Alan Davies speaks at private view of company’s pink diamonds tender.
Rio Tinto Diamond and Minerals chief executive Alan Davies says the company’s new underground mine at Argyle, Australia, will ensure its meets growing demand for diamonds in China.
According to Davies, Rio Tinto’s unique diamonds portfolio will play an important role in the growing Chinese diamond jewellery market. He shared his thoughts during an exclusive viewing of stones in the upcoming Argyle pink diamonds tender in Hong Kong. The tender features 64 diamonds including the largest fancy red diamond mined at Argyle.
He said: "The demand for diamond jewellery in China is expected to grow strongly into the next decade, underpinned by an increase in wealth and a growing middle class.
“Rio Tinto’s new Argyle underground mine will help meet China’s growing demand for diamonds and will ensure the future supply of a diamond production profile that is uniquely placed to develop new types of jewellery for the Chinese market.”
Argyle is renowned for its small volumes of rare pink diamonds, but it also produces large volumes of affordable commercial diamonds that the company says are "ideally suited to creating fashion accessories for the emerging middle class in China".
According to Rio Tinto, Chinese consumers are increasingly seeking diamond jewellery as a daily fashion accessory. To tap into this new category of diamond purchasing, Rio Tinto’s has partnered with Chinese diamond jewellery manufacturer and retailer Chow Tai Fook to promote Argyle diamonds in the jewellery giant’s stores.
Davies added: “The resulting Australian Colours collection has surpassed all expectations and is now available in more than 1,000 Chow Tai Fook stores throughout greater China. It is a pleasure to be in Hong Kong to see first-hand the benefits of our market development activities.”