TORONTO, March 31, 2017 /PRNewswire/ -- Between questions over what lies ahead for the Argyle diamond mine and the rarity (and increasingly high prices) of the fancy pink diamonds the mine produces, anticipation over the 2017 Argyle Pink Diamonds Tender is on the rise, even though the exclusive event is months away.
"Every year, this invitation only-event is a chance to appreciate and bid on some of the rarest colored diamonds that have come from the Argyle Mine," said Michael King, Director of Trading at Toronto's Paragon International Wealth Management, which is a leader in acquiring and managing fancy colored diamonds.
King added that questions over the Rio Tinto Group's diamond business in general with last year's leadership change is heightening interest in this year's tender. In July 2016, Jean-Sebastien Jacques took the top spot of the world's second largest mining company, amid widespread speculation he'd sell or spin out the company's diamond business. In December, though, he told Reuters it was a candidate for expansion.
And future availability of the rare pink diamonds (and its influence on prices) continues to create buzz, Paragon International Wealth Management's Michael King said. This has been an ongoing topic, with questions over the "near exhausted" mine's future. Still, the closure date for the Argyle mine keeps being pushed out (now to 2020) and diamond prices keep rising.
Just by themselves, the rarity of the showcased diamonds and historic price peaks achieved at last year's Argyle Pink Diamonds Tender make the event worth the price of admission.
The Argyle mine is the source of 90 percent of the world's high quality pink diamonds, with fewer than 1 percent of those found at the mine graded this color. The best diamonds the mine produces each year are saved for display at the annual tender.
In 2016, the "Chroma Collection" showcased 63 rare pink, red and violet diamonds, and Rio Tinto said the stones comprised the highest quality, size and color composition in the tender's 32-year history. Among the highlights, the 2.83-carat Argyle Violet, the largest and most valuable violet ever produced by the Australian Argyle mine.
Unlike other auctions, bidders do not know what others are bidding for the same diamonds. Only a single bid is allowed on each diamond, and the highest bidder takes it home.
The 2016 tender, held in October last year, achieved the highest average price per carat since the Tender began in 1984, according to Rio Tinto. The company also said that in the last 15 years, the Argyle Pink diamonds sold at tender have appreciated by more than 300 percent.
ABOUT PARAGON INTERNATIONAL WEALTH MANAGEMENT INC.
Paragon International Toronto provides its clientele with unparalleled advice and guidance in assembling a successful hard asset investment portfolio. Over the last several years, fancy colored diamonds have shown significantly higher profit margins compared to other hard asset investments. Paragon International Wealth Management's combined experience in the colored diamond market enables clients to achieve the highest possible annual returns on their investments.
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SOURCE Paragon International Wealth Management Inc.