Tiffany & Co., in the Pink!
In a recent New York Times article, Tiffany & Co. made a large purchase in 2022 – 35 Argyle pink diamonds, ranging in size from 0.35 ct. to 1.52 cts. Reportedly, these are some of the last pink diamonds mined at the now closed Argyle Diamond mine in Western Australia.
For those of you unfamiliar with the Argyle pinks, the Argyle diamond mine produced annually, on average, 20,000 carats of diamond, 99+% of the production being brown in color. But every year from the time the mine was opened in the mid 1980s until 2020 when the mine was finally shut, a handful of rare color diamonds were retrieved. Fancy colors of Pink, Purplish-Pink, Red, Blue, and even Violet were recovered. It was a spectacular mine for these rare beautiful colors. Every year, in honor of these beauties, the mine held a special silent bid auction for the 50 to 70 fancy colors. They toured the world, the best of the best fancy colored diamonds, in the Argyle Pink Diamonds Tender.
Tiffany’s purchase – If you think about it as one of Argyle’s past Pink Diamond Tenders, this Tiffany purchase is the equivalent to “winning” half of an entire Tender auction offering. Consider that when these diamonds were actually being mined, the typical bids – on the smaller diamonds – were reportedly in the $50,000 to $100,000 per carat range. Needless to say, Tiffany & Co. took the leap and invested heavily in Pink.
That’s your brief background – now here’s the story…
Tiffany Buys Some of a Legendary Diamond Mine’s Last Finds
The new Tiffany Collection comprises 35 gems, including an unusual red stone, from the Argyle Diamond Mine in Australia.
About a year ago, a representative of the Argyle Diamond Mine — a site in Western Australia that was the pre-eminent source of pink diamonds until it closed in 2020 — approached Tiffany & Company’s chief gemologist with an unusual offer: the chance to purchase a collection of diamonds that were among the last stones taken from the mine.