Diamonds may be a girl’s best friend, but when the pink diamond enters the room, all loyalties go out the window. Take a look into the story behind this rare beauty

As an expression of luxury, pink diamonds are extraordinarily desirable. Geologically speaking, they were formed over one billion years ago and today are mostly found in one solitary mine, Argyle, in Western Australia.It was here they were unearthed by chance in 1979 when a geologist spied a diamond embedded in an anthill. Since then, pink diamonds have come to be the most elusive and valuable of their kind. While the world’s supply is almost exclusively unearthed at Argyle, they constitute less than one-tenth of one per cent of the diamonds mined there—truly rare gems. So much so that an entire year’s worth of Argyle pink diamonds will fit neatly into the palm of a connoisseur’s hand. The value of that scarcity is what drives today’s elite jewellery markets and shows why pink diamond pieces represent the apex of rare jewellery.

This month, the annual Argyle pink diamond tender takes place with viewings in Sydney, Hong Kong, New York and Perth. Invitations are highly sought after: around 150 bidders from the rarefied world of collectors, diamantaires and fine jewellery houses. This year’s Connoisseur’s Collection offers 65 GIA graded diamonds with a total weight of 44.14 carats, including five ‘hero’ diamonds of outstanding quality and clarity.

“Each year we are dealt a hand by Mother Nature and this year whilst the yield is consistent with past years, there is an exceptional depth of colour,” says Josephine Johnson, manager for Argyle Pink Diamonds. This year’s standout piece is the Argyle Prima, a rare red diamond attracting global interest. The names of this year’s gems are inspired by Argyle’s partnership with The Australian Ballet and include the Prima, Aurora, Allegro, Spectre and Élevé. The Élevé in particular is a wonder, an intense pink emerald-shaped stone; the Prima is a 1.20 carat pear-shaped red diamond—the largest fancy red diamond of SI clarity ever offered at tender.

Buying a pink diamond is no easy process. Anyone fortunate enough to make the coveted invitation list (after passing a rigorous security and integrity test), is obliged to bid. They can try for  just one or multiple gems—some want the entire collection. Despite
bids frequently exceeding the seven-figure mark, international demand for pink diamonds only seems to grow. For the past 25 years, starting in Antwerp in 1984, Argyle has used the closed tender process as the only way to obtain these rare gems. After initial viewings, sealed bids are placed before the closing date of October 21 and the highest bid wins.

“There is an increasing appreciation for the rarity of Argyle pink diamonds and as such, a desire for the full range of colour—from a very rare red diamond as a collectable, to a small light pink as an accent diamond,” Johnson says, noting that bidding is always intense. In recent years, Argyle has seen its markets move beyond the traditional Australian, US and European base to increasing demand from China, India and Taiwan. New markets dictate new designers and refreshing approaches to jewellery design infusing the gems with influence from East and West: Hong Kong-based jeweller Chow Tai Fook combines pink diamonds with jade; Indian designer Nirav Modi pushes traditionally inspired art and technical craftsmanship; gems increasingly appear in Japanese bridal jewellery as a solitary diamond in the band. In Australia, Jürgen Kammler of Paspaley Pearls says many pink diamond clients prefer conservative settings with a classic, enduring appeal.

Rio Tinto Diamonds Managing Director Jean-Marc Lieberherr, once described the pink diamond as a true “connoisseur and investor market”. Indeed, Argyle’s market tracking reports reveal that tender quality diamonds outperform major stock market indices and investors and collectors are drawn to the pink diamond’s rarity as a safe haven during times of market volatility. Not to mention that a pink diamond is infinitely more beautiful than any share portfolio could ever hope to be.

**In our print issue, October 2015, we incorrectly stated that the Prima red diamond was the largest offered at tender, it is the largest of SI clarity ever offered at tender.

Jean-Marc Lieberherr is Managing Director, Rio Tinto Diamonds

Words: Stefan R M Lancy