Sydney—A pink diamond that appeared in the final tender of stones from the now-closed Argyle mine in Australia is up for auction via a sale that started earlier this week.

First State Auctions, a Sydney, Australia-based auction house, is offering a 0.94-carat radiant-cut fancy intense pink diamond with VS1 clarity, estimated to sell for $700,000 to $800,000 Australian dollars, or approximately $457,000 to $522,000 at current exchange rates.

The stone’s color grade on the Argyle Pink Diamond Colour Guide is 6P, with 6 designating the intensity of hue (out of 10) and P indicating pink as the dominant hue.

The diamond was lot 60 in the 70-lot offering of the 2021 Argyle Pink Tender–Rio Tinto’s Final Collection, the 38th and last tender from the mine, which closed in 2020.

Alluvial mining began at Argyle, which is located in the Kimberley region of Western Australia, in 1983 and open-pit mining in 1985. The mine went fully underground in 2013 and, over the years, produced 865 million carats of rough diamonds.

The annual tenders featured the best stones from each year’s production.

First State Auctions said its offering marks the first time an Argyle tender diamond from Rio Tinto’s final collection has been offered at public auction.

“We are honored to present this extraordinary diamond to the world,” said Ari Taibel, director at First State Auctions. 

“The rarity and historical significance of this Argyle Tender Diamond make it a once-in-a-lifetime opportunity. The legacy of the Argyle Diamond Mine and its exceptional diamonds will forever be remembered, and this auction allows us to celebrate that legacy.”