.
At a jewelry auction just last week, Christie’s sold an 18.96-carat pink diamond for $50.4 million, or $2.6 million a carat excluding fees, a new price-per-carat record. And the most expensive jewel ever sold at auction is still a pink diamond, the nearly 60-carat Pink Star, which sold for $71 million.
According to Shara’s estimates, the prices paid for a 1-carat vivid pink or a 1-carat fancy red in this year’s Argyle tender were up 41 percent year-over-year, and he expects prices for Argyle pinks and reds to spike at least another 40 percent when the mine closes 18 months from now.
They are climbing and will continue to do so as the closing date for the Argyle Mine in Western Australia draws closer.
And though the London-based miner always has been tight-lipped about the Argyle Pink Diamond Tender results—it doesn’t reveal the sale’s total, prices paid for individual diamonds or names of buyers (unless allowed)—it did note that the 2018 sale set numerous records, including tender total and prices per carat.
The diamond that sold for the most money was the “Argyle Muse,” a 2.28-carat fancy purplish-red oval. Purchased by an undisclosed bidder, Muse is now the most expensive diamond sold in the 34-year history of the tender.
Muse took the title from Everglow, the fancy red Optimum Diamonds LLC bought last year.
Though he declined to reveal the Everglow’s purchase price, Optimum CEO David Shara said the 2.11-carat diamond is for sale for $18 million.
It is also being offered as part of a collection of more than 60 red diamonds amassed by the CEO and his business partner; he said it is the largest collection of its kind in the world and is worth about $200 million.
For Shara, natural colored diamonds, particularly those originating from the Argyle mine, are akin to a “very specific painting from a very specific artist.”
The wealthy want to own rare diamonds from Argyle for the same reason they are paying huge amounts of money for works for art, like the $450 million a Saudi prince spent on Leonardo da Vinci’s “Salvator Mundi” last year—they want to park their money in tangible, portable assets at a time of geopolitical instability worldwide.
“That’s how people are treating these rocks,” he said.
The desire for colored diamonds is also evident in the auction market, where the stones are continually setting records.
At a jewelry auction just last week, Christie’s sold an 18.96-carat pink diamond for $50.4 million, or $2.6 million a carat excluding fees, a new price-per-carat record. And the most expensive jewel ever sold at auction is still a pink diamond, the nearly 60-carat Pink Star, which sold for $71 million.
According to Shara’s estimates, the prices paid for a 1-carat vivid pink or a 1-carat fancy red in this year’s Argyle tender were up 41 percent year-over-year, and he expects prices for Argyle pinks and reds to spike at least another 40 percent when the mine closes 18 months from now.
“That’s what the market dictated, the dealers and the privates, everyone who bought. That’s people understanding the mine will be closed in 2020 and that there will be two, maximum three, more tenders and that’s it. It’s finished.”
Rio Tinto did not respond when asked to confirm this fact, but the mining company did state in its tender results press release that in the past 18 years, the value of Argyle pink diamonds sold at the tender have appreciated more than 400 percent, outperforming all major equity markets.
Shara said despite the continual upward trajectory, he’s not concerned about the bottom falling out of the market for Argyle’s pink, red and violet diamonds. While there has been some price correction in colored diamonds, Rio Tinto’s mine is a finite resource for which the finale is drawing near.
“That’s what so fascinating about it. That’s my gamble.”
Rio Tinto’s 2018 sale of pink, red and violet diamonds from Rio Tinto’s Argyle mine in Western Australia included a total of 63 diamonds weighing nearly 52 carats.
Among them were a half-dozen “hero stones,” the top diamonds in the group to which Rio Tinto ascribes individual names.
Singapore-based Glajz is the owner of this diamond, a 3.14-carat emerald-cut fancy vivid purplish-pink diamond dubbed the “Argyle Alpha.”
