The Sydney Morning Herald is reporting that Rio Tinto, the largest mining company in Australia has unearthed a huge 12.76 carat pink diamond, similar they say, to the one given to England’s Queen Elizabeth as a wedding gift just after WWII. NPR says the diamond is likely worth millions, and Briton’s The Telegraph writes that its size, color and clarity make it a once in a lifetime find.
Rio Tinto has already christened the diamond with a name, the Argyle Pink Jubilee, and reports that it was found in the Kimberley region of western Australia and that it would take at least ten days to cut and polish it. The company, which produces more than ninety percent of pink diamonds, says that most big diamonds that it finds typically wind up in museums or go to wealthy collectors. The final destination of the Argyle Pink Jubilee has yet to be decided, but it will no doubt fetch an enormous amount of money. The Telegraph says it will likely go for roughly £7 million. To make sure they get as much as possible the paper adds, Rio Tinto will likely take it on tour for at least a year before putting it up for auction. That way many prospective buyers will get to see it first hand, plus, its beauty is likely to generate a lot of buzz that could up the price as well. On the other hand, CNN is reporting that attempting to guess the selling price of a diamond before it’s been cut and polished makes little sense, because until that happens, no one knows how much of the diamond will wind up as the gem for sale.
The Argyle Pink Jubilee is the largest pink diamond ever found in Australia, and thus besides it’s intrinsic value, there is also some nationalistic pride at stake. And because they are rarer than white or clear diamonds, they are considered more valuable regardless, plus, as NPR notes, people are just enamored by the beautiful pink color and the brilliant reflections that go on when it’s exposed to light. Not that such a diamond is likely to see much of that since such expensive gems are rarely worn to any but the most special occasions by those that can afford to buy them. Insurance coverage will only go so far.
The Herald notes that Kristy’s the big auction house, has only ever auctioned off 18 pink diamonds in its entire 244 year history.