A little-known Australian technology start up in the diamond sector founded by Tim Goodman a former Executive Chairman of Sotheby’s Australia, has been asked to sell a collection of rare pink diamonds by an Australian finance corporation as mortgagee in possession. The five pink diamonds ranging from 0.40 carat to 1.01 carat, originally sourced from the world-famous Argyle Diamond Mine, are expected to fetch over US$1million. The request to sell the gems inspired Tim to expand the sale to include other pink diamonds originally from the Argyle mine.
The yourdiamonds.comTM business launched today with a global campaign announced on its new website to invite consignments of additional pink diamonds from private and trade sellers. The trade asking prices for Australian pinks from the Argyle mine are said to have increased by more than 10% per annum in a blaze of publicity over many years. However there is no secondary market, so selling a pre-owned pink diamond can be problematic for the end private consumer.
“We are creating a secondary market. The primary market is strong and the timing is perfect for sellers. Subject to the success of this first project we intend to conduct a Public Tender of Australian pink diamonds twice a year. We may extend the scope to include diamonds of other colours originally sourced from the Argyle Mine,” Tim Goodman said.
With the closure of the Argyle Mine in November 2020 after 40 years of producing 90% of the world’s pink diamonds the Public Tender is expected to attract attention from regional and overseas bidders.
The catalogue will be capped at just 30 pink diamonds. The final accumulated collection will be the subject of a high security travelling road show around the Australian capital cities. The sealed Tender Bids will be opened at 10.00am in Sydney on Friday 02 July in the presence of a Partner at international accountants, Grant Thornton.
Pink diamonds have been all the talk in the auction room after Christies recently sold a 2.17ct fancy pink for $3.5million and will offer another exceptional pink stone estimated to fetch $38million on 23 May.
Yourdiamonds.comTM will offer the first ever Public Tender for Australian pink diamonds strictly from 21 June – 01 July 2021, by Order of a Mortgagee in Possession and the Property of Various Private Collectors and Investors.
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ABOUT yourdiamonds.comTM https://yourdiamonds.com/diamond-industry-leaders/
Fine Art Bourse Australia Pty Limited, trading as YourDiamonds.comTM is a private Australian incorporated company with over thirty shareholders. Lead backers include:
- Her Highness Shaikha Dheya bint Ebrahim Al Khalifa
- Australian Stock Exchange listed Roolife Limited
- Bahrain based investment bank and corporate advisory firm, Riyada Group
- Beijing based funds manager, China Equity Group
- Australian property investor Bill Moss of Macquarie Bank fame
- Private Saudi Arabian investor, Dr. Ravish Tatli
Board of Directors
Jim Fernandez, Former Executive Vice President at Tiffany & Co
Her Highness Sheikha Dheya Bint Ebrahim Al Khalifa a member of the Bahraini Royal Family,
Former senior executives from De Beers, Harry Winston, Tiffany & Co, Christie’s, ABN AMRO, Macquarie Bank, Citigroup, Deutsche Bank, CSIRO and UK Special Forces
“We are creating a carbon neutral democratised and more equitable ecosystem for the diamond industry. We are introducing new financial technology, diamond tracking and one-off sale events under interesting and unusual circumstances.
Our customers are our primary focus. “
Background to history of Australian Pink Diamonds:
In 1979 a glittering pink diamond was discovered on top of an anthill in a remote part of the Kimberly wilderness in Western Australia. When the subsequent Argyle mine commenced production in 1983, this would be the beginning of an extraordinary story about the search for the very rarest of rare diamonds created over 1.6 billion years ago.
The Argyle Diamond Mine has produced over 90% of the world’s pink diamonds during the last 38 years. However, deposits were limited and the Argyle Diamond Mine ceased operations in November 2020. Whilst the demand and popularity of pink diamonds grows stronger supply from the world’s primary producer has come to an end.
They say that it would take twenty years to fill a crystal wine glass with the very finest pinks discovered at the Argyle Diamond Mine during its comparatively short history.