A 0.94-carat pink diamond from Rio Tinto’s final collection from the now-closed Argyle mine is going under the hammer at a historic auction in Australia. 

First State Auctions said this is the first time that a diamond, first sold at the last Argyle Pink Diamond Tender in 2021, which was also Rio Tinto’s ultimate Argyle diamond collection, is offered at a public auction. The Argyle diamond mine, owned and operated by Rio Tinto, closed in 2020.

“This presents an unparalleled opportunity for collectors and connoisseurs of fine gemstones,” noted the auction house.

The fancy intense pink VS1 clarity diamond is accompanied by a certificate from the Gemological Institute of America and is estimated to sell between A$700,000 and A$800,000 (around US$458,000 to US$524,000).

“This diamond is not only a testament to the exceptional quality of Argyle diamonds but also a piece of history. The closure of the Argyle diamond mine has made these diamonds even more sought after, as no new Argyle tenders will ever be released,” the company noted. 

The auction also features five other important Argyle diamonds under instructions from the executor for the Estate of the late Loloma Jewellers founder. These include a 0.33-carat round brilliant cut Argyle pink; a 0.50-carat radiant cut Argyle pink; a 1.14-carat emerald cut Argyle pink; a 1.14-carat round brilliant cut Argyle pink; and a 1.00-carat radiant cut Argyle pink.

The auction will run until August 11, 2024.