SourcingNov 18, 2021
Scientists Found This New Deep-Earth Mineral Trapped in a DiamondSourcingNov 19, 2021
Rio Tinto’s Now the Sole Owner of Canada’s Diavik Diamond Mine
It had previously owned 60 percent, partnering with Dominion Diamond Mines.
Rio Tinto is now the sole owner of the Diavik Diamond Mine, located in Canada’s Northwest Territories.
Yellowknife, Canada—Rio Tinto is now the sole owner of Canada’s Diavik Diamond Mine, located in the Northwest Territories.
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.
Related stories will be right here …
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.”
Editors' Picks
Sponsored by
More on Sourcing
The Latest
SurveysJan 30, 2026
These Are the Top Brands of 2026, Says YouGovFrom tech platforms to candy companies, here’s how some of the highest-ranking brands earned their spot on the list.
CollectionsJan 30, 2026
Follow the Beat With Etiq’s ‘Khol’ RingThe “Khol” ring, our Piece of the Week, transforms the traditional Indian Khol drum into playful jewelry through hand-carved lapis.
MajorsJan 30, 2026
Arch Crown’s 2026 ‘Tag & Label’ Catalog Is HereThe catalog includes more than 100 styles of stock, pre-printed, and custom tags and labels, as well as bar code technology products.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
CollectionsJan 29, 2026
Ghirardelli’s ‘Chocolocket’ Returns for Valentine’s DayThe chocolatier is bringing back its chocolate-inspired locket, offering sets of two to celebrate “perfect pairs.”
Weekly QuizJan 29, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsJan 29, 2026
These Were Bonhams’ Top 10 Jewelry Lots in 2025The top lot of the year was a 1930s Cartier tiara owned by Nancy, Viscountess Astor, which sold for $1.2 million in London last summer.
WatchesJan 29, 2026
Audemars Piguet Opens AP House in AtlantaThe Swiss watchmaker has brought its latest immersive boutique to Atlanta, a city it described as “an epicenter of music and storytelling.”
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
ColumnistsJan 28, 2026
Peter Smith: Setting the Next Generation Up for SuccessIn his new column, Smith advises playing to your successor's strengths and resisting the urge to become a backseat driver.
SurveysJan 28, 2026
Consumer Confidence Falls Below Pandemic Lows in JanuaryThe index fell to its lowest level since May 2014 amid concerns about the present and the future.
IndependentsJan 28, 2026
Foundrae Heads to Aspen for Latest Store OpeningThe new store in Aspen, Colorado, takes inspiration from a stately library for its intimate yet elevated interior design.
FinancialsJan 28, 2026
Tiffany & Co., Bulgari Sales Resilient as LVMH’s 2025 Sales SlipThe brands’ high jewelry collections performed especially well last year despite a challenging environment.
CollectionsJan 27, 2026
De Beers London, GemFair Debut New Collection Highlighting Artisanal DiamondsThe collection marks the first time GemFair’s artisanal diamonds will be brought directly to consumers.
SourcingJan 27, 2026
GemGuide Launches Pricing for Montana SapphiresThe initial charts are for blue, teal, and green material, each grouped into three charts categorized as good, fine, and extra fine.
TechnologyJan 27, 2026
Clientbook Launches Appointment Booking ToolThe new tool can assign the appropriate associate based on the client or appointment type and automate personalized text message follow-ups.
SourcingJan 26, 2026
Tucson Preview 2026: Earthy Tones and Innovative Shapes Buyers are expected to gravitate toward gemstones that have a little something special, just like last year.
SourcingJan 26, 2026
Angolan Diamond Cos. Join NDC as Rio Tinto, Murowa Exit Endiama and Sodiam will contribute money to the marketing of natural diamonds as new members of the Natural Diamond Council.
MajorsJan 26, 2026
Francesca’s To Close All StoresThe retailer operates more than 450 boutiques across 45 states, according to its website.
MajorsJan 26, 2026
BIJC Names 5 New Board MembersThe new members’ skills span communications, business development, advocacy, and industry leadership.
CollectionsJan 26, 2026
Tiffany & Co. Celebrates 189 Years of Love StoriesThe jeweler’s 2026 Valentine’s Day campaign, “Celebrating Love Stories Since 1837,” includes a short firm starring actress Adria Arjona.
GradingJan 26, 2026
DCA Updates Colored Gemstone CourseThe new features include interactive flashcards and scenario-based roleplay with AI tools.
MajorsJan 23, 2026
Watches of Switzerland Acquires 4-Store Jewelry Chain in TexasFamily-owned jewelry and watch retailer Deutsch & Deutsch has stores in El Paso, Laredo, McAllen, and Victoria.
WatchesJan 23, 2026
Damiani Group to Acquire Baume & MercierThe Italian luxury company purchased the nearly 200-year-old Swiss watch brand from Richemont.
TrendsJan 23, 2026
Martin Katz’s Earrings Call to Mind Wintry Weather Micro-set with hundreds of diamonds, these snowflake earrings recreate “winter’s most elegant silhouette,” and are our Piece of the Week.
MajorsJan 23, 2026
Rembrandt Charms Names New Director of Creative, Brand StrategyElla Blum was appointed to the newly created role.
Supplier BulletinJan 22, 2026
The Rise of Centralized Sourcing in the Colored Gemstone MarketSponsored by RapNet
MajorsJan 22, 2026
Lugano Diamonds Finds a BuyerInvestment firm Enhanced Retail Funding, a division of Gordon Brothers, was the successful bidder.
