Tiffany, the store, bought the diamonds straight from Rio Tinto, which uncovered the stones in the mine's closing days, according to a report that appeared in the New York Times on Sunday and an official announcement made by Tiffany on Tuesday morning.
The hoard is known as the "Tiffany Collection," and it contains one fancy red diamond in addition to fancy intense pink, fancy intense purplish-pink, fancy vivid pink, fancy vivid purplish-pink, and deep pink diamonds.
They range in size from 0.35 carats to 1.52 carats, which is a typical size range for the mine's most desired pink and purple diamonds; nevertheless, as Tiffany pointed out, there are two gems that are over 1 carat.
(The "Argyle Alpha," weighing in at 3.14 carats, was the vivid pink diamond that held the record for being the largest one ever offered in the Argyle Pink Diamonds Tender.)
Tiffany will not announce the amount of moneythat was spent on the buy, but brand President and Chief Executive Anthony Ledru did confirm to the Times that it was the jeweler's most important purchase of 2022.
According to the Times, the jeweler will only show the diamonds to a limited number of consumers during "global Tiffany high jewelryevents" for a short period of time. It has been stated that exhibitions of the diamonds will take place in New York City and in Doha, Qatar.
Additionally, Tiffany will incorporate pink diamonds in capsule collections, and there is a chance that some of these products will be included in Blue Book, the company's annual book of haute jewelry. In addition, Tiffany will use pink diamonds in a variety of other ways.
The Argyle Diamond Mine, which is located in Western Australia and launched alluvial mining operations in 1983, is slated to shut down in November of 2020, according to the current plans.
This will result in the cessation of a large source of naturally colored diamonds and the removal of a total of 11 million carats from the market. This is roughly equivalent to 10 percent of the total supply of diamonds worldwide.
Despite the fact that the vast bulk of its output consisted of brown diamonds, Argyle became famous for the brilliant pinks, reds, and purples that were found in its goods.
Each year, in advance of the Argyle Pink Diamonds Tender, Rio Tinto exhibited the finest pink diamonds that Argyle had to offer by taking them on a tour throughout the world.
The extremely saturated stones, over the course of time, became highly desired collectors, leading their prices to go through the roof and giving them a moniker all their own, quite literally. This caused their prices to skyrocket.
Rio Tinto kept the "Argyle Pink Diamonds" brand even after the mine it belonged to was shut down.
Pink Argyle Diamonds
Rio Tinto has never disclosed the prices that were paid for individual stones or the totals from any of the tenders.
However, in the year 2020, the miner stated that the value of Argyle pink diamonds had increased by more than 500 percent over the previous 20 years, outperforming all major equity markets.
Tiffany's Chief Gemologist Victoria Wirth Reynolds stated that the collection that Tiffany purchased demonstrates the spectrum of colors that Argyle produces and is in line with the retailer's goal of being able to tell customers the precise origin of their diamonds.
Not only are they incredibly rare, but these diamonds also align perfectly with our Diamond Craft Journey initiative, whereby we provide our clients information on the provenance—or the region or countries of origin—for every newly sourced, individually registered diamond that we set in jewelry.- Victoria Wirth Reynolds
It is the first time that Rio Tinto has selected and named a bespoke collection in honor of a jeweler. The collection, which consists of 35 diamonds, was given the moniker "Tiffany Collection."
Sinead Kaufman, chief executive of Rio Tinto Minerals said:
We are delighted that this collection of rare Argyle Pink Diamonds, with their extraordinary Australian provenance and a story that began one-and-a-half billion years ago, are now entrusted to the unrivaled craftsmanship of Tiffany & Co.- Sinead Kaufman