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The future of the Australian diamond sector is now heavily reliant on exploration, with firms vying to make another large discovery. Click here to read part one of this article, which covers t he closure of the Argyle diamond mine. When the mining equipment permanently shut down at Western Australia’s Argyle mine in November 2020, the country’s diamond sector entered a transitional period. As the world’s fourth largest diamond-producing asset shuttered, domestic output of the gems instantly declined by as much as 90 percent. The future of the Australian diamond-mining sector is now heavily reliant on exploration, with several companies vying to discover another formidable source of rare diamonds. ....
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The unique geological chemistry of the Western Australia location birthed the rarest hues, including champagne, cognac, blue, violet and of course the coveted Argyle pink and red diamonds. Pink and red diamonds are among the most special gems in the world. The value of these highly sought-after natural stones speaks for itself, but their rarity has arguably increased since the closure of Rio Tinto’s (ASX:RIO,LSE:RIO,NYSE:RIO) Argyle mine. The asset, which ceased mining activity on November 3, 2020, had been in operation since 1983. In that time, 865 million carats of rough diamonds were produced. The unique geological chemistry of the Western Australia location birthed the rarest hues, including champagne, cognac, blue, violet and of course, the coveted Argyle pink and red diamonds. Millions of carats of white diamonds were produced at the prolific property as well. ....