Luxury jeweller Linneys launches Argyle Pink Quokka using last remaining pink diamonds from Rio Tinto mine

The world’s rarest diamonds have been crafted into three pink quokkas by Perth-based luxury jeweller Linneys, with each one expected to sell for more than $500,000.

Linneys creative director Justin Linney said the Argyle Pink Quokka was the jeweller’s boldest creation yet.

The last remaining pink diamonds mined at Rio Tinto’s famed Argyle diamond mine are for sale, having been crafted by Perth jewellery maker Linneys into three unique creations worth more than $500,000 that pay homage to Western Australia’s beloved quokka.

Argyle pink diamonds are the rarest diamonds in the world and the closure of the mine in November 2020 has reduced global supply by 99 per cent, with no other consistent source of rare pink and red diamonds left.

The Argyle Pink Quokka is one of the most ambitious creations undertaken by a local designer and uses some of the last remaining Argyle diamonds. Linneys was founded in 1972 by Alan Linney and is now overseen by his sons, Justin and Troy.

Linneys creative director Justin Linney said the Argyle Pink Quokka was the jeweller’s boldest creation yet; each of the three is priced at more than $500,000, and is a tribute to the quokka, to Argyle pink diamonds and to Rottnest Island. It is a fusion of 3.39 carats of pink diamonds, set with 10.96 carats of white and Argyle champagne diamonds, and about 280 grams of 18K yellow and rose gold.

The piece is a tribute to Argyle pink diamonds, the quokka and Rottnest Island.

“It is a significant investment and undertaking, and certainly a risk, but it is how my father Alan has always run the business. If you do the same as everyone else then you get lost in the crowd,” he said.

“We are renowned for working with pink diamonds so we wanted to use some of the last remaining diamonds to do something that has never been done before and tells a story.”

The scarcity of the coloured stones and the finite life of Argyle have driven an extraordinary surge in prices for the gems in recent years, and investor interest has only grown since Argyle’s closure.

Rio Tinto has seen the value of high-quality Argyle pink stones increase more than 500 per cent since 2000, outpacing international equity indices along the way. This year, The Argyle Phoenix, a 1.56-carat fancy red diamond was sold to UK jeweller Lawrence Graff for a world record price – more than double its estimate.

Mr Linney said year-on-year appreciation was 10 to 30 per cent depending on the piece.

Rio Tinto diamonds general manager, sales, Patrick Coppens said the Argyle Pink Quokka was a rare collectable not done before and unlikely to be repeated.

“We have a very small quantity of polished inventory unearthed in the final months of mining in 2020 that still remains,” he said.

“Since the closure, demand for Argyle pink diamonds has remained incredibly strong, defying the ebb and flow of market cycles and with a price trajectory driven by collectors, luxury jewellers and natural fancy-coloured diamond connoisseurs wanting to acquire something truly incomparable.”

The Argyle Pink Quokka.

The interest in getting hold of the Argyle pinks comes across the board, from mums and dads looking to squirrel one away into their self-managed superannuation funds, others selling houses or businesses to acquire them, and the super-rich who are prepared to spend millions on the diamonds.

The Argyle Quokka was the result of a 12-month project and such was the secrecy that only a handful of Linneys staff knew of it before the launch this week. It remains to be seen who the buyers might be, but Mr Linney said they could be business, art or jewellery collectors or investors.

He said the wearable component as a pink diamond necklace cast the net wide amid booming demand in the high-end luxury space for rare pieces. This is in part why Linneys has opted to remain focused on Perth to add to the exclusivity.

The business was founded in 1972 operating out of Perth’s London Court and has three outlets across the city including at its headquarters in Subiaco. It remains one of the few retail and jewellery businesses that continues to design and manufacture pieces on Australian shores, as it is now common in the industry to turn to international wholesalers for stock.

“The more common business model in the jewellery industry now is if you’re a retailer, you buy jewellery from other design houses or suppliers. We really want to retain the manufacturing element of our business because it really underpins our point of difference,” Mr Linney said.

He added that Linneys has trained more than 20 apprentices in jewellery making, which allowed it to stand apart from its competitors.

“If someone brings a bespoke design, I would follow that piece all the way through, which would not be the case if it was sent overseas,” he said.

“Australians want to buy products made locally, and our clients like that quality control, especially when bringing in an heirloom ring. Knowing that diamond isn’t leaving the premises is really important.”

The reporter travelled to Perth as a guest of Linneys.