The Argyle pink diamond story is entering a new chapter, with British jeweller Boodles acquiring Rio Tinto’s remaining Argyle pink diamond inventory along with the Argyle Pink Diamonds brand.
Announced on October 1, the deal comes nearly six years after Rio Tinto closed the Argyle mine in Western Australia. Mining ended on November 3, 2020, bringing 37 years of production at what was the world’s most significant source of pink diamonds to a close.
During its operating life, Argyle accounted for more than 90% of the world’s pink diamond supply, making its closure a defining moment for the coloured diamond market.
Boodles now plans to place the remaining stones at the centre of a new high-jewellery collection, scheduled to launch in 2027. Managing director Jody Wainwright said the company expects to release the diamonds gradually over roughly a decade, positioning the remaining inventory as a long-term story rather than a single collection launch.
The size of the inventory remains undisclosed. Neither Rio Tinto nor Boodles has revealed the number of diamonds, their combined carat weight or the financial terms of the transaction. The deal also includes the Argyle Pink Diamonds name, trademarks and associated digital assets.
For Boodles, the acquisition adds another chapter to a family jewellery business that dates back to 1798. The London-based jeweller is currently led by the fifth and sixth generations of the Wainwright family.
For Rio Tinto, meanwhile, the transaction marks another step towards the end of its diamond business. The company first entered the sector in 1969 through an investment in the Argyle project before eventually becoming its sole owner. It later expanded into Canada through the Diavik diamond mine, which produced its final ore in March 2026 and is now moving through closure and rehabilitation.
The Argyle mine may be closed, but its rarest legacy is set to remain in circulation. With Boodles planning a controlled release over the next decade, the final Argyle pink diamonds are likely to become an increasingly significant part of the high-jewellery market.
