The Kimberley Red diamond has been recut

A diamond from Rio Tinto's 2008 Argyle Pink Diamond tender, which did not sell at the auction, but was bought by New York-based Scarselli Diamonds in partnership with some companies in the first half of 2009, has been recut. The 1.77-carat, radiant-cut, fancy deep purplish-pink diamond is recut into a 1.61-carat, radiant-cut, fancy purplish-red stone, and is now estimated to be worth around $2 million.

The company worked on the stone readjusting some angles to elucidate the red colour. The stone was mined from Australia's Argyle mine and carries a Gemological Institute of America (GIA) grading and a letter of rarity by Argyle Pink Diamonds. Argyle Pink Diamonds has named the stone as "the Kimberley Red." In the letter it is also stated that only one other diamond over 1.5 carats and graded by GIA as "fancy purplish red" has featured in the Argyle tender in the past 10 years.

The company has not decided about whether it would sell the diamond through an auction house, retail or to a collector and/or investor or a museum.