Lyla Lindsey
Pink diamonds are some of the rarest and most valuable diamonds in the world. They are found in only a few places globally, with over 90% of the world's supply discovered at the Argyle Diamond Mine in the East Kimberley region of Western Australia. The Argyle mine was the world's largest producer of natural diamonds, and its closure in 2020 is expected to lead to a 10% drop in global diamond production. The pink diamonds at Argyle were formed by the collision of two sections of continental crust around 1.8 billion years ago, creating a supercontinent called Nuna. The breakup of Nuna around 1.3 billion years ago brought the diamonds to the surface through volcanic activity. While the future supply of pink diamonds from Australia is uncertain, the knowledge of their formation may help identify new sources of these rare and prized gemstones.
| Characteristics | Values |
|---|---|
| Location | Argyle Diamond Mine, East Kimberley region, Western Australia |
| Proportion of gem-quality diamonds | Low |
| Diamond-producing mine rank | Fourth-largest in the world |
| Diamond colour | Predominantly brown, with less than 1% pink |
| Diamond type | Type 1a, with low levels of nitrogen impurities |
| Diamond formation | Formed around 1.58 billion years ago |
| Diamond discovery | 1979 |
| Diamond mining start date | 1983 |
| Diamond mining cessation date | November 2020 |
| Diamond carats produced | 865 million |
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What You'll Learn
Argyle Diamond Mine in Western Australia
The Argyle Diamond Mine was a diamond mine located in the East Kimberley region in the remote north of Western Australia. The mine sits on the traditional country of the Miriuwung, Gidja, Malgnin, and Wularr people. It is located southwest of Lake Argyle in the Matsu Ranges, about 550 km (340 mi) southwest of Darwin. The Argyle Diamond Mine was the largest diamond producer in the world by volume, producing 14 million carats in 2018, although the proportion of gem-quality diamonds was low. The mine was the only known significant source of pink and red diamonds, producing 90% of the world's supply. It also provided a large proportion of other naturally coloured diamonds, including champagne, cognac, and rare blue diamonds.
Argyle was the fourth-largest diamond-producing mine in the world by volume, averaging an annual production of 8 million carats (1,600 kg). Production peaked in 1994 when 42 million carats (8,400 kg) were produced. Argyle's open-pit mine produced over 750 million carats (150,000 kg) of rough diamonds. The mine celebrated its final day of mining on 3 November 2020, after 37 years of operations and producing more than 865 million carats of rough diamonds. The Argyle Diamond Mine remains one of history's most important diamond discoveries. From the commencement of production in 1983, the mine produced diamonds with a depth, range, and intensity of colour never seen before or since.
The diamonds found at the Argyle pipe have been dated to about 1.58 billion years old, while the volcano that created the pipe is aged between 1.1 and 1.2 billion years. This represents a relatively short period during which diamond formation could have taken place (around 400 million years), which may explain the small average size and unusual physical characteristics of Argyle diamonds. Diamonds found in the Argyle pipe are predominantly eclogitic, meaning that the carbon is of organic origin. In addition to the pipe itself, a number of semi-permanent streams have eroded away portions of the pipe and created significant alluvial deposits of diamonds. These deposits were also actively mined.
The Argyle Diamond Mine was the first successful commercial diamond mine exploiting a volcanic pipe of lamproite, rather than the more usual kimberlite pipe. Diamonds were found within the intact core of the volcanic pipe, as well as within some of the marginal breccia facies and maar facies. The diatreme pipe was formed by the explosive eruption of lamproite magma through a zone of weakness in the continental crust.
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Rare pink diamonds
Pink diamonds are among the rarest and most valuable diamonds in the world. Coloured diamonds like red, blue, orange, and pink diamonds are extremely rare, meaning they may not be readily available in the market. The pink diamond is so rare that you will get, at most, three pink diamonds for every 2-3 tonnes of mined stone.
In Australia, the Argyle Diamond Mine in the East Kimberley region in the remote north of Western Australia was the world's largest source of pink diamonds. Argyle was at times the largest diamond producer in the world by volume (14 million carats in 2018), although the proportion of gem-quality diamonds was low. It was the only known significant source of pink and red diamonds (producing over 90% of the world's supply), and additionally provided a large proportion of other naturally coloured diamonds, including champagne, cognac and rare blue diamonds. Mining operations ceased in November 2020, after 37 years of operations and producing more than 865 million carats of rough diamonds.
The Argyle mine was located near the edge of the continent—an unusual spot for diamonds, which typically emerge in the middle of continents. Argyle’s diamonds are also encased in a type of volcanic rock called lamproite, while most diamonds are found in kimberlite. The Argyle diamonds are predominantly eclogitic, meaning that the carbon is of organic origin.
Geologists have long puzzled over the mysterious origins of this prolific jewel-producing site. Australian researchers said the colourful gems of the Argyle mine, which produced more than 90 percent of the world’s pink stones, may have erupted when the supercontinent Nuna split. The collision deformed the crystal structures of diamonds caught in the middle and caused them to reflect light differently, becoming pink.
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Diamonds found in the Argyle pipe
The Argyle Diamond Mine, located in the remote north of Western Australia, was the world's largest producer of pink diamonds, accounting for over 90% of the global supply. The mine was situated in the East Kimberley region, specifically in the Matsu Ranges, about 550 km (340 mi) southwest of Darwin and a few miles south of Lake Argyle. The Argyle Diamond Mine was unique in that it exploited a volcanic pipe of lamproite, known as the Argyle pipe or AK-1, rather than the more common kimberlite pipe.
