UK jeweller Boodles has acquired ownership of the Argyle Pink Diamonds brand from mining giant Rio Tinto, securing the remaining stock of rare pink diamonds from the now-closed Argyle mine in Western Australia. The deal, finalized recently, also includes the transfer of trademarks and digital assets such as the brand’s website and Instagram account.
The Argyle mine, located in the East Kimberley region, was responsible for producing more than 90 percent of the world’s supply of pink diamonds before ceasing operations in November 2020. Pink diamonds constitute less than 0.1 percent of the mine’s total production, with Rio Tinto reporting a cumulative output of 865 million carats of rough diamonds over the mine’s lifespan.
Jody Wainwright, joint managing director of Boodles, described the acquisition as a “very exciting deal” that will position the 228-year-old family business as a leading destination for pink diamonds. Boodles has a longstanding history with Argyle pink diamonds, having purchased its first stone in 1998. The company also participated in annual tenders held by the mine, where select dealers and collectors bid privately on the best coloured stones.
Details regarding the size and financial value of the remaining Argyle pink diamond inventory acquired by Boodles have not been disclosed. Wainwright characterized the transaction as a “10-year-out investment,” noting that the company intends to release the stones gradually over the next decade. He likened each diamond to a unique masterpiece, underscoring their rarity and value.
Pink diamonds are notable for their distinct coloration, thought to result from intense stress deforming the crystal lattice rather than from trace elements, as is common in other coloured diamonds. Their scarcity has led to a significant appreciation in value, with prices increasing nearly 390 percent between 2005 and mid-2026, according to data collected by the Fancy Color Research Foundation. The most expensive pink diamond sold at auction remains the 59.60-carat CTF Pink Star, which fetched HK$553 million ($71.2 million) at Sotheby’s Hong Kong in 2017.
At present, pink diamonds make up approximately 5 percent of Boodles’ jewellery by volume. Wainwright emphasized the need for careful design and pricing strategies given the stones’ premium, and noted their inclusion in the company’s core collections such as Raindance, Play of Light, and Be Boodles, as well as in engagement rings.
Boodles plans to introduce a new high jewellery collection inspired by Australia, featuring Argyle pink diamonds, at the 2025 RHS Chelsea Flower Show in London. Prior to that, the jeweller will launch pieces including a platinum and 18-carat rose-gold collar necklace and matching earrings at its newly opened boutique at 23 Old Bond Street in London. The townhouse also houses the Argyle Lounge, a ground-floor gallery featuring pink diamond jewellery and artefacts related to the Argyle mine’s legacy.
Rio Tinto, which did not make any representatives available for comment, stated in a release that it prioritized ensuring the brand’s stewardship was in the hands of an owner with a deep understanding of its history and responsibility for its future. Patrick Coppens, Rio Tinto’s general manager for diamond sales and marketing, expressed confidence in Boodles’ ability to uphold the brand’s values.
The acquisition coincides with a period of growth for Boodles. Since Jody Wainwright and James Amos became managing directors in 2024, the company has aimed to double its turnover from £125 million for the financial year ending February 2025 to £250 million by 2035. Sales had already increased by more than 6 percent year-on-year as of early September.
Looking ahead, Boodles plans to expand its presence internationally, including its first store beyond the UK and Ireland at Highland Park Village in Dallas, Texas. The brand also intends to increase trunk shows in the United States next year, citing growing American interest in its jewellery and British heritage, now enriched by its association with Australia’s Argyle diamonds.