A closed Australian diamond mine, the international market for pink diamonds and a first overseas venture is making Tim Goodman nervous.
Tim is the founder of yourdiamonds.comTM a Sydney based startup that has created the first secondary market platform for the trading of (second hand) pink and blue diamonds originally discovered at the Argyle diamond mine which ceased operations in November 2020. In his former life, Tim was the founder of Bonhams & Goodman and the owner/operator of Sotheby’s Australia (under a brand license). So, jewellery auctions and tenders run through his veins.
Yourdiamonds.comTM has just launched its third Public Tender for Australian fancy-coloured diamonds. This third tender will now be taken overseas, for the first time, to be exhibited at the Jewellery & Gem World Singapore 2022 Fair.
1/3 A rare matching pair of Australian pink diamonds over a carat each, sourced from the Argyle mine on the auctioneer’s block estimated at $800,000 – $1 million
“We have collected the best assortment of pink diamonds yet, but I am anxious about taking the whole tender overseas for the first time. This will be
the first major Asian jewellery fair since covid,” Tim Goodman said.
Twenty-two individuals and self-managed super funds have consigned 60 lots of rare fancy coloured pink and blue diamonds valued at AUD$6-8 million to this third tender.
“To date we have operated only in Australia. This market is global. So, we have taken a gamble to show these precious gems to the global market,” Goodman added.
Last year yourdiamonds.comTM sold the Fitzpatrick Pink for $2.2million, a world auction/public record for an Argyle sourced stone, at its first tender.
“There are many hundreds of millions of dollars’ worth of pink diamonds out there owned by private investors and the diamond trade. This Tender and the Singapore Fair will be closely watched by stakeholders,” said Goodman.
Yourdiamonds.comTM Head of Operations and former Argyle mine executive, Gavin Pearce said, “We have not seen such a cross section of pink diamonds like this before at a public tender. The mine used to produce 90% of the world’s pink diamonds and now it has closed. The pricing for these fancies continues to rise due to no supply and increased demand, so we shall see.”
When asked about the investment attraction of pink diamonds, “We don’t give investment advice. But if you look at the facts people can make their own decisions,” Gavin said.
2/3 The Fitzpatrick Pink sold last year for a new world auction/public tender record of $2.2 million.
Rio Tinto, owner of the Argyle mine says on its website that its pinks have gone up in value 500% over the last 20 years.
“That might be so”, says Goodman. “But as my grandfather used to say, ‘It’s all in the buying my boy’. So, I guess my only advice is firstly buy the best and secondly buy it right. If you apply those two simple rules you cannot go wrong”.
The collection will travel to Sydney, Brisbane and Perth in the coming weeks before leaving for Singapore later in September. The tender closes 03 October.
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3/3 Tim Goodman
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