The Argyle pipe is a diatreme, a type of volcanic pipe composed of olivine lamproite, a potash and magnesia-rich volcanic rock. The explosive eruptions that formed the pipe were caused by the interaction of lamproite magma and shallow groundwater. The diamonds found within the Argyle pipe are predominantly eclogitic, indicating that the carbon is of organic origin. The pipe is approximately 2 km long and 150-500 m wide, with steep sides. The shape of the pipe has been influenced by faulting, regional tilting, and the merging of multiple vents.
The diamonds discovered at Argyle were dated to about 1.58 billion years ago, while the volcano that created the pipe is estimated to be between 1.1 and 1.2 billion years old. This relatively short time span of around 400 million years for diamond formation may explain the small average size and unique characteristics of Argyle diamonds. The diamonds were brought to the Earth's surface by the breakup of the first supercontinent around 1.3 billion years ago, resulting in a massive explosion that propelled the diamonds upwards.
The Argyle mine was operational from 1983 until its closure in November 2020, producing more than 800 million carats of rough diamonds during its lifetime. While the mine primarily produced brown diamonds, it was the only significant source of pink and red diamonds, making these colours highly sought-after and commanding premium prices. The pink diamonds from Argyle were processed and sold as polished diamonds by a specialised team based in Perth, attracting customers worldwide.
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The closure of Argyle Mine
The Argyle Diamond Mine, located in the East Kimberley region in the remote north of Western Australia, was the world's largest producer of natural colour diamonds. The mine produced diamonds that spanned the value spectrum, from low-cost browns to ultra-rare pinks, purples, and reds that skyrocketed in value over the years. However, despite being the world's fourth-largest diamond-producing mine, with approximately 8 million carats of diamonds mined annually, the Argyle mine faced challenges. The majority of the diamonds produced at Argyle were of low quality, with only about 5% being classified as gem-quality, compared to a worldwide average of 20%.
The Argyle mine was unique in that it was the only known significant source of pink and red diamonds, contributing over 90% of the world's supply. This made the pink diamonds from Argyle extremely rare and highly sought-after, commanding premium prices. The closure of the Argyle mine in November 2020 after 37 years of operation marked the end of an era in the diamond industry. The mine's operator, Rio Tinto, kept details of the Argyle Pink Diamonds Tender, its annual sale of the best stones, largely under wraps. However, it was revealed that the value of Argyle pink diamonds appreciated by more than 500% in the 20 years preceding the mine's closure.
The Argyle mine faced several challenges that ultimately led to its closure. Firstly, the depth of the mine increased operational costs, and the low average price per carat made it difficult to maintain profitability. Secondly, the Argyle orebody was discovered in 1979, and as the mine deepened over time, manoeuvrability became a significant issue, hindering mining activities. Finally, the relationship between Rio Tinto and De Beers, the long-term leader in the diamond business, broke down over disputed valuations. This led Rio Tinto to set up its own marketing campaigns, focusing on high-value pink, purple, and red gems, as well as less successful attempts to promote brown diamonds.
The closure of the Argyle mine has had a significant impact on the diamond industry and the gem market. With Argyle being the primary source of pink diamonds, its closure has led to a decrease in the world's diamond production and an even rarer supply of Australian pink diamonds. This has resulted in a predicted significant rise in pink diamond prices. Additionally, the closure has highlighted the finite nature of pink diamonds as a resource, making them even more desirable to investors who value their inflation-protecting qualities and the ability to store them outside the financial system.
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The future of pink diamonds
The Argyle mine was located in the East Kimberley region of Western Australia and was the world's largest diamond producer by volume, with 14 million carats produced in 2018. However, the proportion of gem-quality diamonds was low, with only 5% of diamonds mined being of gem quality, compared to a worldwide average of 20%. The Argyle mine was unique in that it exploited a volcanic pipe of lamproite, rather than the more usual kimberlite pipe, and it was the only known significant source of pink and red diamonds.
The closure of the Argyle mine will have a significant impact on the diamond industry and the economy. The mine's operator, Rio Tinto, has seen success in a decade-long marketing campaign to promote the mine's brown diamonds as champagne and cognac-toned. However, the pink, purple, and red diamonds were the most valuable and in high demand, commanding premium prices. The closure of the mine will likely lead to a decrease in the supply of these diamonds and a further increase in prices.
While there is a possibility of finding new sources of pink diamonds in Australia or other countries, it is unlikely to happen in the near future. It takes 10-15 years for a mine to go from detection to commercial production, and the discovery of new sources is challenging and time-consuming. In the meantime, the value of pink diamonds is expected to continue to rise, making them an attractive investment option for those seeking a unique and rare physical asset.
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Frequently asked questions
Over 90% of the world's pink diamonds have been found in the Argyle Diamond Mine in the Kimberley region of Western Australia.
The Argyle mine was the world's largest producer of diamonds by volume, producing 14 million carats in 2018.
The Argyle Diamond Mine produced predominantly brown diamonds, but it was the largest source of pink diamonds in the world.
Yes, pink diamonds have been found in other countries in Africa, Asia, America and Europe. South Africa is a well-known source, producing the famous Pink Star diamond.
The colour of pink diamonds is caused by warping of the crystal lattice under intense pressure. This occurred when two sections of continental crust collided to form a supercontinent called Nuna around 1.8 billion years ago.
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