The Rio Tinto mining company has announced plans to invest $803 million in the Argyle diamond mine in Western Australia, hoping to increase the mine's production to nine million tons within two years.

Rio Tinto Diamonds Chief Harry Kenyon-Slaney stated that the company's decision to invest in underground infrastructure at the Argyle mine highlighted the company's "commitment to and confidence in the world diamond industry."

Furthermore, Kenyon-Slaney continued, Rio Tinto foresaw a "significant" medium to long-term supply gap, given the increasing demand for diamonds in emerging markets, particularly in Asian nations like India and China.

A spokesman for the mining company noted that these nations were seeing the creation of a middle class and that consumer spending on polished diamonds was up as a result.

The Argyle mine is one of the largest diamond mines in the world, producing white, champagne, and cognac-colored diamonds as well as 90% of all pink and red diamonds.