Pink Diamond Prices Could Surge With Closure Of World's Largest Diamond Mine
Anna Golubova Sunday July 14, 2019 22:05
Kitco News
(Kitco News) - Rio Tinto will be shutting down operations at the world’s largest diamond mine, which is famous for its rare pink and red diamonds.
Production will halt before the end of next year at Rio’s Argyle mine located in Western Australia about 1,600 miles northeast of Perth, Bloomberg quoted the company’s head of copper and diamonds Arnaud Soirat as saying on Friday.
The reason for the closure is the exhaustion of economically viable gems at the site, the company said.
“There is going to be a fair bit of supply which is going to come out of the market,” Soirat said. “In late 2020 we’ll be stopping operations and will start the rehabilitation of the site.”
The closure of the mine, which has been in operations for almost four decades, could see diamond prices surge.
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