Pink Jewellery: Cancer Awareness 
Wednesday, December 7, 2016, 03:18 PM
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Argyle Diamond Mine keeps Gems in the Pink 
Wednesday, December 7, 2016, 03:15 PM
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This mine is the world's largest producer of the colored versions of the gemstones, commissioned in 1985, and is located in the East Kimberly region of Western Australia. Rio Tinto Limited owns 100 percent of the mine, which has produced more than 791 million carats of the gems. In April 2013, the mine commissioned an underground mine, expected to be completed in 2015, that will keep the company producing the gems until at least 2020.

Company Has World Seeing Pink

Geologists who saw light glittering in an anthill discovered the rare pink gems that the mine is famous for in 1979. That discovery led to a multi-billiion dollar industry, which supplies around 90 percent of rare pink gems throughout the world. The company is also the largest supplier of natural colored stones in the world. Stones recovered at the mine are cut and polished before being sold to internationally. All cutting and polishing is done at headquarters located in Perth, Australia. Non-pink stones are sold rough to a customer base that includes traders and manufacturers. Pink versions of the stones are often worth up to 50 times that of white stones of the same cut and clarity. In fact, experts claim that a one carat white jewel may sell for around $20,000, while a middle color pink sells for around $500,000. The company only offers approximately 50 carats for sale per year, further increasing the rarity of the gems.

Phoenix Shines Brightly at Tender

Rio Tinto announced in May 2013 that it was putting up for sale the largest red diamond found at the mine, the Phoenix. The stone, which is 1.56 carats, was one of three offered for sale at the annual Argyle Pink Diamonds Tender. Estimated to be worth $2.5 million, Christie's London auction house recently sold a comparable gem for $1.6 million per carat. It marked the first time in history the mine listed red stones. The tender also listed 58 pink and three blue stones. Only six gemstones that are classified by the American Gemological Institute of America as "Fancy Reds" have been listed for sale at the annual Tender. Also included in the Tender is an orange-pink hued stone known as the Imperial, weighing in at 3.02 carats. Many experts claim that the gems shown in the Tender are a "fluke of nature."

Hidden Gems

Although the mine produces 90 percent of the world's pink jewels, pink stones account for less than one percent of the mine's output each year, amounting to just a handful of jewels. Many of the rare gems found at the mine never end up in jewelry, but become showpieces at galleries and jewelry stores. One pink stone from the mine, known as Aphrodite, became a million dollar gift to a New York woman in 2008.

Mine for Sale

In June 2013, Rio Tinto announced that it would retain the gemstone portion of the business, which they were reportedly interested in selling. Petra Diamonds, Dominion Diamond Corporation and DeBeers reported interest in purchasing the mine, but after what company officials called a "strategic review," Rio Tinto decided not to sell the asset in order to "generate maximum value" for stakeholders.

The mine, located in Western Australia, is famous for the rare pink gemstone it produces. Despite the fact that the company produces 90 percent of all the pink jewels in the world, the rare stones account for an extremely small percentage of those found in the mine.

Josef Alex
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DIY Lace Bib Necklace 
Saturday, August 20, 2016, 12:56 PM
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