The Telegraph reported that at its annual Argyle Pink Diamonds Tender, Rio Tinto plc (ASX:RIO,LSE:RIO,NYSE:RIO) will put the 1.56-carat Argyle Phoenix, the largest red diamond ever produced by its Australia-based Argyle mine, up for sale.
Rio Tinto is still looking to sell its diamond unit as Dominion Diamond and Anglo American seek to increase their exposure to the industry.
Reuters reported that Dominion CEO Robert Gannicott said the company has the means to buy the majority stake of Rio Tinto in the Diavik diamond mine if the price is right.
Colin Ferguson of Rare Investment believes that prices for brown diamonds will rise dramatically in the next five years.
Reuters reported that Rio Tinto’s inability to sell its diamond mines are indicators of a bigger issue in the industry with the world’s biggest miners tackling debts and carving out billions of dollars worth of assets without much success.
Colored diamonds may make flashy jewelry, but they are also a strong investment.
SMH reported BHP Billiton (NYSE:BHP) and Rio Tinto (ASX:RIO) are looking to sell their diamond mines and assets.
SMH reported Rio Tinto (ASX:RIO) says it has attracted strong interest from Asian and European buyers at its annual pink diamond sale.
Mineweb reported Sandvik Mining announced an order from Rio Tinto (ASX:RIO,TSX:RIO,NYSE:RIO) to provide advanced mine automation systems for use at the company's Argyle diamond mine.
Building a diamond brand could eliminate the need to fixate on price movements.
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