Photo: Rio Tinto Group
The Australian-British concern Rio Tinto Group decided to close the world’s largest diamond mine located in Western Australia, writes Bloomberg.
The Argyle mine worked for almost four decades. It is noted that about 90 percent of the pink-purple gems have been mined there. This is one of the world’s most expensive diamonds.
The closure of the mine associated with the fact that the abundance of cheap and small diamonds decreased profit Rio Tinto Group. In December, some customers refused to buy cheaper stones because of the threat of lower prices for diamonds on the market.
Production will be completed by the end of next year. It is assumed that by the time supply cost-effective stones (remains the order of 150 pieces) is exhausted.
According to estimates by Bloomberg, the closing of the mine will revive the market and could lead to higher prices for diamonds. Rio Tinto Group takes the third place in the diamond market after ALROSA and De Beers.
Video, photo All from Russia.