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
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
MajorsApr 17, 2026
QVC Group Files for Chapter 11 BankruptcyThe retailer reported an 8 percent decline in annual sales as it struggles under the weight of billions of dollars of debt.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
Weekly QuizApr 16, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
IndependentsApr 16, 2026
Edge Retail Academy Updates Leadership TeamAs demand for jewelry retail coaching grows, the company has established a dedicated business coaching leadership team.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
MajorsApr 16, 2026
Stuller’s Latest Mountings Catalog Is Out NowThe “Mountings 2026-2027” catalog showcases Stuller’s largest and most diverse assortment to date with more than 400 new mounting styles.
PodcastsApr 15, 2026
Episode 4: The Natural Diamond DilemmaSally Morrison and Mark Klein discuss De Beers’ first beacon in 16 years and the mistake the industry made with lab-grown diamonds.
MajorsApr 15, 2026
Spark Creations’ Randy McKenzie Dies at 72 McKenzie spent 45 years with Spark Creations and is remembered for being kind, dedicated, and hardworking.
WatchesApr 15, 2026
These Are the New Rolex Watches for 2026Rolex focused exclusively on the Oyster Perpetual this year, as the model is celebrating its 100th anniversary.
FinancialsApr 15, 2026
Kering’s Jewelry Shines in Q1, Gucci’s Struggle ContinuesThe luxury giant discussed the Middle East conflict and its transformation plans, hinting at a stronger jewelry presence in North America.
TechnologyApr 15, 2026
This Jewelry Brand’s Video Series Is Up for a Webby Award“Diamond Divas,” a social media reality series by Shahla Karimi Jewelry, is nominated in the “Best Social: Fashion & Beauty” category.
FinancialsApr 14, 2026
LVMH’s Q1 Sales Sink 6% Amid Middle East ConflictPlus, how Saks Global’s bankruptcy affected the luxury giant’s first quarter.
SourcingApr 14, 2026
International Jade Summit to Return to MontereyPresented by Mason-Kay Jade, the summit, in its second year, will again be held during the Monterey Bay Jade Festival.
Events & AwardsApr 14, 2026
CBG Releases Details for Las Vegas ShowThe group has announced its lineup of speakers and a new “Rising Stars” pavilion.
CollectionsApr 13, 2026
Uniform Object’s New Jewelry Collection Centers on the ‘Carbon Form’The “Carbon Form” collection explores the contrast between high and low materials, using rubber cord alongside 18-karat gold and gemstones.
Events & AwardsApr 13, 2026
JA Accepting 2026 Impact Initiative ApplicationsThe program provides essential funding to organizations for projects that enhance the jewelry industry.
Events & AwardsApr 13, 2026
Couture Announces New Show in MiamiThe jewelry trade show is launching its first open-to-the-public event in Coconut Grove this November.
CrimeApr 13, 2026
JSA Offers Reward in Oregon Jewelry Store Armed RobberyJSA is seeking information about the gunpoint robbery of a Kay Jewelers location in Oregon’s Washington Square Mall.
WatchesApr 10, 2026
These Watches Have Increased in Value the Most Since 2018, Says Chrono24The top-performing watch models may be surprising, with Rolex and several popular pandemic-era picks notably absent from the top 20.
CollectionsApr 10, 2026
Ophelia Eve’s Toggle Pendant Holds Your SecretsThe “Scroll” toggle pendant, our Piece of the Week, opens to reveal a hidden message, mantra, or love letter written on washi paper.
ColumnistsApr 09, 2026
Jewelry Demand Isn’t Stronger, Prices Are Just Higher Jewelers who misinterpret the state of the jewelry market risk employing the wrong retail strategy, cautions columnist Sherry Smith.
MajorsApr 09, 2026
Tiffany & Co. Promotes Nathalie Verdeille to SVP, Chief Artistic OfficerIn her newly expanded role, she will continue to oversee the jewelry category, as well as watches, home, and accessories.
WatchesApr 09, 2026
Jacob & Co. Rolls Out Its Sequel to ‘The Godfather’ Musical Watch“The Godfather II” watch plays two melodies from the mob film’s score, “The Godfather’s Waltz” and “The Godfather Love Theme.”
Events & AwardsApr 09, 2026
JCK Announces Jesse Itzler as 2026 Keynote SpeakerOrganizers have also introduced the new JCK Talks Signature Series, as well as an offering of watch-focused workshops and lectures.
