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

Before Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.

The one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.

While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.


The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.

The donation was the result of the brand’s annual Earth Day Ingot event.

Supplier Spotlight Sponsored by GIA

Located in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.

The nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.

BIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.

As a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.

The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.

Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.

“Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.

The deadline to submit is June 16.

Moti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.

Lichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.

Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.

Associate Editor Lauren McLemore shares her favorite looks from a night of style inspired by Black dandyism.

Sponsored by Instappraise

CEO Beth Gerstein discussed the company’s bridal bestsellers, the potential impact of tariffs, and the rising price of gold.

The brand’s first independent location outside of Australia has opened in Beverly Hills, California.

Cathy Marsh will lead the jewelry company’s efforts in the upper Midwest and western United States.

The company has multiple strategies for dealing with tariffs, though its CEO said moving manufacturing to the U.S. is not one of them.

Connecting with your customers throughout the year is key to a successful holiday marketing push.

National Jeweler Editor-in-Chief Michelle Graff joined Michael Burpoe to talk tariffs, consumer confidence, and the sky-high price of gold.