An expected rise in the price of diamonds after the closure of the largest mine in the world

The largest pink diamond mine in the world has closed its doors in Australia after it exhausted all its stock of precious stones, according to what the giant English-Australian mining company, Rio Tinto, announced today.

And a number of jewelry dealers expected that the suspension of Argyle's business would lead to an increase in the price of diamonds.

The "Argyle" mine, located in the western region of Kimberley, produces more than 90% of the pink diamonds that are known throughout the world and are required especially because of their scarcity.

The mine was discovered in 1979 and the Anglo-Australian consortium began investing in it four years later.

Since then, it has produced more than 865 million carats of rough diamonds, including a small percentage of pink diamonds, which are considered very precious due to their being rare, according to Rio Tinto.

Argyle employees and local landlords participated in a farewell ceremony held at the closed mine to mark the end of its 37-year investment.

The giant group expected that it would take five years to dismantle the mine and put it out of service.

The director of the mine, Andrew Wilson, said during the ceremony that "a new chapter will begin now with the start of the process of closing the mine and rehabilitating the lands that will be returned" to their owners.

Currently, one carat of a very rare gemstone can sell for as much as $ 3 million.

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