Printer Friendly

Australia mints its most valuable coin.

Summary: It will meet growing demand for high-end collectables from the ultra-rich

The two-kilogramme treasure is considered legal tender and will be sold to the highest bidder. (AFP)

Australia has minted a gold coin encrusted with rare pink diamonds worth Aus$2.48 million (US$1.8 million) to meet growing demand for high-end collectables from the ultra-rich. The two-kilogramme treasure, which depicts a sailing ship, a gold prospector and boab trees found in Western Australia, is considered legal tender and will be sold to the highest bidder. It is the most valuable coin ever made in Australia and is expected to be sold to a buyer from Asia or the Middle East. It was "released in response to the distinct increase in demand for exclusive luxury items", said Perth Mint chief executive Richard Hayes on Tuesday. "The coin showcases rare pink stones handset in the most famed of precious metals, telling the inspirational rags to riches tales of mining for these prized resources." Called 'Discovery', it was modelled after the 'Holey Dollar', one of Australia's first coins, with a private collector paying Aus$495,000 for one of those in 2013. A key attraction is the four pink diamonds from the renowned Argyle mine in Australia's remote western Kimberley region, including a 1.02-carat emerald cut. "In terms of pink diamonds themselves, you can fit the whole year's production literally into the palm of your hand," said Hayes. Miner Rio Tinto holds a pink diamond sale each year which attracts global interest. Stones can fetch US$1-2 million a carat. As a basic rule of thumb, pink and red diamonds are worth about 50 times more than white diamonds. - AFP

Copyright [c] 2018 Khaleej Times. All Rights Reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2018 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2018 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Khaleej Times (Dubai, United Arab Emirates)
Geographic Code:8AUST
Date:Sep 4, 2018
Words:296
Previous Article:Man plunges to death from Dubai building's rooftop.
Next Article:Indian rupee tumbles to new low.
Topics:

Terms of use | Privacy policy | Copyright © 2022 Farlex, Inc. | Feedback | For webmasters |