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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
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.
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.
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 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.
Weekly QuizOct 08, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
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.
Policies & IssuesOct 08, 2026
Third Wave of IEEPA Tariff Refunds Begins This round of tariff refunds is for importers that have sued over IEEPA tariffs in the Court of International Trade and won.
CollectionsOct 08, 2026
Brent Neale’s New Collection Goes ‘Back to Basics’It revisits the brand’s most requested silhouettes, from "Pillow"-set necklaces and bracelets to "Signature"-set rings and earrings.
Events & AwardsOct 08, 2026
Pattons Fine Jewelry Sweeps Local Design ContestAra Chanakian, a jeweler at Pattons, took home top honors in every category at Jewelers of Louisiana’s annual jewelry design competition.
AuctionsOct 08, 2026
Reba McEntire’s Jewelry, Watches Head to Julien’s AuctionsThe live charity benefit sale in Nashville will also feature gowns, boots, and other memorabilia from the country music legend.
Supplier BulletinOct 08, 2026
Overnight Mountings’ Bridal Builder Helps Jewelers Turn Custom Design into a Hands-On Selling ExperienceSponsored by Overnight Mountings
Policies & IssuesOct 07, 2026
The Plumb Club Amplifies Its Voice as Geopolitical Pressures MountThe supplier organization recently joined JA and JVC to have more input on political issues affecting the jewelry industry.
CollectionsOct 07, 2026
Blue Nile, Royal Asscher Collection Highlights Natural Diamond BeautyBlue Nile, a Signet Jewelers-owned brand, is now Royal Asscher’s exclusive licensed retailer in North America.
CollectionsOct 07, 2026
4 Standout Pieces in Audemars Piguet’s First High Jewelry Collection “Royal Oak” pays homage to the brand’s most popular watch model using 18-karat gold as well as diamonds, emeralds, and sapphires.
MajorsOct 07, 2026
Empire Safe & Vault Promotes Juan Morales to CEOAs part of the transition, Joseph Nicosia has stepped into the role of COO.
SourcingOct 07, 2026
AGTA Extends Deadline for 2026 Spectrum Awards EntriesParticipants now have until Oct. 14 to complete their submissions.
CrimeOct 06, 2026
6 Charged in Connection to String of New Jersey Smash-and-GrabsThe alleged thieves used crow bars and sledgehammers to smash into jewelry stores across the state.
ColumnistsOct 06, 2026
Sherry Smith: Is the Consumer Really Trading Up?Ahead of the holidays, Smith urges jewelers to take a hard look at who’s buying jewelry, what they’re purchasing, and who’s stopped buying.
