SourcingJun 27, 2024
De Beers’ Rough Diamond Sales Sink 31%SourcingJul 17, 2024
Rio Tinto’s Diamond Production Down 28% in Q2
The company’s sole remaining diamond operation, Diavik, produced 702,000 carats of diamonds, down from 970,000 a year ago.
The recently completed solar power plant at Rio Tinto’s Diavik Diamond Mine. The mine, which is expected to cease production in 2026, saw production drop 28 percent in Q2 and 26 percent year-to-date. (Photo courtesy of Rio Tinto)
Melbourne, Australia—Diamond production fell by double-digits in the second quarter at the Diavik Diamond Mine, Rio Tinto’s sole remaining diamond asset.
The mining company announced Tuesday that production at Diavik totaled 702,000 carats in Q2 (April/May/June), down 28 percent from 970,000 carats in the second quarter 2023.
Year-to-date, Diavik’s production is down 26 percent. The mine has produced 1.4 million carats of diamonds in the first half of 2024, compared with 1.9 million carats in H1 2023.
While Rio Tinto provided no reason for the decline in its second-quarter production, the company said in the first quarter, the mine’s production fell because it paused operations to mourn the six individuals killed when a plane en route to the mine crashed on Jan 23.
Q1 production at Diavik totaled 740,000 carats, down 22 percent year-over-year.
Rio Tinto said Tuesday that the investigation into the cause of the crash is ongoing.
Related stories will be right here …
The mining company announced Tuesday that production at Diavik totaled 702,000 carats in Q2 (April/May/June), down 28 percent from 970,000 carats in the second quarter 2023.
Year-to-date, Diavik’s production is down 26 percent. The mine has produced 1.4 million carats of diamonds in the first half of 2024, compared with 1.9 million carats in H1 2023.
While Rio Tinto provided no reason for the decline in its second-quarter production, the company said in the first quarter, the mine’s production fell because it paused operations to mourn the six individuals killed when a plane en route to the mine crashed on Jan 23.
Q1 production at Diavik totaled 740,000 carats, down 22 percent year-over-year.
Rio Tinto said Tuesday that the investigation into the cause of the crash is ongoing.
The mine also recently encountered a structural issue that could further hamper production.
Earlier this month, Cabin Radio, an independent radio station based in Yellowknife, Canada, reported that Rio Tinto had been forced to shut down one of the two major pits at Diavik, the A154, because of subsidence (sinking or caving in of the earth) along one of the access roads leading to the mine.
A Rio Tinto spokesperson told National Jeweler that the company is working to resume full operations as soon as possible.
Located in Canada’s Northwest Territories, Diavik officially opened in January 2003 and is set to cease production in 2026.
Earlier this month, Rio Tinto announced that it has completed construction on a 3.5-megawatt capacity solar power plant.
The plant will provide up to a quarter of the mine’s electricity during closure work, which is expected to continue until 2029.
Rio Tinto said the 6,620-panel facility is the largest off-grid solar power plant in Canada’s territories.
It is expected to generate 4.2 million kilowatt-hours of solar energy a year, reducing the mine’s diesel consumption by 1 million liters (more than 264,000 gallons) and cutting greenhouse gas emissions by 2,900 tons of CO2 equivalent, comparable to removing 630 cars from the road a year.
The plant is equipped with bi-facial panels, which generate electricity from direct sunlight and from the light that reflects off the snow that blankets Diavik most of the year.
More on Sourcing
The Latest
GradingMar 06, 2026
Tom Moses Leaving GIA After Nearly 50 YearsMoses, who started at GIA’s Santa Monica lab in 1976, will leave the Gemological Institute of America in May.
Lab-GrownMar 06, 2026
Charles & Colvard Files for Bankruptcy, Citing Price PressuresIncreased competition, falling lab-grown diamond and moissanite prices, and the rising cost of gold took a toll on the moissanite maker.
