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By Amber Michelle
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Posted: 04/01/08 03:25
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RAPAPORT... In the world of colored diamonds, pinks are one of the most prized colors. Their beauty and rarity make them highly coveted by collectors and connoisseurs. Pink diamonds are a treasure revealed at unexpected moments and in unexpected places, with one exception: the Argyle mine located in northwestern Australia.
Best known for its steady supply of small, off-color goods, the Argyle mine made its name when it took those stones and cleverly promoted them as champagne diamonds. Then, to play more fully into the brown tones produced by this mine, designers began touting the gems as cognac, chocolate and other names that conjured up delightful visions in the minds of consumers. Hiding in the midst of these gems is something even more desired: pink diamonds. The Argyle mine has consistently produced a small number of these rarities each year — less than one-tenth of 1 percent of the total mine output — adding cachet to the mine, as well as cash to its bottom line. In 2007, the Argyle Pink Diamond Tender was comprised of 65 stones, which combined weighed a total of 62.2 carats.
“Before the existence of the Argyle mine, there were random pink diamonds that had strong color saturation from Brazil or Africa,” says Alan Bronstein, colored diamond authority and principal of Aurora Gems in New York City. “Argyle has made available super-saturated pink stones from melee to 2 carats on a consistent basis.”
Larry West, a colored diamond dealer whose New York firm L.J. West Diamonds Inc. is a major buyer of Argyle pinks, agrees that the colors produced by the Argyle mine are extraordinary. “The intensity of the color is by far greater than any other mine. Over 95 percent of the darker pink stones come from the Argyle mine,” estimates West. “The colors are amazing. You’ll only get one or two vivid pinks a year in the rest of the world.”
THE TENDER
Knowing the rarity of what they have, the executives at the Argyle mine decided to promote pink diamonds to the trade in a way that fit the stones’ exclusivity — through an invitation-only tender where clients may view and bid in private. “The first Argyle Pink Tender commenced in 1985 in Geneva and at the time was recognized as an innovative marketing technique,” says Jean-Marc Lieberherr, general manager, Rio Tinto Diamonds.
Currently, the tender travels to six cities — London, Geneva, Hong Kong, Tokyo, New York and Sydney — where it is viewed by top diamantaires, jewelry manufacturers and luxury retailers. Only about 100 guests worldwide are invited to the viewings. The tender showcases pink diamonds of 0.50 carats and larger with exceptional hue and intensity found at the mine each year, the number of which is anywhere between about 50 and 65 stones. Those that don’t make the cut are sold outside the tender.
“The average pink diamond from the Argyle mine production is very small — 0.01 carats — and light in color. The most exceptional pink, red and violet stones are selected for sale by annual tender,” explains Lieberherr. “Specialist diamond cutters and polishers assess every diamond produced during the year and reserve the best for consideration for the annual tender.”
WHAT MAKES PINK?
Scientifically speaking, a pink diamond gets its color from a distortion in the stone’s internal molecular structure, either following its formation in the earth’s mantle or during its rise to the earth’s surface. But local Australian legend tells another story. The Aboriginal people, who are the traditional owners of the Argyle mine lease area, believe that the mine was created when three women were trying to catch a barramundi fish. The fish was very smart and jumped through their net, landing on the site where the mine is now. The Aboriginals believe that the colors of the Argyle mine diamonds come from different parts of the fish as it wiggled its way through the net. Pink diamonds come from the heart of the barramundi.
Besides being identifiable by their strong colors, a majority of Argyle diamonds tend to have some blue fluo-rescence. The stones’ body color tends to have a purplish secondary color and distinct color graining, making them easily recognizable to colored diamond experts. “The fluorescence doesn’t affect these stones because the color is so strong,” observes West. “It is more of a specification of a stone from that mine.”
MAKING THE CUT
The rough stones are made into the treasures that are on the market due to the craftsmanship of a talented team of markers, bruters, polishers and laser cleavers. They work in a state-of-the-art facility in Argyle’s Perth offices in Western Australia. Taking these stones from rough to polished is a highly skilled craft and there are only a few experts in the world qualified to work with these stones.
“I have been polishing the vast majority of Pink Diamond Tender stones for the past 15 years,” says pink diamond polisher Dave Burger. “It takes nerves of steel when you start polishing the larger pinks that might end up in the tender.
I like to think of what I do as an art — taking the rough stone and determining the best shape to cut it to bring out the brilliance of the stone.”
SETTING THE PRICE
These stones sell for astounding prices. While Argyle will not reveal what the gems sell for at the tender, dealers tell part of the story, while noting that pricing is very subjective. “Argyle sets the benchmark for the price of smaller pinks and rare red and the violet diamonds that they get,” says Marc Lazar of the New York–based firm bearing his name.
Prices vary dramatically for these stones. However, dealers find that an approximate price range for pink diamonds from the Argyle mine between 0.50 and 2 carats wholesale is between $20,000 to $1.5 million per carat, depending upon how highly saturated and pure the color is in the stone. “Each diamond offered at the tender is rare and individual,” concludes Leiberherr, “rather like a piece of art.”
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