Pink Diamonds Might Steal Gold’s Throne
Last month, an event hosted in Hong Kong introduced jewelry investors and makers to a rare collection of diamonds collected from Rio Tinto’s Argyle mine located in Western Australia. Guests were hand picked to attend the event and were given the chance to view the gorgeous pink diamonds displayed. Attendees were the best and the brightest in the jewelry industry including jewelry manufacturers, prestigious collectors and investors.
Rare and Expensive Pink Diamonds
Pink diamonds are a mere 0.01 percent of the yield from the Argyle diamond mine, but will still make up an astounding 90 percent of the pink diamonds on the market. The rarity of the gems will be seen in the pricing of the gorgeous diamonds. As an estimate, buyers can expect to pay about twenty times more than the price of white diamonds of the same size. A carat of the pink diamond from the Argyle collection can cost an estimated $1 million dollars.
The colored diamonds are touring for a month before being put up for auction. Bids will be accepted until early October and it’s expected for the pink diamond collection to fetch millions. The smallest diamonds in the collection are 0.20 carats while the largest of the gems top off at 3.02 carats. The highlight of the tender was certainly the 3.02 carat pink diamond named the Argyle Imperial. The total carat weight for the diamond set is 54.99 carats.
Chinese Diamond Market Growth
The excitement over the prestigious pink diamonds has validated the market need for rare and exclusive gems. Buyers are not only looking for something unique to give as gifts, but also for personal ownership. The diamonds from the mine will most likely sell the most in the United States. The owners of the mine have named the US as the primary market for rare and collectible gemstones.
However, the Chinese market is growing and more demand for pink diamonds is expected to continue in the country. The middle-class in the country is expected to pick up more and more gemstones as their economy booms. Currently, diamond buyers in China make up five percent of the global market. However, by 2020 that number is expected to increase to 20 percent.
Colored Diamonds Versus Gold
The tour is another example of how pink and other colored diamonds have been taking a good share of the gold market. Hong Kong was the final stop for the showcase highlighting the pink diamonds, but the diamonds were also shown in Perth, Sydney, Tokyo and New York. They have generated a lot of interest because of the different fashion designs that can be made from the pink gemstones. Female populations are the target audience and fun and fashionable studs and rings are expected to draw buyers.
Although interest in gold has waned some as more buyers go for rare finds, it has seen surges along with losses over the course of the year. The value of gold may continue to decrease as the pink diamonds enter the marketplace.
Pink diamonds are fun and hip and will certainly appeal to buyers who want a feminine and unique piece for their collections.
