Rio Tinto donates largest ‘pink diamond’ to museum
Mining company Rio Tinto has decided to donate the largest pink diamond ever extracted from the ground to a museum in Australia, where the diamond was discovered.
The gem, dubbed the "Argyle Pink Jubilee" after the 26-year-old Argyle diamond mine where it was found, has been cut down from its original rough state of 12.76 carats to its current weight of 8 carats.
Although the rock was originally thought to be worth approximately $12 million, its estimated value has since been downgraded after the polishing process revealed a number of internal imperfections. This reevaluation likely led to the decision to donate the diamond to the Melbourne museum.
Rio Tinto's diamond operations suffered net losses of $76 million in 2011, in part due to infrastructure expenses incurred at the Argyle mine. The company has said that it is considering exiting the diamond industry.
Mining company Rio Tinto has decided to donate the largest pink diamond ever extracted from the ground to a museum in Australia, where the diamond was discovered.
