Sourcing

As Argyle Nears Its End, Prices for Reds and Pinks Soar

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.

20180713_Argyle-Muse.jpg
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. 


“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.”
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
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.

Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Jewelers of America Fly In
Policies & IssuesSep 25, 2025
JA CEO Provides Tariff Update Following Annual Fly-In

A trade deal with Switzerland seems probable, but reaching an agreement with India remains a challenge, David Bonaparte said.

Kira Jewels Growing Rowing Machines
Lab-GrownSep 25, 2025
Kira Jewels Expands Lab-Grown Diamond Production

The manufacturer is adding 1,400 chemical vapor deposition (CVD) reactors to its growing facility in India.

Alex Moss SoHo store
IndependentsSep 25, 2025
Alex Moss’ New Flagship Brings Bold Jewels to SoHo

The jeweler to the stars has worked with Drake, A$AP Rocky, Tyler the Creator, and other celebrities.

reDollar-fine-jewelry-department.jpg
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment Program

With their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.

Matthew Wilson, Kavin Kulamavalava, and a Elmasolvex VA
WatchesSep 25, 2025
Wilson & Son Jewelers Donates to the Horological Society of New York

The Scarsdale, New York-based jeweler donated a professional-grade watch cleaning machine.

Weekly QuizSep 25, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Representatives of India’s Gem and Jewellery Export Promotion Council and Indian government leaders
Policies & IssuesSep 24, 2025
Tariffs Throw Diamond Trade Into Disarray

The 50 percent tariffs on diamonds shipped from India to the U.S. have pushed midstream manufacturers to the edge.

Policies & IssuesSep 24, 2025
For Jewelry Manufacturers, Higher Tariffs Create Long-Term Worries

They are trying to balance the need to sustain well-established relationships with the pressure higher tariffs have put on margins.

japac-btyb.png
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key Issues

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

Guest lecture for people with disabilities at the Jewelex factory
SourcingSep 24, 2025
A Helping Hand: An Effort to Boost Inclusivity in the Industry

Jewelry manufacturer Jewelex has partnered with JOSH, an industry training center, on a program for people with disabilities.

Greenwich St. Jewelers Estate Capsule Campaign
CollectionsSep 24, 2025
Greenwich St. Jewelers Goes Back in Time With First Estate Collection

The collection includes pieces dating back to the Victorian and Art Deco periods as well as mid-century and late 20th-century designs.

Marcus ter Haar
Policies & IssuesSep 24, 2025
Diamonds Do Good Names Marcus ter Haar as President-Elect

He previously served as co-chair of the nonprofit’s beneficiary committee.

Jane Goodall Brilliant Earth campaign
CollectionsSep 24, 2025
Brilliant Earth’s New Jane Goodall Collection Calls for Peace

Its second collaboration with the conservationist features jewelry with dove and olive branch motifs.

SRK Kriam Pharma
SourcingSep 24, 2025
SRK Launches Kriam Pharma

The diamond manufacturer’s new company will provide accessible and affordable high-quality medicines across India.

Emmanuel Raheb, CEO of Smart Age Solutions and National Jeweler columnist
ColumnistsSep 23, 2025
Quiet Luxury: What Fall’s Top Trend Means for Jewelers

Emmanuel Raheb shares tips on how a jeweler’s showcases, marketing, and social media presence can whisper, instead of shout.

Claire’s storefront
MajorsSep 23, 2025
Ames Watson Completes $140M Acquisition of Claire’s

The private equity firm has a plan to revive the mall staple.

Super Smalls Super Book of Gems, Maria Dueñas Jacobs, and Bianca Gottesman
SourcingSep 23, 2025
Super Smalls’ New Book Introduces Kids to Gems, Fine Jewelry

The “Super Book of Gems” dives into the Mohs Hardness Scale, the Four C’s, and designs from jewelers like Cartier and Bulgari.

Mattioli CEO Claudio Pasta
MajorsSep 23, 2025
Mattioli Names Kering Exec as New CEO

Claudio Pasta will take the lead at the Italian fine jewelry brand, succeeding company founder Licia Mattioli.

Monique Lhuillier fashion jewelry Kay
CollectionsSep 23, 2025
Monique Lhuillier Adds Fashion Jewelry to Kay Jewelers Line

The new lab-grown diamond jewelry offering is the latest expansion of the designer’s “Bliss” collection.

Rio Tinto tender
SourcingSep 22, 2025
Rio Tinto Announces Final ‘Beyond Rare’ Tender

The miner is honoring the end of an era with an offering of 52 lots from the now-closed Argyle and the soon-to-close Diavik mines.

Vibhor and Alor logos
MajorsSep 22, 2025
Jewelry Manufacturer Vibhor Acquires Alor

The California-based fine jewelry brand will retain its identity post-acquisition, with new collections launching next year.

Gurhan Crown Gold Aquamarine Peacock
CollectionsSep 22, 2025
Gurhan's Collection is an 'Untamed' Zoo

The “Untamed” collection centers on carved gemstone jewelry depicting a range of animals embodying one of the four elemental forces.

Community for Ethical Jewelry logo
Policies & IssuesSep 22, 2025
Ethical Metalsmiths Has a New Name

Founded in 2004, the organization is now called the Community for Ethical Jewelry.

Madison Keys
EditorsSep 19, 2025
These Female Athletes Had the Best Jewelry of the Summer

From Coco Gauff’s hoops to Madison Keys’ diamond medallion, these are Senior Editor Lenore Fedow’s standout jewelry looks of the season.

Vanessa Fernández Studio Curva Wrap Hoops
CollectionsSep 19, 2025
Piece of the Week: Vanessa Fernández Studio’s ‘Curva’ Wrap Hoops

The trendy earrings feature asymmetrical drops, one with a grossular garnet and the other with a diamond.

Graphic for A Step-by-Step Guide to Using TikTok and Instagram Reels webinar
Recorded WebinarsSep 19, 2025
Watch: A Step-by-Step Guide to Using TikTok and Instagram Reels

Four social media marketing experts discuss their go-to methods and favorite tools for making high-quality short-form video content.

agta-sb-0925.png
Supplier BulletinSep 18, 2025
Will Your Design Define 2026? Enter The Spectrum & Cutting Edge Awards

Sponsored by American Gem Trade Association

Stock image of a woman shopping online with credit card
SurveysSep 18, 2025
Deloitte Thinks the Holidays Will Be Merry, PwC Isn’t So Sure

In its holiday report, PwC said the season will be more like jazz—improvisational and less predictable—than an easy-to-follow melody.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy