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.