1.56 Carat Phoenix Sells for Record $2 Million+ in Rio Tinto’s Yearly Argyle Pink Diamonds Tender

Miner Rio Tinto sold on Monday the 1.56 carat Fancy Red diamond sourced from its Argyle mine. The pink diamond, purchased by seasoned bidder John Glajz, fetched a record price of over $2 million in the annual Argyle Pink Diamonds tender.

Rio placed on the auction block 64 precious stones, including three Fancy Red diamonds. Other records broken during the auction include the number of bids beyond $1 million and the sale of the entire collection for over $25 million.

Mr Glajz described the collection this year as absolutely exquisite and was shocked to learn he was the winner for the Argyle Phoenix which he estimated could retail between $4 million and $5 million upon reaching the end buyer.

"I have never paid that much in my life - this has been the largest cheque I have ever written to Argyle," The Australian quoted the Singapore-based and largest business partner in Asia of Argyle Diamond Mine.

Besides scoring the Phoenix, he also bid for 80 per cent of the diamonds on the auction and turned up winner on other smaller stones, resulting in Mr Glajz paying 25 per cent more than his previous payments in 2012.

Rio Tinto has been producing some of the world's most coveted diamonds in the past 30 years which it auctions via the yearly Argyle Pink Diamonds tender, said Rio Tinto Diamonds Managing Director Jean-Marc Lieberherr.