Sunday, Apr 19, 2015Sunday, Apr 19, 2015

Rio Tinto puts four rare 'red' diamonds on market

Published on Aug 13, 2014 4:26 PM

SYDNEY (AFP) - Rio Tinto has unveiled a record four extremely rare "red" diamonds in an exclusive annual sale, with the miner saying there was growing interest in the jewels as collectibles and alternative investments.

The diamond tender, with stones sourced from Rio's Argyle mine in Western Australia, will comprise 55 diamonds, including 51 pink and purplish reds and four fancy reds.

The "hero" jewel at the centre of the sale - in its 30th year - is the Argyle Cardinal, a 1.21 carat radiant cut fancy red named after a small, northern American bird.

The jewels routinely fetch US$1-2 million (S$1.25-2.5 million) a carat. As a basic rule of thumb, pink and red diamonds are worth about 50 times more than white diamonds.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!