In addition to the Muse, they were the:
—Argyle Alpha, a 3.14-carat emerald-cut fancy vivid purplish-pink;
—Argyle Maestro, a 1.29-carat square-cut fancy vivid purplish-pink;
—Argyle Alchemy, a 1.57-carat fancy dark gray-violet princess;
—Argyle Odyssey, a 2.08-carat fancy intense pink round brilliant; and
—Argyle Mira, a 1.12-carat fancy red radiant.
Glajz THG in Singapore, a manufacturer of bespoke pieces, bought the Alpha, while Gemcut Geneva was the winning bidder for the Odyssey. Gemcut Chief Executive Matthew Aldridge said the Odyssey is a match for another Argyle stone sold in the tender about 15 years ago.
The 2.08-carat "Argyle Odyssey," a fancy intense pink
New York-based diamond company Leibish & Co. bought three stones in the 2018 tender, two of which sold the day they were purchased, said the company’s director of content marketing and public relations, Meira Ovadia.
Leibish’s remaining stone is lot No. 63 from the sale, a 2.34-carat radiant-cut the company has dubbed the “Kimberley-Rose.” The diamond is fancy intense pink and SI1 clarity.
More on Sourcing
The Latest
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
Weekly QuizMar 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
Events & AwardsMar 26, 2026
NAJA, Instappraise Introduce New ScholarshipIt’s the third scholarship to be launched as part of the partnership to help appraisers advance their professional credentials.
Events & AwardsMar 26, 2026
JA Still Accepting Entries for 2026 CASE AwardsThe deadline for entries in the jewelry design competition has been extended to April 3.
GradingMar 25, 2026
New York’s Natural History Museum, Wiley To Build Minerals DatabaseWiley said the project will give scientists worldwide access to the American Museum of Natural’s History renowned mineral collection.
CollectionsMar 25, 2026
Boochier Turns Flower Friendship Bracelets Into Fine JewelryThe “Flower Puff” collection looks to beaded flower friendship bracelets from childhood, turning the silhouette into nostalgic fine jewelry.
Policies & IssuesMar 25, 2026
Community for Ethical Jewelry to Host Bench Jeweler Shortage WebinarSet for April 2, the webinar will discuss how the jewelry industry can address the workforce gap.
IndependentsMar 24, 2026
Lisa Bayer, Illustrator and Beloved Member of the Muse Family, Dies at 64Bayer, founder of Lisa Bayer Designs, is remembered as “a bright light in every room.”
AuctionsMar 24, 2026
White Diamonds Shine In Christie's Jewels Online SaleThe highest-grossing lot was a Tiffany & Co. ring set with a flawless, emerald-cut diamond of 10 carats.
SourcingMar 24, 2026
AGTA Solidifies Tucson Dates For 2027-2029The next three editions of AGTA GemFair Tucson will feature a five-day show that includes Sunday.
WatchesMar 24, 2026
Christie’s Names New Senior Specialist, WatchesFormer Sotheby’s executive Tom Heap has taken on the London-based role.
CrimeMar 23, 2026
NYPD Looking for 3 Jewelry Store Robbery SuspectsThe group of women allegedly robbed two Catbird stores and one Gorjana location on the afternoon of March 9.
FinancialsMar 23, 2026
Movado’s Q4 Sales Rise As Demand Grows From Younger Shoppers, WomenMovado CEO Efraim Grinberg noted continued strength in the fashion watch and accessible luxury segments in the U.S.
TrendsMar 23, 2026
Marco Bicego’s New Campaign Showcases ‘The Art of Craft’After celebrating 25 years in 2025, the campaign marks a new chapter for the jewelry brand with the message that “Identity Creates Value.”
Events & AwardsMar 23, 2026
These Watch Brands Are Heading to Couture This YearCouture and Time to Watches announced the watch brands, from big names to independents, attendees will see at the show.
FinancialsMar 20, 2026
Macy’s Turnaround Plans Shows Promise, Boosted by Bloomingdale’sPlus, why Saks Global’s bankruptcy may have given Bloomingdale’s an edge.
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
