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
AuctionsSep 17, 2025
Mythical Set of Patek Philippe Pocket Watches Expected to Sell for $10M+A set of four Patek Philippe “Star Caliber 2000” pocket watches is part of Sotheby’s upcoming auction in Abu Dhabi.
TrendsSep 17, 2025
Silvia Furmanovich’s Book Tells the ‘Journey of a Jeweler’The Brazilian jeweler’s latest book marks her namesake brand’s 25th anniversary and tells the tale of her worldwide collaborations.
WatchesSep 17, 2025
Bob’s Watches Acquires Vintage Rolex Won on ‘The Price is Right’ The Submariner Ref. 1680 with a Tiffany & Co. dial came from the original owner, who won it as a prize on the game show in the 1970s.
Brought to you by
reDollar.com Is Rolling Out the Next Level Jewelry, Diamond & Watch Consignment ProgramWith their unmatched services and low fees, reDollar.com is challenging some big names in the online consignment world.
TechnologySep 17, 2025
Jewelers Mutual Launches Shipping Solution App for Shopify The new integration allows users to manage shipments directly from the Shopify dashboard.
Weekly QuizSep 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsSep 16, 2025
Out & About: 7 Great Quotes From Converge in CarlsbadAt Converge 2025, Editor-in-Chief Michelle Graff attended sessions on DEI, tariffs, security, and more. Here are her top takeaways.
CrimeSep 16, 2025
2 Robbery Suspects Killed in California Pawn Shop ShootoutSix people were shot last week at an Oakland cash-for-gold shop as employees exchanged gunfire with individuals trying to rob the store.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
CollectionsSep 16, 2025
Chopard Adds New Designs to Its ‘Ice Cube’ Capsule CollectionThe jeweler has expanded its high jewelry offering, which launched last year, with new pieces featuring its cube motif that debuted in 1999.
EditorsSep 15, 2025
Skipping the Necklace, Embracing Snakes: The Best Jewelry From the 2025 Emmy AwardsAssociate Editor Natalie Francisco shares eight of her favorite jewelry looks from the 77th annual Primetime Emmy Awards, held Sunday night.
SurveysSep 15, 2025
Resilient Shoppers to Boost Holiday Retail Sales, Says DeloitteIt’s predicting a rise in retail sales this holiday season despite economic uncertainty and elevated inflation.
SourcingSep 15, 2025
AGTA Elects 8 Members to Board of Directors The newly elected directors will officially take office in February 2026 and will be introduced at the organization’s membership meeting.
EditorsSep 12, 2025
Out & About: Mining Sapphires in Rock Creek, MontanaAssociate Editor Lauren McLemore headed out West for a visit to Potentate Mining’s operation hosted by gemstone wholesaler Parlé Gems.
TrendsSep 12, 2025
Piece of the Week: Arunashi’s Fordite and Rhodolite EarringsFordite is a man-made material created from the layers of dried enamel paint that dripped onto the floors of automotive factories.
Events & AwardsSep 12, 2025
Al Gilbertson Wins 2025 Robert M. Shipley AwardGilbertson has worked as a researcher, jeweler, lapidary artist, appraiser, and business owner throughout his decades in the industry.
Policies & IssuesSep 11, 2025
Supreme Court to Hear Tariffs Case in November A decision likely won’t come until January 2026 at the earliest, and the tariffs remain in effect until then.
MajorsSep 11, 2025
Tabayer Opens Nordstrom Shop-In-ShopLocated in the revamped jewelry hall at the retailer’s New York City flagship, this opening is Tabayer’s first shop-in-shop.
SourcingSep 11, 2025
Need to Sell More Natural Diamonds? De Beers Has an App for ThatThe new, free app offers accessible educational content, like games and podcasts, for U.S. retailers.
MajorsSep 10, 2025
Stuller to Swap Gold Scrap for Full Credit to AccountAs the gold price rises, the manufacturer is offering a 100 percent payout through Sept. 30 for gold clean scrap.
SourcingSep 10, 2025
Tech Meets Style in the New Loewe x Jacob & Co. HeadphonesJacob & Co. partnered with the German technology company on two pairs of headphones, one set with diamonds and the other with sapphires.
TrendsSep 10, 2025
Tiffany & Co. Archival Jewels Bring Life to ‘Frankenstein’Guillermo del Toro’s 2025 “Frankenstein” will feature 27 jewels and objects from the storied brand, including pieces from its archives.
MajorsSep 10, 2025
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe Waldorf Astoria New York’s grand reopening this past summer means a homecoming for the industry group’s annual event.
SourcingSep 09, 2025
Anglo American to Merge With Canadian Copper Miner Anglo plans to merge with Teck Resources Ltd. to form Anglo Teck. The deal changes nothing about its plans to offload De Beers.
AuctionsSep 09, 2025
‘The Mellon Blue’ to Return to Auction, This Time at Christie’s The 9.51-carat fancy vivid blue diamond, which set two world auction records at Sotheby’s in 2014, is estimated to fetch up to $30 million.
AuctionsSep 09, 2025
Phillips Names Dianne Batista Head of Jewels, New YorkThe industry veteran joins the auction house as it looks to solidify its footprint in the jewelry market.
MajorsSep 09, 2025
MJSA Education Foundation Announces 2025 Scholarship WinnersThe nonprofit awarded four students pursuing a professional career in jewelry making and design with $2,250 each.
IndependentsSep 08, 2025
Take a Look Inside the New Korman Store in AustinThe Texas-based jeweler has also undergone a brand refresh, debuting a new website and logo.
