Argyle Diamond Mine Closure: What’s Next for the Sector in Australia?

Click here to read part one of this article, which covers the closure of the Argyle diamond mine.

When the mining equipment permanently shut down at Western Australia’s Argyle mine in November 2020, the country’s diamond sector entered a transitional period.

As the world’s fourth largest diamond-producing asset shuttered, domestic output of the gems instantly declined by as much as 90 percent.

The future of the Australian diamond-mining sector is now heavily reliant on exploration, with several companies vying to discover another formidable source of rare diamonds.

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5 of Australia’s Rarest and Most Valuable Diamonds

There are three famed diamond mines in Australia: Argyle, Ellendale and Merlin.

Combined, the mines have supplied millions of carats worth of gems to the global market, and individually they have produced some of the rarest, most exquisite stones ever recovered.

In previous years, Australia has ranked fourth in global diamond production with annual output of roughly 14.2 million carats. However, the country is unlikely to take a top spot in 2021.

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ASX-Listed Diamond Stocks

ASX-listed diamond stocks have faced headwinds recently. In 2020, COVID-19 disruptions brought broad declines across the sector as many buyers chose not to make luxury purchases.

Although assets like gold, uranium and bitcoin rebounded fairly quickly, the diamond industry wasn’t able to pick back up until well into the second quarter of 2020.

Then, when coronavirus-related trends began to improve later in the year, Australia’s diamond industry was impacted by the closure of the renowned Argyle mine in Kimberley.

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Lucapa Unearths First Large Diamond of 2020

The new year is off to a good start for diamond miner Lucapa Diamond (ASX:LOM) after it unearthed its first major find of 2020.

The Australia-listed company discovered a 117 carat gem-quality diamond from the Lulo mine in Angola, a project that has produced 14 stones over 100 carats in recent years.

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Lucapa Diamond Latest Sale Reaches AU$9.3 Million

Lucapa Diamond (ASX:LOM) and its respective partners are pleased to announce the results from the latest sale of diamonds from the Lulo alluvial mine in Angola and the Mothae kimberlite mine in Lesotho.

As quoted in the press release:

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