Pandemic Boosts Sales of Pink Diamonds

A rare pink diamond is handled by a Rio Tinto Diamond employee during a private viewing of 65 pink diamonds that are going on sale during the annual Rio Tinto Diamonds Argyle Pink Diamond Tender in New York, on Oct. 1, 2007. Emmanuel Dunand/AFP via Getty Images

Pink diamonds are proving popular purchases for those who had planned then scrapped this year’s overseas holidays due to the global pandemic.

Almost all of the world’s rare pink diamonds were, until last month, sourced from West Australia (WA), but with the closure of the Argyle mine there, the value of the pink stones has skyrocketed.

Pink diamonds are among the world’s rarest gems and in the past 20 years their value has, according to dealers, jumped 500 percent.

Melbourne-based Michael Wilson Diamond Jewellers still has Argyle pink diamonds for sale and says that since the COVID-19 lockdown ended, clients have been investing in the pink stones.

“Many of our clients are deciding to invest in pink diamonds instead of the overseas holiday they could not have this year,” said Wilson. “COVID has meant that they haven’t been able to travel, so they’re finding pleasure in an investment piece that just happens to also be one of the most beautiful, scarce and desired diamonds on earth.”

He said many of those taking home a pink diamond were commenting they were buying one because their Paris or Venice trip had been scrapped.

“We are hearing that people tend to buy jewellery during their travels to remember that particular trip, so they are buying pink diamonds to replace that experience,” he said.

Rare pink diamonds are on display during a private viewing of 65 pink diamonds that are going on sale during the annual Rio Tinto Diamonds Argyle Pink Diamond Tender in New York, Oct.1, 2007. Emmanual Dunand/AFP via Getty Images

The Argyle diamond mine in WA closed down last month. The mine produced more than 90 percent of the world’s pink diamonds and since then the value of the gem has kept increasing.

“Pink diamonds were already one of the most rare and valuable gems on the planet,” said Wilson. “Now they are also one of the most exceptional investment pieces around.”

“Some people are choosing loose stones to keep as an investment. But most clients are selecting a beautiful piece of pink diamond jewellery that they can enjoy instead of the holiday or significant birthday celebration that they couldn’t have this year.”

Loose stones are now selling from $1500 to $25,000, and ready-made jewellery ranges up to $20,000.

Compared to this time last year, the prices are up about 25 percent.

AAP