SourcingJan 24, 2023
Tiffany Buys 35 of the Last Diamonds Recovered From Argyle SourcingMar 02, 2023
Rio Tinto Making $40M Investment in Diavik Diamond Mine
The company is going underground at the A21 open pit, a move that will help extend the mine’s life into early 2026.
An aerial shot of the Diavik Diamond Mine, the Rio Tinto-owned operation located just south of the Arctic Circle. The mining company has approved plans to go underground at the mine’s fourth pipe, A21, a move that could help to extend Diavik’s life into 2026.
Yellowknife, Canada—Rio Tinto is going underground on another pipe at Diavik, its diamond mine in Canada’s Northwest Territories that’s been in operation for 20 years.
The mining company announced last week that it has approved a $40 million investment in the first phase of underground mining at the existing open-pit operations at the A21 pipe.
It is expected to deliver an additional 1.4 million carats of diamonds for Diavik.
Rio Tinto said it will move existing employees and contractors from other areas of the mine for both the construction and production phases of the project.
In the first half of 2024, Diavik is expected to seek approval for phase 2 of the A21 underground project, anticipated to yield 800,000 carats of rough diamonds.
“Rio Tinto’s decision to support the underground development of the A21 pipe was prefaced on compelling industry fundamentals, our proven capacity to safely develop diamond mines in extreme conditions and a track record in competing successfully in the global diamond industry,” said Rio Tinto Minerals Chief Executive Sinead Kaufman.
“This is good news for our employees, partners, suppliers and local communities in the Northwest Territories.”
Related stories will be right here …
The mining company announced last week that it has approved a $40 million investment in the first phase of underground mining at the existing open-pit operations at the A21 pipe.
It is expected to deliver an additional 1.4 million carats of diamonds for Diavik.
Rio Tinto said it will move existing employees and contractors from other areas of the mine for both the construction and production phases of the project.
In the first half of 2024, Diavik is expected to seek approval for phase 2 of the A21 underground project, anticipated to yield 800,000 carats of rough diamonds.
“Rio Tinto’s decision to support the underground development of the A21 pipe was prefaced on compelling industry fundamentals, our proven capacity to safely develop diamond mines in extreme conditions and a track record in competing successfully in the global diamond industry,” said Rio Tinto Minerals Chief Executive Sinead Kaufman.
“This is good news for our employees, partners, suppliers and local communities in the Northwest Territories.”
Located 200 kilometers (124 miles) south of the Arctic Circle, the Diavik Diamond Mine consists of four kimberlite pipes: A154 North, A154 South, A418, and A21.
A21 was the last of the four pipes commissioned, opening in 2018.
Rio Tinto said based on the updated mine plan and production schedule, including the A154N and A154S pipes, the first and, if approved, second phases of underground operation at A21 will extend the mine’s life into the first quarter of 2026.
The original life-of-mine plan had Diavik closing in 2025.
Rio Tinto has operated Diavik since it opened in 2003 but previously had a partner in the mine, Dominion Diamond Mines, which owned a 40 percent stake.
Dominion filed for, and was granted, insolvency protection in 2020, and sold its stake in Diavik to Rio Tinto in 2021, making the company the sole owner of the mine.
More on Sourcing
The Latest
MajorsOct 19, 2026
The Knot to Acquire Rival Wedding Planning Platform ZolaThe pending acquisition is an “exciting opportunity” for wedding vendors to grow their business, said The Knot Worldwide’s CEO.
CollectionsOct 19, 2026
John Hardy Enters the Medallion Chat With Talisman Collection The brand’s “Modern Talisman” capsule collection introduces pendants inspired by the mythology, natural world, and spiritual ethos of Bali.
IndependentsOct 19, 2026
The Stories of 5 Jewelers Celebrating Their Centennials in 2026Independent jewelers from New Mexico to New Jersey answer the question: What has kept your store in business for 100 years?
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
SurveysOct 16, 2026
How Inflation, Gas Prices Will Affect Holiday Sales The NRF is expecting holiday sales to increase this year, but consumers and retailers alike are facing Grinch-like headwinds.
Weekly QuizOct 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsOct 16, 2026
Christina Puchi’s Earrings Hold the UniverseOur Piece of the Week gathers the planets, represented by a variety of colored gemstones, in a pair of 14-karat yellow gold earrings.
