Argyle Diamond Mine Closure

Finally – after 37 years of operation the Argyle Diamond Mine has ceased production

So last month, on the 3 November 2020 – it was the US election, my son’s first WACE exam, should have been my mum’s 72nd birthday and the Argyle Diamond Mine ceased production. Quite a eventful day in the world and in my life personally. Having specialised in coloured diamonds since the beginning of my business 13 years ago we knew this day would come. We pride ourselves on our range of blue, pink, and champagne diamonds from our mine here in Western Australia. It’s always been a source of pride that we have the best pink diamonds in the world right here in our own backyard.

So what does this mean for my business? Well for a week or two things got VERY hectic. We had a lot of enquiries and we were checking in with our main suppliers to try to keep up with demand and get a feel for how much stock is still out there. With regards to the beautiful Champagne Diamonds we can foresee a good supply for the next couple of years. I imagine certain colours/shapes will become more scarce but I feel confident or pretty good supply for the near future.

Blue diamonds – well these were super rare even before the closure of the mine. Although they don’t have the popularity of the pinks, Argyle Blue diamonds are still highly sought after. We are not expecting to see many more blues come through in any size or shape which makes our Argyle Collectors Editions a good collectors item.

And then the pinks – well things are really steady with pink diamonds. The prices are steadily increasing the supply is steadily decreasing. We still expect to be offered new diamonds in the coming year but I think it will be price points that will be hard to find. The lower end in the 0.08 – 0.14 ct are just so popular and we can’t replace these at the same level as previously. Matching pairs in round are also proving very popular and difficult to find.

All in all it will be interesting next 12 months or so to see hoe things go. In my experience, demand is still high and prices have shown no sign of slowing. What happens in the future is anyone’s guess.

To read more about the closure in the media I have attached some links below:

https://www.abc.net.au/news/rural/2020-11-03/wa-argyle-pink-diamond-mine-closure/12840466

https://www.nytimes.com/2020/11/17/fashion/jewelry-diamonds-argyle-mined-lab-grown.html