CollectionsMar 06, 2026
Zome’s ‘Solara’ Earrings Embody Celestial BeautyThe earrings, our Piece of the Week, feature pink tourmalines as planets orbiting around an aquamarine center set in 18-karat rose gold.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
MajorsMar 06, 2026
Pomellato’s 2026 IWD Campaign Spotlights Economic Abuse“The Price of Freedom” campaign video for International Women’s Day confronts the quiet violence of financial control.
Weekly QuizMar 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Policies & IssuesMar 05, 2026
Tariffs to Increase to 15% This Week, Treasury Secretary Says Also, a federal judge has ordered that companies that paid tariffs implemented under the IEEPA are entitled to refunds.
CollectionsMar 05, 2026
Common Era Honors ‘Difficult Women’ in CollectionThe ever-growing collection, which just expanded with the addition of Olga of Kyiv, features cameos of 12 women from history.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
TrendsMar 05, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
Events & AwardsMar 05, 2026
AGS Announces Conclave 2026 Speaker LineupThe annual event will be held in Orlando, Florida, from Sept. 14-17.
TrendsMar 05, 2026
Caitríona Balfe Fronts Only Natural Diamonds CoverThe “Outlander” star modeled for the digital cover of the magazine’s spring issue, which features a story on her relationship with jewelry.
MajorsMar 05, 2026
Registration Opens for CIBJO Centenary CongressThis year’s annual congress, which will mark the confederation’s 100th anniversary, will take place this fall in Italy.
MajorsMar 04, 2026
Michael M Opens First StoreBeverly Hills was chosen as the location for the brand’s first store, designed as a “private residence for modern monarchs.”
Policies & IssuesMar 04, 2026
Luxury Brands Temporarily Shutter Middle East StoresKering, Apple, and other retailers have reportedly temporarily closed stores in the Middle East region in light of the recent conflicts.
EditorsMar 04, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
Events & AwardsMar 04, 2026
JIS Miami Spring Show to Feature New Gifts Pavilion, Pop-Up Trends TalksNearly half of buyers are prioritizing silver and fashion collections this season, organizers said.
TrendsMar 04, 2026
Spinelli Kilcollin Rides Free In Year of the Horse CampaignThe “Live Now. Polish Later.” campaign features equestrians wearing the brand’s jewels while galloping across the icy plains of Kazakhstan.
MajorsMar 04, 2026
LeachGarner Names New Brand DirectorThe precious metals provider has promoted Jennifer Ashworth to the role.
Events & AwardsMar 03, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on March 13.
MajorsMar 03, 2026
Swiss Refiner Completes Acquisition of Gannon & ScottThe American precious metals refiner’s day-to-day operations remain the same post-acquisition.
TrendsMar 03, 2026
Amanda’s Style File: AquatopiaThese aquamarine jewels channel the calming energy of the March birthstone.
Events & AwardsMar 03, 2026
AGTA Adds Another New Category for SpectrumThe “Innovative Design” category and award will debut in the Spectrum division of this year’s AGTA Spectrum & Cutting Edge Awards.
EditorsMar 02, 2026
Jewelry at the Actor Awards: Reimagining Hollywood GlamourDiamond jewelry was the star of the event formerly known as the SAG Awards.
SurveysMar 02, 2026
Consumer Confidence Edges Up in FebruaryConsumers were somewhat less worried about the future, though concerns about rising prices and politics remained.
Events & AwardsMar 02, 2026
JVC to Honor Rebecca Foerster at Annual LuncheonFoerster is this year’s Stanley Schechter Award recipient.
Events & AwardsMar 02, 2026
JFC Names 2026 ‘Facets’ Honorees Sponsorships and tickets to the annual fundraising event, set for May 31, are available now.
CrimeFeb 27, 2026
Man Charged in Murders of Father, Son Jewelers in ChicagoChicago police and members of the U.S. Marshals Service tracked down the 35-year-old suspect earlier this week in St. Louis.