IndependentsOct 16, 2026
Reeds Jewelers Expands, Relocates FlagshipThe New York-based jeweler is moving its Amherst flagship store to a larger location in nearby Snyder.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
MajorsOct 16, 2026
Katy Chen Appointed Executive Vice President of Graff USA Chen, who worked at Cartier and Tiffany & Co., will lead retail sales and operations for the luxury jeweler’s 11 U.S. stores.
IndependentsOct 15, 2026
Retailer Hall of Fame 2026: Amy and Elise Greenberg For 40 years, sisters Amy and Elise Greenberg have helmed their 126-year-old family business, leading with appreciation and integrity.
ColumnistsOct 15, 2026
Peter Smith: What Is the Culture REP?It’s a term Smith coined and felt compelled to share following a bad experience with an aborted flight and an unfeeling flight attendant.
WatchesOct 15, 2026
Stephanie Gottlieb’s New Movado Watches Are Made for Your Wrist StackMovado teamed up with the New York-based fine jewelry designer on a new collection of Movado Museum Velura watches.
CollectionsOct 15, 2026
Wolf x Marla Aaron's New Jewelry Box Is for Some (Not All) of Your ThingsThe “Some of the Things” box follows the two larger “Everything” box designs with the look and function of antique sewing and toolboxes.
IndependentsOct 14, 2026
Retailer Hall of Fame 2026: Coleman and Mitchell ClarkFourth-generation jewelers Coleman and Mitchell Clark exemplify the best qualities of their predecessors: humility, modesty, and confidence.
SourcingOct 14, 2026
Manuel Marcial de Gomar, ‘The Emerald Whisperer,’ Dies at 90The gem hunter, whose 70-year career was defined by adventure and exploration, is remembered for his steadfast faith and sense of wonder.
FinancialsOct 14, 2026
LVMH’s Jewelry Brands Turn in ‘Very Good’ Performance in Q3 Tiffany & Co. continued its full-scale store renovation project while Bulgari’s high jewelry collection generated “record-breaking revenue.”
Events & AwardsOct 14, 2026
Chicago Responsible Jewelry Conference Releases 2026 ProgramThis year’s sessions feature leading voices from human rights, legal, and conservation organizations.
MajorsOct 13, 2026
David Webb Owner Purchases Lugano JewelryThe high-end jewelry retailer was sold to private investment firm Middle West Partners and a group of longtime clients.
Lab-GrownOct 13, 2026
Stephanie Gottlieb Takes Lab-Grown Diamond Collection WholesaleThe jewelry designer has partnered with Sofer Jewelry to distribute her 85-piece lab-grown diamond collection.
IndependentsOct 13, 2026
Retailer Hall of Fame 2026: Sean DunnDunn, this year’s Single-Store Independent inductee, is passionate about innovation and telling the story of natural diamonds.
AuctionsOct 13, 2026
Christie's Geneva To Auction 'Bulgari Pink' DiamondThe 24-carat fancy intense pink diamond ring could fetch up to $18 million at the November sale.
IndependentsOct 13, 2026
Greenwich St. Jewelers’ New Candle Smells Like HomeThe “Island Jewel” candle honors New York City and Puerto Rico and raises money for the island’s water relief efforts.
TechnologyOct 13, 2026
GemFind Is a New JA Member Benefit Partner The partnership will give JA members access to preferred pricing, exclusive benefits, technology solutions, education, and resources.
SurveysOct 09, 2026
These Will Be the 10 Busiest Days for In-Store Shopping This Holiday SeasonStores should expect to see the most customers on Nov. 27, and Christmas week is expected to be hectic too, as Dec. 25 falls on a Friday.
CollectionsOct 09, 2026
Elisa Solomon Collabs With Serendipity 3 on ‘Frozen Hot Chocolate’ CharmThe charm, our Piece of the Week, features brown diamond frozen hot chocolate topped with white diamond whipped cream and a ruby straw.
AuctionsOct 09, 2026
8-Carat Blue Diamond Goes Unsold at UK Jewelry Auction The top lot of Elmwood’s recent fine jewelry sale in London was a 1.84-carat, D color Tiffany & Co. solitaire diamond ring.
WatchesOct 09, 2026
Movado to Sell Majority Stake in Ebel for $66.5MThe watch company agreed to sell a 95 percent interest to a group comprised of F.P. Journe, Chanel, and Swiss watch exec Pierre Jacques.
