Editor’s Note
The closure of Australia’s Argyle mine in 2020 marked the end of an era for one of the world’s most significant sources of rare pink and red diamonds. This article explores the unique geology and enduring legacy of these extraordinary gems.
The Argyle mine, located in the east Kimberley—one of Australia’s most remote, mineral-rich regions—holds a unique position in global diamond mining history. Unlike most mines, which predominantly yield colorless stones, the Argyle mine’s lamproite volcanic pipe hosted an extensive deposit of colored gems—notably the coveted Argyle pink diamonds and the even rarer Argyle red diamond.
LAMPROITE PIPE FORMATION: Instead of the classic kimberlite pipes, Argyle’s stones formed within lamproite—a rare volcanic rock. This geological uniqueness is responsible for the mine’s unparalleled diversity of colored diamonds.
COLOR ORIGINS—STRESS & LATTICE DEFORMATION: The distinctive pink and red hues result from unusual stress and deformation in the diamond’s crystal lattice during formation—imparting the vibrant hues that have become synonymous with Argyle.
RARE STATISTICS: Pink diamonds made up less than 0.1% of all diamonds mined globally. True red diamonds are even rarer; in fact, only a handful have ever been discovered and sold, with most attaining millions of dollars per carat at auction.
Such extraordinary geological conditions could not be artificially replicated. This makes each Argyle pink and red diamond a true natural marvel and ensures their legacy within the global gemstone industry is secure for generations.
| Impact Area | Pre-Closure Estimate | Post-Closure Estimate | Notable Change or Trend |
|---|---|---|---|
| Market Price Trends | ~$500,000 per carat (avg. high-color Argyle pink, 2019) | >$2.5M per carat (2025 premium examples) | Surged; >400% increase, record-setting auctions |
| Rarity | 0.1% of global output; annual yield ~50 carats (pink) | Zero new annual yield (post-closure) | Supply finite; unmatched rarity |
| Collector Demand | High among connoisseurs; ~2,000 annual tenders | Frenzied, global bidding across auctions (2026+) | New provenance premiums |
| Global Supply | Argyle: >90% of world’s pink diamond supply | Other mines <5% of pink supply | Global scarcity, no replacement source |
| Auction Records | Top sales: $2–3M/carat for top pinks | 2025+: Up to $8M/carat (notably red) | Auction record shattered post-2020 |
| Industry Employment | >500 local jobs; ancillary support in Kimberley | Substantial reduction; workforce transition | Economic rebalancing in region |
| Synthetic Alternatives | Marginal market for synthetic pinks/red | Grown rapidly post-2020, still niche | Synthetic color saturation, but natural provenance valued highest |
The Argyle pink diamonds have always commanded attention in the luxury gem market. However, the closure of the Argyle mine in 2020 and subsequent cessation of production transformed the pricing landscape globally:
EXCLUSIVITY FACTOR: The supply of new Argyle pink diamonds is now essentially zero, driving an unprecedented spike in market prices and premiums for stones with proven Argyle origin.
AUCTION RECORDS: In 2025, top-quality Argyle red diamonds and vivid pinks have fetched millions of dollars per carat at international auctions.
COLLECTORS’ GOLD: Authentic Argyle provenance now adds immense value to both newly-certified and historical pieces, outpacing the general growth in colored gem prices.
The legacy of Argyle pink and red diamonds thus continues to influence market benchmarks, redefining the upper echelons of luxury gemstones into 2026 and beyond.