World's most precious diamonds go on sale

Location: Antwerp

Rio Tinto's pink diamonds prepare for the world stage

ANTWERP, AUGUST 21, 2008 - Diamond experts and high society figures around the globe are preparing for the 24^th annual Rio Tinto Argyle Pink Diamond Tender to be held in Perth (August 21 - 22, 2008), New York (September 2 - 5, 2008), London (September 9 - 11, 2008) Hong Kong (September 15 - 20, 2008) Tokyo (September 24 - 26, 2008) and Sydney (October 1 - 2, 2008 )

The world's most exclusive diamond sale will feature 65 of the world's rarest pink diamonds from the Argyle mine in Australia - the world's main source of pink diamonds with an unparalleled depth of colour and quality. With Argyle mine supply currently predicted to run out by 2018, the rarity and exclusivity of these earthly treasures has enhanced their image as both a key investment option and a must-have.

This year's Tender promises to be one of the most exciting to date with the collection featuring, for the first time in seven years, a captivating heart shaped pink diamond. There are also a number of highly sought after Purplish Reds, Intense and Vivid Pinks and three rare Violets that add to the vibrancy of this collection. In total this collection showcases 62.46 carats of diamonds with 30 diamonds more than one carat in size.

Excitement around the Pink Diamond Tender is understandable. With its life now limited, this much anticipated event is growing in importance for connoisseurs of the rare and exquisite. This year, for the first time, Rio Tinto has bestowed names on what it considers to be the two "hero" stones from the collection. Aphrodite, a spectacular 1.01 carat round purplish red takes its name from the Greek Goddess of Love and Passion whilst Ocean Seer, a 1.41 rare violet stone, symbolises ancient wisdom and serenity.

Since the first pink diamonds were recovered from the mine in 1985, demand for these exceptional gems has attracted a coterie of elite and discrete buyers including royalty, heads of state, celebrities and other very wealthy individuals. Raj Kandiah, general manager Argyle Pink Diamonds explains, "This is nature at its very best. The rarity of these gems and their intense colour and energy, continues to excite passions among all who see them. Rio Tinto's commitment to this unique product has been demonstrated in the development of an underground mine at Argyle and continued investment in its dedicated, state-of-the-art cutting and polishing factory in Perth."

Pink diamonds from the Argyle mine are dated at approximately 1.6 billion years old and it is a painstaking endeavour to recover these rare gems from the ancient earth. According to Raj Kandiah, "even those who have worked with diamonds for many years will tell you that unearthing a pink diamond is a special event. Each Argyle pink diamond is one of a kind, with its own story to tell. "

The pink diamond jewellery market has grown in popularity and is now worth hundreds of millions of dollars as the desire to own the rarest has sent prices skyrocketing. Pink diamonds are worth approximately 20 times the cost of the same size white diamond. However, the sky is the limit when it comes to Rio Tinto's Argyle Signature Stones - each diamond is so unique that it warrants an individual price tag.

Despite demand, attendance to the Pink Diamond Tender is restricted to around one hundred key clientele from around the world who will personally view the diamonds in a secret location in Sydney, Tokyo, London, Hong Kong, New York or Perth. Due to the high security required for the Tender, the exact location is not revealed to bidders until the very last minute. Bids are confidential and the names of successful bidders and the values achieved are not disclosed. Those that are successful will be notified personally in October.

International Pink Diamond Tender Press Release [PDF: 67 KB]