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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
SurveysApr 03, 2025
2025 Retail Sales to Grow More Slowly Amid ‘Uncertainty,’ Says NRFThe National Retail Federation expects retail sales growth to return to pre-pandemic levels as consumers continue to face inflation.
TrendsApr 03, 2025
Tallulah Willis Imbues Antique Engagement Ring With MagicThe 4-carat, old mine brilliant-cut diamond engagement ring was co-designed by Willis and New York City-based brand Karina Noel.
CollectionsApr 03, 2025
Buccellati to Open Immersive Exhibition in MilanThe multisensory experience, open April 8-13, will feature the brand’s silver creations among dream-like scenes of natural landscapes.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
Policies & IssuesApr 03, 2025
Jewelers of America to Hold Webinar on TariffsThe virtual event will take place April 7 at 3 p.m.
Weekly QuizApr 03, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 02, 2025
Bea Bongiasca’s ‘Tarallo’ Collection Expansion Is a ZooThe pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.
MajorsApr 02, 2025
Neiman Marcus’ Dallas Flagship Will Remain Open, For NowParent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
Events & AwardsApr 02, 2025
Punchmark to Host Client WorkshopThe educational event will take place in Charlotte, North Carolina, this May.
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 YearsThe independent jeweler first opened its doors in 1888.
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in FloridaThe debut event will take place in Miami’s Coconut Grove neighborhood this fall.
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor ShortageThe roundtable will take place May 17 ahead of the trade show’s welcome dinner.
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry CollectionThe “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.
TrendsMar 31, 2025
Amanda’s Style File: Dripping in DiamondsDiamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With AcquisitionThe Utah-based company known for making wedding bands has acquired Doubloon Golf.
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH WatchesThe longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry StoreAuthorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.
SourcingMar 28, 2025
19th-Century Jade Book Now Available in EnglishLotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ RingThe ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ OutlookThe Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand AmbassadorThe Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent JewelerThe family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco WatchesThe “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.
