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Rio Tinto anything but blue over tender results

Sale of rare blue diamonds sees record prices

April 28, 2009

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Numerous lots from the "Once in a Blue Moon" collection of rare blue and violet diamonds from Rio Tinto's Argyle Diamond Mine in Western Australia sold for record prices at a recent tender.

Perth, Australia--Rio Tinto's recent tender of rare blue diamonds has set record prices, far exceeding the company expectations, according to a news release issued by the Australian mining company.

This first-of-its-kind grouping of diamonds, dubbed the "Once in a Blue Moon" collection, included a range of blue and violet diamonds mined from Rio Tinto's Argyle Diamond Mine in Western Australia. It included a range of premium and commercial diamonds and featured single cuts, a number of matching pairs and a selection of smaller diamonds.

Showcased in Tokyo, Hong Kong and Perth, Australia, the tender included a total of 16 lots weighing 287 carats.

Bids closed on April 8.

Though the company did not release specifics on bids, Jean-Marc Lieberherr, general manager for the sales and marketing of all diamonds from Rio Tinto's mines, said numerous lots sold in excess of reserve prices, boding well for the company's annual Pink Diamond Tender.

And Josephine Archer, sales and marketing manager for Argyle Pink Diamonds, said the "Once in a Blue Moon" collection generated a lot of excitement worldwide.

"We have been overwhelmed by the enthusiasm from new and existing colored diamond collectors from around the globe, especially in such a challenging economic environment. With only 10 years' production left at the Argyle mine, there is clearly a growing awareness that the opportunities to purchase these collections are rapidly diminishing."
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TOPICS
Australian Economy | Business | Marketing | National Economy

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