Argyle diamond mine closes but legend lives on
The legendary Argyle diamond mine in Western Australia has delivered its final stone.
The legendary Argyle diamond mine in Western Australia has delivered its final stone.
More than 40 years after the discovery that defied geological understanding and which eventually turned the global diamond industry on its head, the Rio Tinto-owned mine has been officially closed.
Argyle’s last day of mining came after 37 years of operation, producing more than 865 million carats of rough diamonds.
Argyle was Australia’s first, biggest, and last diamond mine. Arnaud Soirat, Rio Tinto’s chief executive copper and diamonds, paid tribute to the “courage and determination” behind its story.
“Today Argyle’s influence stretches into many spheres and over many continents and I am very proud to acknowledge all those people who have contributed to the discovery and development of the mine and the production of some of the finest diamonds the world has ever seen,” Mr Soirat said.
Closing and dismantling the mine and rehabilitating the area is expected to take about five years.
The Argyle mine was responsible for breaking the De Beers diamond monopoly in 1996, ushering in a new era of affordable diamonds as the lower-quality stones that made up the vast bulk of its production found new consumer markets.
At the same time, Argyle’s famous high-quality pink diamonds have become an increasingly valuable commodity among the world’s super-rich.
The mine is the source of about 95 per cent of the world’s pink diamonds, with the annual auction of the very best pinks from Argyle often fetching millions of dollars per carat for individual stones.
Prices for the Argyle pinks have increased by more than 500 per cent since they were first marketed in 1983.
Speaking at Argyle to mark the formal closure, general manager Andrew Wilson said the “iconic” mine was a “wonderful” Australian success story.
“Today is a significant day in Argyle’s history, in Australian mining history, and indeed in the history of the global diamond industry,” Mr Wilson said.
“Fifty years ago there were very few people who believed that there were diamonds in Australia. Even fewer could foresee the Argyle story as it has evolved — what dreams, inspirations, surprises and intrigues would come into play over four decades.”
Olivar Musson, from Musson Jewellers in NSW, said the Argyle pink diamonds were already one of the most concentrated forms of wealth in the world and would only become more desirable after the mine’s closure.
“It’s a very emotional thing to have worked with so many extraordinary Argyle pinks, for so many years, and to know there will be no more,” Mr Musson said.
“It’s an incredible moment in time, and it makes the pink diamonds that came from the Argyle mine all the more special.”
Jewellery historian Vivienne Becker said Argyle pinks would emerge in another decade “as the new Faberge egg, the thing jewellery myths are made of”.
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