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
SurveysOct 16, 2026
How Inflation, Gas Prices Will Affect Holiday Sales The NRF is expecting holiday sales to increase this year, but consumers and retailers alike are facing Grinch-like headwinds.
CollectionsOct 16, 2026
Christina Puchi’s Earrings Hold the UniverseOur Piece of the Week gathers the planets, represented by a variety of colored gemstones, in a pair of 14-karat yellow gold earrings.
IndependentsOct 16, 2026
Reeds Jewelers Expands, Relocates FlagshipThe New York-based jeweler is moving its Amherst flagship store to a larger location in nearby Snyder.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
MajorsOct 16, 2026
Katy Chen Appointed Executive Vice President of Graff USA Chen, who worked at Cartier and Tiffany & Co., will lead retail sales and operations for the luxury jeweler’s 11 U.S. stores.
Weekly QuizOct 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsOct 15, 2026
Retailer Hall of Fame 2026: Amy and Elise Greenberg For 40 years, sisters Amy and Elise Greenberg have helmed their 126-year-old family business, leading with appreciation and integrity.
ColumnistsOct 15, 2026
Peter Smith: What Is the Culture REP?It’s a term Smith coined and felt compelled to share following a bad experience with an aborted flight and an unfeeling flight attendant.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
WatchesOct 15, 2026
Stephanie Gottlieb’s New Movado Watches Are Made for Your Wrist StackMovado teamed up with the New York-based fine jewelry designer on a new collection of Movado Museum Velura watches.
CollectionsOct 15, 2026
Wolf x Marla Aaron's New Jewelry Box Is for Some (Not All) of Your ThingsThe “Some of the Things” box follows the two larger “Everything” box designs with the look and function of antique sewing and toolboxes.
IndependentsOct 14, 2026
Retailer Hall of Fame 2026: Coleman and Mitchell ClarkFourth-generation jewelers Coleman and Mitchell Clark exemplify the best qualities of their predecessors: humility, modesty, and confidence.
FinancialsOct 14, 2026
LVMH’s Jewelry Brands Turn in ‘Very Good’ Performance in Q3 Tiffany & Co. continued its full-scale store renovation project while Bulgari’s high jewelry collection generated “record-breaking revenue.”
Events & AwardsOct 14, 2026
Chicago Responsible Jewelry Conference Releases 2026 ProgramThis year’s sessions feature leading voices from human rights, legal, and conservation organizations.
MajorsOct 13, 2026
David Webb Owner Purchases Lugano JewelryThe high-end jewelry retailer was sold to private investment firm Middle West Partners and a group of longtime clients.
Lab-GrownOct 13, 2026
Stephanie Gottlieb Takes Lab-Grown Diamond Collection WholesaleThe jewelry designer has partnered with Sofer Jewelry to distribute her 85-piece lab-grown diamond collection.
IndependentsOct 13, 2026
Retailer Hall of Fame 2026: Sean DunnDunn, this year’s Single-Store Independent inductee, is passionate about innovation and telling the story of natural diamonds.
AuctionsOct 13, 2026
Christie's Geneva To Auction 'Bulgari Pink' DiamondThe 24-carat fancy intense pink diamond ring could fetch up to $18 million at the November sale.
IndependentsOct 13, 2026
Greenwich St. Jewelers’ New Candle Smells Like HomeThe “Island Jewel” candle honors New York City and Puerto Rico and raises money for the island’s water relief efforts.
TechnologyOct 13, 2026
GemFind Is a New JA Member Benefit Partner The partnership will give JA members access to preferred pricing, exclusive benefits, technology solutions, education, and resources.
SurveysOct 09, 2026
These Will Be the 10 Busiest Days for In-Store Shopping This Holiday SeasonStores should expect to see the most customers on Nov. 27, and Christmas week is expected to be hectic too, as Dec. 25 falls on a Friday.
CollectionsOct 09, 2026
Elisa Solomon Collabs With Serendipity 3 on ‘Frozen Hot Chocolate’ CharmThe charm, our Piece of the Week, features brown diamond frozen hot chocolate topped with white diamond whipped cream and a ruby straw.
AuctionsOct 09, 2026
8-Carat Blue Diamond Goes Unsold at UK Jewelry Auction The top lot of Elmwood’s recent fine jewelry sale in London was a 1.84-carat, D color Tiffany & Co. solitaire diamond ring.
WatchesOct 09, 2026
Movado to Sell Majority Stake in Ebel for $66.5MThe watch company agreed to sell a 95 percent interest to a group comprised of F.P. Journe, Chanel, and Swiss watch exec Pierre Jacques.
Policies & IssuesOct 08, 2026
Third Wave of IEEPA Tariff Refunds Begins This round of tariff refunds is for importers that have sued over IEEPA tariffs in the Court of International Trade and won.
CollectionsOct 08, 2026
Brent Neale’s New Collection Goes ‘Back to Basics’It revisits the brand’s most requested silhouettes, from "Pillow"-set necklaces and bracelets to "Signature"-set rings and earrings.
SourcingOct 08, 2026
Ethical Gem Fair Heads Back to BrooklynThe trade-only event includes buying opportunities as well as educational sessions on artisanal mining, the new Paraíba source, and more.
Events & AwardsOct 08, 2026
Pattons Fine Jewelry Sweeps Local Design ContestAra Chanakian, a jeweler at Pattons, took home top honors in every category at Jewelers of Louisiana’s annual jewelry design competition.
