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Tiffany acquires a Legendary Diamond Mine’s Last Find

The recently introduced Tiffany Collection comprises 35 gemstones sourced from the Argyle Diamond Mine in Australia, featuring an unusual red stone.

By Adorian Assets Team

Approximately a year ago, a representative from the Argyle Diamond Mine, a site in Western Australia that was the leading source of pink diamonds until its closure in 2020, approached the chief gemologist of Tiffany & Company with a unique proposition. The offer was to acquire a collection of diamonds, among the last extracted from the mine.

The decision, according to Tiffany executives, required little deliberation. Anthony Ledru, the brand's president and chief executive, expressed in his well-lit office in New York's Flatiron district, "We had to do it. It's in perfect alignment with what we stand for."

The purchase, finalized a few months ago, encompassed 35 diamonds displaying various shades, including pink, almost purple, and even a rare red gem—a particularly unconventional colour for a diamond. Tiffany's chief gemologist, Victoria Reynolds, remarked that these gems, cut in diverse styles, "checked off all those boxes: rarity, scarcity, and beauty."

However, the diamonds are relatively small, ranging from 0.35 to 1.52 carats, noticeably smaller than the larger gemstones commonly used in engagement rings and solitaire necklaces.

The exact amount Tiffany paid for what is now known as the Tiffany Collection remains undisclosed by Mr. Ledru. Still, he indicated it was "probably not enough compared to what it's going to become in the next five, 10 years." (He did mention that it was Tiffany's most substantial single purchase of 2022.)

The specific use of diamonds in jewelry has not been determined yet. However, Mr. Ledru suggested that they would likely be incorporated into one-of-a-kind designs. The diamonds are being showcased to selected clients in New York City and, next month, in Doha, the capital of Qatar.

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The eventual prices are expected to be steep. Renée Newman, an independent gemologist and author based in Los Angeles, noted, "You pay a premium for anything that says 'Argyle pink diamond.'" She emphasized that the value rises when a diamond mine with prized and unusual diamonds closes.

As a comparison, Tiffany offers a straightforward pair of diamond solitaire stud earrings totalling 0.22 carats, set in rose gold for $1,250. Meanwhile, at J Fine, a jeweller based in New York City, a pair of loose Argyle pink diamonds—every 0.08 carats—is priced at $28,000.

The acquisition appears to be about sales and a broader strategic approach as Tiffany seeks to distinguish itself from other high jewelry brands. Since LVMH Moët Hennessy Louis Vuitton completed its $15.8 billion jeweller purchase in January 2021, there have been several noteworthy moves, including an ad campaign featuring Beyoncé, Jay-Z, and a rare Basquiat painting.

Marshal Cohen, a market research company's chief retail adviser for the NPD Group, commented, "This is about taking the Tiffany name and separating it from everybody else yet again as they did in their early heritage." He added that such a move elevates Tiffany to a level beyond the reach of its competition, bringing the brand back to its roots and creating a higher level of prestige.