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Do You Like Pink Diamonds?
Many people do. They are exquisite, beautiful and very rare. Also mucho, mucho expensive.
High above Manhattan streets this week some of the world's rarest and most valuable Pink diamonds were on display as Rio Tinto Diamonds of Australia brought its annual pink diamond tender to the New York City.
This year marks the first time the Argyle mine tender, which includes 65 diamonds ranging in size from about 50 points to just over 2 carats, will be conducted under the auspices of Rio Tinto Diamonds, the sales and marketing division of the Rio Tinto Group. The tender has been re-christened the Rio Tinto Diamonds Argyle Pink Tender.
Underscoring just how rare the collection is, Faye Jenkins, manager of sales and marketing for Argyle Diamonds in Western Australia, says pink production at the mine is less than 1 percent of total production, while those pinks deemed worthy enough for the tender are a significantly smaller percentage. The estimate is that for every million carats of rough diamonds produced at the mine, one carat is suitable for sale at tenders.
Exclusive clientele from around the world are invited to view the diamonds in Perth, Australia, Hong Kong, London, New York and Geneva. The viewings began late last month and bids must be in by Oct. 3. The bids are confidential and the names of successful bidders and values are not disclosed. For the first time, the company's Select Diamantaires, core customers who do business with Rio Tinto year-round, will also have an opportunity to preview the diamonds.
Diamonds represented at the tender come from a year's worth of production. The stones are cut and polished at the company's facility in Perth and then sent for grading at two independent laboratories. About 80 to 100 stones are held back from regular sales and then the tender is chosen among these. Jenkins says the offering usually includes 55 to 65 diamonds. In addition to the pink stones, this year's collection includes two diamonds in the blue to grey range.
In July, Rio Tinto released "Diamonds as Art" a limited edition catalog displaying some of the stones available at the tender.
"Last year's tender was incredibly successful and we expect even greater accomplishments in 2006," said Jean-Marc Lieberherr, general manager marketing of Rio Tinto Diamonds, in a media release. Of the 60 diamonds from last year's tender, he said 22 clients were successful with no one company dominating, which meant the stones were evenly distributed to clients around the globe.
The demand for rare pink diamonds grows unabated as does the price for these gems. Diamond pricing is generally a reflection of the market dynamics of supply and demand and with Argyle's pink diamonds, they are truly a scarce product, popular but very rare. Therefore, a one-carat, good quality white diamond would be $20,000 and the equivalent pink diamond can command $400,000."
Interest from celebrities like Jennifer Lopez and Victoria Beckham have made Pink diamonds more sought after than ever.
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