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
IndependentsSep 26, 2023
Sally Nelson, Founder of Exclusively Diamonds, Dies at 86The former teacher, described as “a pioneer for women-owned businesses,” opened her own jewelry store in 1980.
Events & AwardsSep 26, 2023
Instore Announces Dates for 2024 Show The annual event will return to Rosemont, Illinois next August.
SurveysSep 26, 2023
Mastercard Makes Its 2023 Holiday PredictionAccording to SpendingPulse, retail sales will increase in November and December but not necessarily for jewelers.
Brought to you by
Top 5 Ways to Promote Safety and Security Awareness Among Your StaffAwareness is essential to proactive protection. Learn how to promote and maintain safety and security awareness in your business.
WatchesSep 26, 2023
Citizen Launches the Tsuki-Yomi A-T TimepieceAccording to the watchmaker, it features the first light-powered atomic timekeeping moon phase movement.
Weekly QuizSep 21, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
Events & AwardsSep 26, 2023
2023 Spectrum Awards Entry Deadline ExtendedThe contest is now open for submissions until Oct. 10.
CrimeSep 25, 2023
Oregon Jeweler Accused of Selling Lab-Grown Diamonds as NaturalPolice say Douglas Wayne Gamble also swapped natural diamonds for synthetic stones and failed to return customers’ repairs.
Brought to you by
A Conversation with Dialog SolutionsDo you always want the right diamonds at the right price in your store? Introducing Dialog, the world’s first diamond subscription service.
Lab-GrownSep 25, 2023
Neil Lane’s Latest Collection Uses Lab-Grown Diamonds The designer just launched a new bridal range at Kay Jewelers.
MajorsSep 25, 2023
Hearts On Fire Taps Mejuri Exec as CCOYunjo Lee has also worked on collections for Tiffany & Co. with Paloma Picasso and Frank Gehry.
MajorsSep 25, 2023
Second Generation Takes On New Roles at Sylvie JewelrySteve Levine joins the family-owned company, while his brother Gary has a new position.
MajorsSep 22, 2023
David Yurman Alleges These Two Companies Copied Its DesignsThe company has filed complaints against Royal Chain and Samuel B.
TrendsSep 22, 2023
Piece of the Week: Yun Yun Sun’s ‘Puzzle’ Ring The two-stone style benefits from two-toned metal.
Events & AwardsSep 22, 2023
HardRock Summit To Relocate In 2024The event is moving just outside of Denver.
WatchesSep 21, 2023
Timex Wants Your Old WatchThe company just rolled out “Timex Rewound,” a new takeback and resale program.
GradingSep 21, 2023
Retailers Warned About Fraudulent Email Purportedly From GIA The lab confirmed it did not send the message.
AuctionsSep 21, 2023
Hindman Appoints New SVP, Director of Jewelry and WatchesReginald Brack has worked at StockX and Christie’s.
MajorsSep 21, 2023
Artistry’s 2024 Catalog Has ShippedIt features colored gemstone, pearl, diamond, gold, and sterling silver jewelry styles.
Lab-GrownSep 20, 2023
Lab-Grown Diamond Outlook: Price Declines Aren’t a Deterrent Some Indian manufacturers think the potential in this young, evolving market outweighs current price concerns.
SourcingSep 20, 2023
New Surat Diamond Bourse To Be World’s Largest Office Complex The massive space spans 7.1 million square feet with more than 4,000 offices and 131 elevators.
Policies & IssuesSep 20, 2023
Creating a Brighter Future for the Differently Abled GIA is among the supporters of a new school building for children with special needs.
SurveysSep 20, 2023
Why Bain and Deloitte Think Sales Will Grow This Holiday SeasonFrom holiday spending to inflation’s impact, here’s what analysts are forecasting for the season.
MajorsSep 20, 2023
Tiffany Collabs With Fellow LVMH-Owned Rimowa The jeweler and luxury luggage company have teamed up on jewelry cases and a suitcase.
GradingSep 20, 2023
Navneet Gems Introduces Portrait-Cut RubiesThe geometric collection is on view now at the Jewellery & Gem World Hong Kong Show.
AuctionsSep 19, 2023
‘Bleu Royal’ Diamond to Fetch $35M-$50M at Auction The 17.61-carat stone leads Christie’s “Magnificent Jewels” sale in Geneva this November.
CrimeSep 19, 2023
Man Sentenced to 6 Years in Prison Following Bear Spray RobberyThe suspect used bear spray to subdue employees and bystanders then stole $800,000 worth of jewelry.
GradingSep 19, 2023
Fuli Gemstones Unveils New Peridot CutThe ‘Fuli Cut’ is based on an antique cushion.
