(IDEX Online News) – Rio Tinto’s diamonds will play an important role in the growing Chinese diamond jewelry market, its Diamonds and Minerals chief executive Alan Davies said in Hong Kong.

 

Speaking on the eve of exclusive viewings of the prestigious Argyle Pink Diamonds Tender, Davies said: "The demand for diamond jewellery in China is expected to grow strongly into the next decade, underpinned by an increase in wealth and a growing middle class.

 

“Rio Tinto’s new Argyle underground mine will help meet China’s growing demand for diamonds and will ensure the future supply of a diamond production profile that is uniquely placed to develop new types of jewellery for the Chinese market.”

 

In addition to rare pink diamonds, Argyle also produces large volumes of affordable diamonds that are ideally suited to creating fashion accessories for the emerging middle class in China, the firm says.

 

Traditionally, the Chinese jewelry market has been dominated by large white diamonds used on bridal occasions, a trend imported from the West, but there has been a structural change in the China market, Rio Tinto said.

 

Chinese consumers are increasingly seeking diamond jewelry as a daily fashion accessory. To tap into this new category of diamond purchasing, one of Rio Tinto’s key initiatives has been to partner with Chinese diamond jewelry manufacturer and retailer, Chow Tai Fook, to promote Argyle diamonds in the jewelry giant's stores.

 

Davies said: “The resulting Australian Colours collection has surpassed all expectations and is now available in more than 1,000 Chow Tai Fook stores throughout greater China.”

 

Davies was also on hand to showcase the 64 diamonds catalogued for the 2013 Argyle Pink Diamonds Tender, including the largest Fancy Red diamond from the Argyle mine. The Argyle Pink Diamonds Tender comprises the best of a year's production of pink diamonds from the Argyle mine in Western Australia.