Pink diamonds can fetch up to $3 million per carat, according to current ratesThe world's largest pink diamond mine has shut its doors after exhausting its reserves of the expensive gems, global mining giant Rio Tinto said Tuesday. The Argyle mine, in the remote Kimberley region of Western Australia, churned out more than 90 percent of the world's pink diamonds -- sought after for their incredible rarity. Read MoreThe seam was discovered in 1979 and the Anglo-Australian firm began mining operations there four years later. Over the past two decades, the value of pink diamonds has risen by 500 percent, Rio Tinto's Sinead Kaufman told public broadcaster ABC. Diamonds are typically clear, but jewels such as those mined at Argyle become pink through extreme heat and pressure during their creation.

Source: Standard Digital November 03, 2020 10:18 UTC