Rio Tinto's Blue Diamond tender exceeds expectations

Rio Tinto’s recent tender of rare blue diamonds from its Argyle mine in Australia “far exceeded” expectations, the company reported Tuesday. The "Once in a Blue Moon" collection, comprising 16 lots of blue and violet diamonds weighing 287 carats, garnered record prices, Rio spokespersons said. The company did not disclose the value of the sale.

“We have been overwhelmed by the enthusiasm from new and existing colored-diamond collectors around the globe, especially in such a challenging economic environment,” said Josephine Archer, sales and marketing manager for Argyle Pink Diamonds. “With only 10 years' production left at the Argyle mine, there is clearly a growing awareness that the opportunities to purchase these collections are rapidly diminishing.”

Rio Tinto explained that diamonds for the tender were sourced from several years of production at Argyle, which is famous for its output of pink diamonds. The company recently reported that production at Argyle doubled to 4.4 million carats in the first quarter of 2009 due to the processing of higher-grade ore at the mine during the period.