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Rio Tinto reports strong results from pink tender

October 31, 2008

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Perth, Australia—Rio Tinto's 24th annual Argyle Pink Diamond Tender demonstrated a "strong market" for the uniquely colored stones, despite the worldwide economic crisis.

According to Argyle Pink Diamonds Sales and Marketing Manager Josephine Archer, "the Argyle pink diamonds selected for the 2008 tender attracted substantial interest from an increasing number of investors and is evidence that the increasing rarity of these stones is becoming more valuable and sought after over time."

Although Rio Tinto does not release the names or number of successful bidders, nor the prices paid, the buyers for this year's tender included investors, individual diamantaires, jewelry manufacturers and luxury retailers across all major markets.

Collectors, celebrities and other high-net-worth individuals are likely to be the end-consumer for the pink diamonds.

This year's tender, held from August through October in six cities, contained a record number of round diamonds, including a matching pair; two named stones, Aphrodite and the Ocean Seer; the tender's first heart-shaped pink diamond in seven years; and three rare violets, one of which is the Ocean Seer.

It was the first year Rio Tinto placed reserve prices on the collection, driven by the increasing rarity of these diamonds.

Australia's Argyle mine, the source of these pink stones, is set to close in 2018.

"The upper-end of this unique product category is akin to that of rare art and, as supply declines, their value is set to escalate accordingly," Archer said. "Given this, and the current turmoil in financial markets around the world, we felt very comfortable introducing a reserve price mechanism."
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