Rio Tinto discovers Australia’s biggest rough pink diamond at Argyle

21 February 2012

Australia’s biggest pink rough diamond has been discovered at Rio Tinto’s Argyle mine, the world’s largest producer of rare pink diamonds.

The 12.76 carat diamond was unearthed at the Argyle open pit in the East Kimberley region of Western Australia.

The diamond will be known as The Argyle Pink Jubilee.

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Diamond Prices will go UP!! in the next 1-5 years !! (sell all gold now!)

Diamonds may not be a girl’s best friend during the next four years thanks to rising prices. The increase is expected to surpass gold (NYSEARCA:GLD) prices.

According to analysts, with the increased spending on luxury goods in China (NYSE:FXI), India (NYSE:IFN) and the Middle East, this could outpace the supply of this high-priced gem.

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DIAMOND PRICES - strong recovery after the economic crisis

EXTRACT:- ...unlikely that a significant new diamond deposit will be discovered & commercially developed in the next 10 yrs

Diamond Demand To Increase 6% year until 2020 Bain&Co

Diamond demand will far outpace the annual 2.8 percent supply growth, which is likely to create a structural shortage in the industry. This indicates a possibility of price increases, especially in the luxury market where there are larger-carat diamond segments, according to findings from a study from Bain & Co.

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