Rio Tinto donate world record pink diamond to museum

Rio Tinto is donating its massive pink diamond, found earlier this year, to a Melbourne museum.

Rio Tinto is donating its massive pink diamond, found earlier this year at the Argyle mine, to a Melbourne museum.

The diamond, which was previously 12.76 carats, has cut and polished down to a 'disappointing' eight carats, according to The West.

While it was estimated to be worth around $12 million, the cutting process has highlighted a number of internal flaws throughout the diamond, which have dramatically dropped its value.

The stone is believed to have had a single major internal fault line that put the stone at risk if cutting continued, so Rio decided instead to donate the partially finished stone to Museum Victoria.

Museum Victoria's Robin Hirst explained that Rio Tinto has a tradition of donating diamonds to the museum.

Rio initially found the rough pink diamond at its Argyle diamond mine in February this year.

It was cut and polished as a single stone by Richard How Kim Kam, who has worked for the miner for more than twenty years.

Kam began work on the diamond yesterday, after spending the past two months planning the cut, and will take nearly a fortnight to carry out the task.

"This rare diamond is generating incredible excitement. A diamond of this calibre is unprecedented – it has taken 26 years of Argyle production to unearth this stone and we may never see one like this again.

The individual who gets to wear this remarkable pink diamond will be incredibly lucky indeed," Argyle pink diamonds manager Josephine Johnson stated, according to Diamond News.

She went on to say that it is unprecedented in the company's history.

"It has taken 26 years of Argyle production to unearth this stone and we may never see one like this again."

While a price has not been set on the diamond, according to Johnson pink diamonds typically outperform white diamond prices and have been known to cost up to $1 million per carat.

One of the miner's previous high quality pink diamonds, the Argyle Mystra, was only 2.02 carats.

Museum Victoria's Robin Hirst explained that Rio Tinto has a tradition of donating diamonds to the museum.

 

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