The /ɔɪ/ diphthong is spelled <oi> and <oy>. The /eə/ diphthong is spelled <are>, <ear> or <air>.
This is a contrast between two diphthongs with different starting positions, different directions of movement and different lip-rounding. It is not a problem for learners.
The density figure is 2.3%. The set makes 10 semantic contrasts giving a loading of 56%.
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Credit: John Higgins