SourcingJul 19, 2023
Lucara’s Underground Expansion at Karowe Hits a Snag SourcingJul 20, 2023
Rio Tinto’s Diamond Production Down 16% in Q2
The mining company said the decline at Diavik was due to work being done on one of the pipes and the open pit.
Rough diamonds from Rio Tinto’s Diavik Diamond Mine in Canada. Production at the mine was down 16 percent year-over-year in the second quarter but increased slightly when compared with the first quarter. (Photo courtesy of Rio Tinto)
Melbourne, Australia—Rio Tinto said Wednesday that production at the Diavik Diamond Mine fell 16 percent year-over-year in the second quarter but increased 2 percent when compared with Q1.
Diavik, which Rio Tinto took sole ownership of in late 2021, produced 970,000 carats of diamonds in the second quarter, down from 1.1 million in the prior-year period but up from 954,000 in the first quarter.
Rio Tinto said completion of an underground pipe as well as construction in an area of the mine’s open pit were the reasons for the decline.
Diavik, which is located in Canada’s Northwest Territories, is comprised of four diamond-bearing pipes, which Rio Tinto mines using a combination of open-pit and underground mining.
The company announced earlier this year it was going underground on another pipe at Diavik, A21. It anticipates the expansion will extend the life of the mine into the first quarter of 2026.
Rio Tinto’s annual production guidance for Diavik for this year remains unchanged at 3 million to 3.8 million carats, down from the 4.7 million carats mined there in 2022.
Related stories will be right here …
Diavik, which Rio Tinto took sole ownership of in late 2021, produced 970,000 carats of diamonds in the second quarter, down from 1.1 million in the prior-year period but up from 954,000 in the first quarter.
Rio Tinto said completion of an underground pipe as well as construction in an area of the mine’s open pit were the reasons for the decline.
Diavik, which is located in Canada’s Northwest Territories, is comprised of four diamond-bearing pipes, which Rio Tinto mines using a combination of open-pit and underground mining.
The company announced earlier this year it was going underground on another pipe at Diavik, A21. It anticipates the expansion will extend the life of the mine into the first quarter of 2026.
Rio Tinto’s annual production guidance for Diavik for this year remains unchanged at 3 million to 3.8 million carats, down from the 4.7 million carats mined there in 2022.
Outside of Diavik, Rio Tinto said the bulk of the money it spent on exploration in Q2 went toward looking for diamonds in Angola, along with copper in Australia, Colombia, Chile, Zambia, Peru, the United States, and Kazakhstan.
It also said it still is looking to pull out of Falcon, a joint venture project with Star Diamond in Saskatchewan, Canada. The project currently is on care and maintenance.
Mining Weekly reported on Rio Tinto’s desire to exit Falcon last fall.
The company did not make any statements about the diamond market specifically in its Q2 production results release, but it did note that commodity prices fell in the second quarter amid slowing demand.
The economic recovery in China has fallen short of expectations, as the real estate slump continues to weigh on the economy and consumers remain wary of spending.
Regarding the U.S. market, it said, “The U.S. economy is still growing and the labor market remains resilient, but a recession is still likely later this year.
“Past tightening of monetary policy and tighter lending standards are expected to constrain consumer spending, hiring and business investment. Inflation remains a challenge for the Federal Reserve, given pressure in the services sector.”
More on Sourcing
The Latest
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
