The statement was made last week in Hong Kong by the company’s diamonds and minerals chief executive Alan Davies. Davies was in the city to help showcase the 2013 Argyle Pink Diamonds tender.
“The demand for diamond jewellery in China is expected to grow strongly into the next decade, underpinned by an increase in wealth and a growing middle class,” he explained, adding, “Rio Tinto’s new Argyle underground mine will help meet China’s growing demand for diamonds and will ensure the future supply of a diamond production profile that is uniquely placed to develop new types of jewellery for the Chinese market.”
In order to tap into this market, Rio Tinto has partnered with Chinese diamond jewellery manufacturer and retail giant, Chow Tai Fook, to promote Argyle diamonds in its jewellery stores.
Davies said: “The resulting Australian Colours collection has surpassed all expectations and is now available in more than 1,000 Chow Tai Fook stores throughout greater China. It is a pleasure to be in Hong Kong to see first-hand the benefits of our market development activities.”
While the Argyle mine is renowned for its extremely rare pink diamonds, it also produces large volumes of more affordable diamonds.
Rio Tinto owns 100 per cent of the Argyle mine in Australia, 60 per cent of the Diavik mine in Canada, a 78 per cent interest in the Murowa mine in Zimbabwe and 100 per cent of the Bunder project in India.
In other diamond news, the De Beers Group plans to strengthen its online auctions following the acquisition of a 25 per cent stake in online auction sales provider Curtis Fitch.
The investment reportedly will deepen the partnership between the two businesses (Curtis Fitch’s services are currently being used by De Beers), strengthen the conditions for further innovation and allow De Beers to meet the evolving needs of a growing auctions customer base. The company sells about 10 per cent of its global rough diamond supply through auctions.
De Beers, which described itself as the rough diamond online auction leader, launched its first online sale with Curtis Fitch in 2008. It has since introduced rank auction events, multiple unit auctions and, as previously reported by Jeweller, will soon commence forward contract sales.
“De Beers’ investment in Curtis Fitch underpins our long-term commitment to rough diamond auctions. It enhances our ability to drive the innovation necessary to maintain a responsive and relevant source of supply for our customers, create value for their businesses and keep our auction platform at the forefront of the industry,” De Beers senior vice president for auction sales, Neil Ventura, said.
Curtis Fitch will remain an independently-managed business. As a 25 percent shareholder, De Beers will occupy two seats on its board.
More reading:
Rio Tinto diamond output surge
End extended for Argyle pink diamonds
Rare red diamonds pinnacle of tender