Australia mints its most valuable coin ever

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SYDNEY, Sept 4, 2018 (BSS/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
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.