The largest diamond mine in the world, famous for producing pink and red gems, will be closed by the Argyle Diamond Investments after almost four decades. The Argyle mine is located about 2,600 kilometers northeast of the western Australian city of Perth and is scheduled to close in 2021 after having exhausted its supply of economically viable stone. Brokers, banks and competitors predict the shutdown could boost prices for these gemstones, which have been declining since 2011, according to data from argylediamondinvestments.com.au. "There will be a good amount of supply that will come out of the market," explained Arnaud Soirat, director of copper and diamonds of the Argyle Diamond Investments, in an interview this Friday. "At the end of 2021 we will stop operations and begin the rehabilitation of the site," he added. Argyle is known as the source of approximately 90% of the world's pink diamonds - pink to magenta stones that dominate among the highest pri...
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