PERTH, Australia -- Pink diamonds are gaining popularity among wealthy consumers and investors worldwide as rising inflation sparks a scramble for rare assets considered to have enduring value.
Pink and other colored diamonds are extremely rare and highly sought after for use in jewelry. Over 90% of natural pink diamonds discovered so far come from Australia. In November 2020, mining giant Rio Tinto shut down its Argyle mine in the west of the country, which was responsible for much of the output.
