World’s biggest Pink diamond mine closes

The world’s biggest pink diamond mine, Argyle mine which was located in Australia has been closed after 37 years of production. The mining giant Rio Tinto said that the mine has exhausted its economic reserves. The mine was a producer of more than 90 percent of the world’s pink diamonds. It was discovered in 1979 and after four years the Anglo-Australian firm began mining there and since then it has produced more than 865 million carats of rough diamonds.
The mine will close respectfully and will be handed over to their traditional custodians said mine manager Andrew Wilson. The closing of the mine can lead to an upsurge in the prices of pink diamonds in the market. At the current rate, they fetch up to $2.1 million per carat.