Rio Tinto’s Now the Sole Owner of Canada’s Diavik Diamond Mine
It had previously owned 60 percent, partnering with Dominion Diamond Mines.

The company previously owned 60 percent of the mine and operated it. Dominion Diamond Mines owned the remaining 40 percent.
In April 2020, Dominion was granted insolvency protection under the Canadian Companies’ Creditors Arrangement Act.
Dominion sold its other diamond mine, the nearby Ekati, in February 2021 and now, the Court of Queen’s Bench of Alberta has approved the sale of its stake in Diavik to Rio Tinto.
Under the terms of the transaction, Rio Tinto has acquired all remaining assets held by Dominion, including unsold Diavik production and cash collateral held as security for the costs involved in closing the mine in the future.
Rio Tinto has, in return, released Dominion and its lenders from all outstanding liabilities and obligations.
Rio Tinto has operated Diavik since production began in 2003.
The mine is located approximately 186 miles northeast of Yellowknife and employs more than 1,100 people. In 2020, it produced 6.2 million carats of rough diamonds.
Production at Diavik is expected to end in 2025.
Rio Tinto also owned and operated the famed Argyle mine in Australia, which closed last year.
The company said it will retain and manage the Argyle Pink Diamonds brand through a proprietary Argyle pink diamonds trading platform, certification processes, and creative collaborations with its partners.
“Diamonds remain an attractive business for Rio Tinto to be in.” — Sinead Kaufman, Rio Tinto Minerals
Rio Tinto is also the majority owner and manager of a joint venture with Star Diamond Corp., which conducts exploration activities at the FalCon project in central Saskatchewan, Canada, and has signed an exploration joint venture agreement with Endiama, the national diamond mining company of Angola, to evaluate the Chiri kimberlite in the Lunda Sul Province of Angola.
“Diamonds remain an attractive business for Rio Tinto to be in,” said Sinead Kaufman, CEO of Rio Tinto Minerals.
“The market fundamentals for diamonds are robust and we will continue to close Argyle responsibly, retain and manage the Argyle Pink Diamonds brand, operate our high quality, 100-percent owned Diavik diamond mine in the Northwest Territories of Canada, and are investing in exploration around the world.”
The Latest

Sriram “Ram” Natarajan is now GIA’s senior vice president of laboratory operations and is based out of the lab’s headquarters in Carlsbad.

The one-of-a-kind collar represents the beauty of imperfection and the strength to rebuild.

Three C-suite executives, including former CEO Tom Nolan, have resigned as part of what the company describes as a “transition.”

Jewelers of America is leading the charge to protect the industry amidst rising economic threats.

The retailer, which recently filed Chapter 11, inked a deal to sell its North American business and intellectual property.


Target CEO Brian Cornell will step down in February and be replaced by the company’s chief operating officer, Michael Fiddelke.

The group met with the president's senior trade advisor earlier this week to express the industry’s concerns about the effects of tariffs.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

The pop-up will display this year's Tiffany & Co. Singles Championship trophies along with a diamond-encrusted tennis racket and ball.

The New Hampshire-based store has expanded to Boston, propelled by the success of Alex Bellman’s TikTok page, “The Truthful Jeweler.”

The latest incident happened Monday at a store in Oakland, California, continuing a pattern JSA first warned about last month.

The new aqua green New York Harbor Limited Edition II is the watchmaker’s second collaboration with the Billion Oyster Project.

Participants who attend any three Rings of Strength events will be awarded a special medal.

Smith shares wisdom he gleaned from a podcast he was listening to one morning while being walked by his dog, a Malshi named Sophie.

The counterfeit Van Cleef & Arpels jewels would have been worth more than $30 million if genuine.

The MJSA Mentor & Apprenticeship Program received the Registered Apprenticeship Program designation by the U.S. Department of Labor.

Casio executive and watch enthusiast Masaki Obu is the new general manager of its U.S. timepiece division.

Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.

Originally introduced in 1992, the “Dot” collection is back with a capsule featuring five archival designs and three new creations.

Allison-Kaufman has received the honor for the fourth year in a row.

The company had a solid second quarter, with sales of non-charm jewelry outpacing sales of pieces in its core collections.

Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.

Its investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.

Nicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.

Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.

Longtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.

Model Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.