One of the rarest and most coveted gemstones is the pink diamond.

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One of the rarest, priciest, and most coveted gemstones is the pink diamond. With its frothy powder puff pale pinks to rich purplish reds, these diamonds are always fascinating. Each year, Rio Tinto’s Argyle Mine in the remote north of Western Australia produces just a handful of these treasures, which are sold through the Rio Tinto Diamonds Argyle Pink Tender. Scientists believe that pink diamonds get their color due to a phenomenon in the crystal lattice structure of the stone. Just how rare are pink diamonds? For every 1 million carats of rough diamonds produced at the Argyle Mine, which is the world’s most reliable source of pink diamonds, only 1 carat of rough is of the quality to qualify for the tender. The rough is polished at the Argyle Mine’s factory in Perth, Australia. The diamonds are graded and certified by the Gemological Institute of America (GIA), The Diamond High Council (HRD) in Antwerp and the AGT Gem Laboratory in Japan. This year, there were 65 diamonds in the tender, two of which were blue and one of which was a purplish red. The gems range in size from 49 points to 2.03 carats. Only 29 of the stones weighed more than 1 carat.

The 65 stones totaled 61.43 carats. These rare and precious diamonds comprise the tender, which travels from Perth to New York City, Tokyo, Hong Kong, London and Geneva during the fall. There are 120 dealers invited to the tender, where they examine the diamonds and then make a closed bid one or more stones or even all the stones. The winners and prices are never disclosed, but it takes a lot of green to be in the pink. According to Jean Marc Lieberherr, general marketing manager for Rio Tinto Diamonds, while one good quality, 1 carat white diamond may go for $20,000, it is possible that a good quality, 1 carat pink diamond could command as much as $400,000.

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The huge rough stone, found by the resources giant Rio Tinto at its Argyle mine in the Kimberley region, has been named the Argyle Pink Jubilee and is worth at least ?7 million. The Argyle Pink Jubilee will be polished and cut in Perth over the next ten days and then sold later this year after being shown around the world.
It is a light pink diamond, similar in colour to the 24-carat diamond The Williamson Pink, which Queen Elizabeth II had set into a Cartier brooch for her coronation after receiving it as a wedding gift. The Williamson was discovered in Tanzania in 1947 and is ranked among the finest pink diamonds in existence.
A Rio Tinto spokesman said 90 per cent of the pink diamonds in the world come from the Argyle mine but the new gem was "unprecedented".
"It has taken 26 years of Argyle production to unearth this stone and we may never see one like this again," said the spokesperson.
In 2010, a rare 24.78-carat pink diamond was sold for a record-breaking ?29 million, the highest price ever paid for a jewel. It was sold to a British dealer at an auction in Geneva after being held in a private collection for 60 years.