$1 Million Argyle Red Diamond Coin – The Kimberley Treasure
July 16th, 2016 by Noam Flint
Rio Tinto has just announced that in collaboration with the Perth Mint, they have released a gold coin embedded with a 0.54 carat red diamond. The mining titans have determined the value of the coin to be $1 million Australian dollars, the equivalent of $761,020 US dollars.
UPDATE: The rare coin was sold within 48 hours. More information below.
Kimberley Treasure Red Diamond Coin
Image & Info: Perth Mint
The coin has been named the ‘Kimberley Treasure”, no doubt because it is composed of a valuable red diamond and pure gold, and is a “distinctive investment piece” according to Simon Trott, managing director of Rio Tinto’s diamond business. The coin is actual legal tender.
Other Gold Coins from the Perth Mint and Rio Tinto
This is not the first gold coin that the Argyle Mine has ever produced. Last March, Rio Tinto produced 440 rose gold coins embedded with pink diamonds weighing between 0.035 and 0.045 carats and called them ‘Kimberley Sunset’ coins. Each rose gold coin is composed of 2 ounces of gold and features a large boab tree, a tree from Australian culture. The coins were priced at $9,000 Australian dollars apiece.
The Other Collaboration Between Rio Tinto and the Perth Mint
The Perth Mint also released 168 pink diamond ingots, which are pink diamonds set in a credit card sized 1 ounce bar of 22 karat rose gold. Set with numerous pink diamonds artistically placed as flowers in the now-familiar boab tree, each ingot is valued at $4,000 Australian dollars.
Argyle Pink Diamond Ignots. Image – The Perth Mint
Where Did the $1 Million Valuation Come From?
Red is the most expensive diamond color! – The round red diamond on the ‘Kimberley Treasure’ would be valued at about $1.3 million – $1.4 million per carat, so given its 0.54 carat size, the diamond would be worth about $715,000 alone.
Of course, we have no information whatsoever regards to the diamond’s grading, aside from its size. Without knowledge the actual diamond color (Fancy Red or Fancy Purple Red) or the diamond’s clarity, it is rather difficult to estimate its value. Given that the gold would be worth about $43,000, this gives us a total estimated value of about $758,000 (the difference from the total price quoted above would be for overhead, such as labor, design, and so on). The true value here is in the diamond and Rio Tinto is counting on us to see the potential here.
The ‘Impossibly Rare’ Diamond – 2.83 carat Violet Diamond – 2016 Argyle Tender
The diamond is from the signature tender. Why is the Kimberley Treasure being released now? It is only a few weeks until the 2016 Argyle Tender is officially launched with the “Impossibly Rare” Violet Diamond. Perhaps Argyle is trying to drum up excitement, especially considering the current state of the diamond industry. A boost of interest is exactly what they currently need, and this beautiful coin was an excellent way to begin the season.
What do you think of the new Kimberley Treasure?
The Kimberley Treasure Coin Sold Within 48 Hours
This update comes not long after the release of the original post…
The one of a kind coin was sold for an undisclosed price to Tiara Gems and Jewellery, a Dubai, United Arab Emirates only 48 hours of its release…