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Argyle pink diamonds have gone for a record tender to global buyers, setting a new fashion for coloured stones.

Rare pink Argyle diamonds are growing in popularity in the global market, according to reports.

The Israeli Diamond Institute revealed a record tender of 55 rare pink diamonds – which could be used in diamond rings and diamond earrings – has been sold to several buyers from around the world, including burgeoning markets in India and China.

Mined by the Rio Tinto Group, the collection of rare coloured stones included the 2.02-carat Argyle Mystra, a much-coveted purple gem.

General manager for sales and marketing at the company Jean-Marc Lieberherr was quoted as saying that the response to the diamond tender was "a clear indication of the growing appreciation of the rarity and value of Argyle pink diamonds".

These figures follow news that a 185-carat recently discovered at the Letseng mine in Lesotho could be worth as much as £7 million. The facility is the source of three of the world's top 20 largest diamonds.

A pen embellished with thousands of diamonds has sold for over 2 million rupees.

A diamond encrusted pen has sold for 2.3 million rupees (£32,000) at a diamond jewellery exhibition in India.

According to Thaindian News, the item changed hands in Visakhapatnam, where it was displayed alongside wedding rings and diamond necklaces.

The piece, which has been certified by the Intenational Gemological Institute (IGI), is said to be embellished with thousands of precious stones.

Claiming to be the largest organisation of its kind, the IGI operates across the world with offices in China, North America and India.

Organisers stated the prices of the goods on display are the reason the exhibition has been such a success, with large numbers of jewellery and shopping enthusiasts gathering at the event last weekend (October 30th-31st).

Reported to have been made by six craftsmen, the item took 18 months to produce and includes 2,500 natural diamonds set in white gold.

Exhibition organiser Mani Singh Deo was quoted as saying: "As you see the pen, you will be able to know that it's a very unique piece and essentially we wanted to make [it] a collector's item." 

Demand for diamond jewellery in India looks set to grow, due partially to the high price of gold.

The diamond jewellery market in India is likely to be strong from November through to March 2011, it has been suggested.

Demand for the precious gems has gone up, Tehelka reports, with the surging price of gold prompting buyers to instead consider diamond rings and necklaces.

Chairman of the Gem and Jewellery Export Promotion Council was quoted by the news source as saying: "We expect a quantum jump, although it would be difficult to quantify how much," while vice-president of Tanishq Sandeep Kulhalli added the diamond jewellery market in the country is "growing at roughly over 20 per cent per annum".

He explained the slowdown in the nation's gold market means there is scope for expansion to be even more rapid this year.

Demand from European countries and the US is also set to be strong this Christmas season, Paresh Sanghvi, chief executive of Diambel NV, recently told Daily News and Analysis.
 

Figures show that while month-on-month imports of polished diamonds by Japan declined during August, year-on-year purchase rose almost 30 per cent.

Imports of polished diamonds by Japan fell month-on-month during August, but climbed when compared to the same period in 2009, new data has shown.

Idex Online reports the country bought in 175,669 carats of the polished precious stones over the course of the month, valued at $46 million (£28.9 million).

The figures released by Momozawa & Co indicated this was a 26.8 per cent year-on-year increase and a slight decline of 0.9 per cent compared to August 2008 statistics.

Over half ($26.5 million) of the imports by value were supplied by India, while Belgium and Israel were the sources for high-value gems, with a price-per-carat of $1,417 and $1,440 respectively.

The data is a sign Japan's diamond industry may be starting to recover following the global financial crisis, as August marked the first time monthly imports had reached pre-recession levels.

Another country to have recently revealed diamond trade figures is Botswana, which said exports were up 360.3 per cent year-on-year in August.