Rio Tinto Sells Last of the Argyle Pinks to British Jeweler

(IDEX Online) - Rio Tinto has sold its remaining Argyle pink diamond inventory and transferred ownership of the Argyle Pink Diamonds brand to British jeweler Boodles.

The deal, announced on October 1, comes almost six years after Rio Tinto shut the Argyle mine in Western Australia. Mining ended on November 3, 2020, after 37 years of production.

It was by far the world's most important source of pink diamonds. During its operating life, the mine produced more than 90% of global pink-diamond supply.

Boodles plans to make the remaining Argyle pink diamonds the centerpiece of a new high-jewelry collection in 2027.

Managing director Jody Wainwright said there were enough stones for a "slow release" over about a decade.

Rio Tinto says Boodles acquired the "last remaining Argyle pink diamond inventory" but has not disclosed either the number of stones or the total carat weight transferred.

The financial terms of the transaction were not disclosed. Neither Rio Tinto nor Boodles has said how much was paid for the remaining inventory, brand, trademarks and digital assets.

Boodles is headquartered in London, although the family business was founded in Liverpool in 1798. It is owned and run by the fifth and sixth generations of the Wainwright family.

The deal brings Rio Tinto's long history in the diamond industry close to an end.

The company entered the diamond business in 1969, when it acquired a stake in the Argyle project, and subsequently became the mine's sole owner.

Rio Tinto later expanded its diamond business to Canada, where it operated the Diavik mine in partnership with Dominion Diamond Mines.

Diavik produced its final ore in March 2026, ending more than two decades of production. The operation is now being closed and rehabilitated.

File pic courtesy Rio Tinto.