Rio Tinto to sell world’s first red diamond coin

Mining firm Rio Tinto has unveiled what is believed to be the world’s first coin to feature a rare red diamond.

Known as ‘The Kimberley Treasure’ and for sale at AU$1 million (£574,000), the collectable piece has been crafted from one kilogram of 99.99% fine gold and features a radiant-cut 0.54ct red diamond.

Simon Trott, managing director of Rio Tinto’s diamonds business, said “We are delighted to collaborate with The Perth Mint on the exclusive release of this distinctive investment piece. It is a beautiful symbol of the unique treasures of Western Australia and sets a new benchmark in limited edition craftsmanship.”

The diamond was unearthed from the company’s Argyle Diamond Mine, which produces a “very small” proportion of rare pink diamonds and an even smaller proportion of rare red diamonds.

On average one carat of rare red diamonds a year is produced from the Argyle mine.