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.
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.”
The Latest
Editor Lauren McLemore immersed herself in New York Bridal Fashion Week to better understand the role fine jewelry plays on the big day.
The jeweler shared her change of heart on lab-grown diamonds and why she keeps them separate from natural diamonds in her business ventures.
The New York-based brand is expanding outside of the U.S., with a pop-up shop in London and plans to distribute internationally.
From protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
They’re available through a retailer that sells luxury products inspired by the lifestyle of Batman’s billionaire civilian persona.
The watchmaker is selling 1,000 “Waterbury” watches for $1 each in celebration of its 170th anniversary.
The new “Ouche” collection brings sculptural designs to the brand, while the expanded “Daystar” collection brings a rainbow of colors.
This fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
The auction house said the gemstone could fetch up to $5.5 million at next month’s sale.
From prioritizing the customer experience to optimizing inventory, columnist Emmanuel Raheb shares the keys to a successful holiday season.
Journalist Priya Raj plans to use the scholarship funds to further her media qualifications and amplify marginalized communities.
It marks the first championship win in the team’s 28-year history.
The Arkansas-based jeweler’s first store in the state’s northwest region is set to open next year.
It will start with rough diamonds that are larger than 1.25 carats and later expand to rough diamonds that are above 1 carat.
The capsule collection is inspired by friendship and connection, with a nod to ‘80s fashion.
The New York socialite’s elegant, transformable piece from the 1960s is headed to auction later this month.
Texas jeweler Susan Eisen and NAJA’s Gail Brett Levine discuss how lab-grown diamonds have altered the landscape for jewelry appraisers.
On the verge of retirement, Kennedy recounts the most stressful stretch of his time at JSA and reveals what he’ll miss about the industry.
Signet Jewelers CEO Gina Drosos’ secrets to success are listening to her team and leaning on data to make decisions.
Part of the Welsh singer’s extensive jewelry collection, the bathtub-shaped Cartier watch went for nearly $72,000 at Sotheby’s Paris.
He dedicated his life to researching, writing, and speaking about gemstones in the hope he could inspire others to share his passion.
The event is slated for Oct. 17-19.
12 spots are available for travelers to visit Northern Tanzania and Southern Kenya from July 25 to Aug. 4.
Though they didn’t grow up together, siblings Ronald Leitzel and Tonia Leitzel Ulsh have grown together as co-owners of Mountz Jewelers.
The men allegedly posed as employees of a local energy company to gain entry to Hussein Murray’s home and then killed him in the basement.
Sales slipped 4 percent in the third quarter in an environment the company described as economically and politically uncertain.
The U.S. presidential election, inflation, and the aftermath of recent hurricanes could all have an impact on spending.