Image credit: Rio Tinto
The demand for Argyle pink diamonds in India has gone up almost three times compared to last year. The country’s high net worth individuals (HNWI) are rushing to grab an Argyle pink diamond before Rio Tinto’s Argyle mine in Australia closes down operations by the end of the year.
According to Indian diamond traders, there are business families and HNWI from places like Mumbai, Bengaluru and Hyderabad who are aware of the rarity of Argyle pink diamond and are keen to own one.
Besides being a collector’s item, pink diamonds are a valuable investment too. Every year, the price of the Argyle pink diamond has witnessed double-digit growth. And once the availability dries up, prices are expected to shoot up further.
The price of Argyle pink diamond starts at $15,000 a carat and can go up to $1 million depending upon the size and clarity. For almost 40 years now, the Argyle diamond mine in Kimberley, Western Australia has been producing about 90% of the world's most coveted pink diamonds. With no new diamond mines been discovered in the past few years, the desire for natural diamonds has only increased.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
