Australia’s Argyle diamond mine finalized 37 years of production in 2020, decreasing national output of the gems by 90 percent and removing the world’s top source of pink stones. With Argyle closed, miners are pinning their hopes on two past-producing mines: Ellendale and Merlin. Both Australian operations are known for their unique stones, although so …

Australia’s Argyle diamond mine finalized 37 years of production in 2020, decreasing national output of the gems by 90 percent and removing the world’s top source of pink stones.

With Argyle closed, miners are pinning their hopes on two past-producing mines: Ellendale and Merlin.

Both Australian operations are known for their unique stones, although so far experts agree that neither asset has lived up to its full potential. Today a new set of ASX-listed companies is working to usher in the nation’s next diamond chapter at these historic projects.

At the height of operations at Argyle, its annual output ranked fourth among diamond-producing mines. As mentioned, amid the millions of carats unearthed were 90 percent of the world’s pink diamonds.

While Ellendale and Merlin don’t have Argyle’s clout as a pink diamond producer, Australia’s distinctive geological composition has birthed a rainbow of diamond hues, and the two mines have interesting characteristics of their own.

For example, in the mid-2000s Ellendale produced 50 percent of all yellow diamonds.

Meanwhile, in 2020, exploration firm India Bore Holdings discovered three natural fancy colored yellow diamonds at Ellendale with an unusual characteristic, under ultraviolet light, the gems fluoresce violet.

Diamonds fluorescing in any hue is a trait so unique it only occurs in 25 to 35 percent of all diamonds ever mined.

These are promising signs for a sector banking on the next big find.

Here the Investing News Network offers a historical overview of Australia’s diamond market, plus a look at what’s next. We have compiled a list of some of the largest diamonds ever recovered in the country, as well as the current exploration and mining companies listed on the ASX.

Market analysts also offer commentary on the potential of the Ellendale and Merlin mines, and how significant Argyle’s permanent closure will be for the global diamond market.

Click through the articles listed to learn more about Australia’s role in the international diamond sector.

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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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