SourcingOct 08, 2024
Rio Tinto Begins New Phase of Production That Will Extend Diavik’s LifeSourcingFeb 24, 2025
Diavik’s Production Down 17% in 2024
Sales at the Rio Tinto-owned mine also slid by a double-digit percentage, falling 37 percent in a difficult market for diamonds.
Rio Tinto, which owns and operates Canada’s Diavik Diamond Mine, reported that production at the mine, pictured here in warmer months, dropped 17 percent last year while revenue was down 37 percent. (Photo courtesy of Rio Tinto)
London—Production at Canada’s Diavik Diamond Mine fell 17 percent last year amid weak global demand for diamonds, a tragedy at the mine, and a transition to underground operations at one of the mine’s pipes.
Rio Tinto reported last week that production at Diavik totaled 2.8 million carats in 2024 compared with 3.3 million carats in 2023.
The company said the January 2024 plane crash near the mine that killed four workers and led the company to temporarily halt operations impacted production, as did the end of open-pit mining at the A21 pipe.
Revenue from Rio Tinto’s diamond unit fell 37 percent to $444 million compared with $279 million in 2023 and it slipped into the red, reporting a loss of $127 million. In 2023, the division recorded underlying earnings of $26 million.
Related stories will be right here …
Rio Tinto reported last week that production at Diavik totaled 2.8 million carats in 2024 compared with 3.3 million carats in 2023.
The company said the January 2024 plane crash near the mine that killed four workers and led the company to temporarily halt operations impacted production, as did the end of open-pit mining at the A21 pipe.
Revenue from Rio Tinto’s diamond unit fell 37 percent to $444 million compared with $279 million in 2023 and it slipped into the red, reporting a loss of $127 million. In 2023, the division recorded underlying earnings of $26 million.
In its annual results, released Feb. 19, Rio Tinto also mentioned the “weaker” market for diamonds, which is affecting mining companies across the board.
Last week, De Beers Group reported a 22 percent drop in production and a 23 percent decline in revenue in 2024, while the CEO of Petra Diamonds resigned amid a 30 percent drop in sales.
Rio Tinto has been the sole owner and operator of Diavik since November 2021.
It is the company’s only diamond mining operation following the 2020 closure of the Argyle mine in Western Australia.
The company said last week that it expects to spend approximately $1 billion a year on closure activities at mining sites that are no longer active, including Argyle.
Rio Tinto also noted that it has exploration projects underway for eight commodities in 17 different countries including searching for diamonds in Angola.
Editors' Picks
Sponsored by
The Latest
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
Weekly QuizAug 13, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Lab-GrownAug 13, 2026
Jean Dousset Opens Third StoreThe lab-grown diamond jewelry brand’s newest boutique is in Westfield Valley Fair in Santa Clara, California.
CrimeAug 12, 2026
Elderly NYC Woman Targeted in Jewelry Swap SchemeTwo suspects offered to trade the woman a “winning” lottery ticket for her jewelry.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
SourcingAug 12, 2026
Another Diamond Mine Poised to CloseFinsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
CrimeAug 12, 2026
Jewelry Store Employee Gets 20 Years to Life in Choking Death of BossMichel Patrick DeSalles was sentenced after pleading guilty to the 2017 murder of Omid Gholian, who owned a jewelry store in Manhattan.
MajorsAug 12, 2026
Frederick Goldman Names New SVP of SalesLongtime industry executive Beth Miller has taken on the role.
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
MajorsAug 11, 2026
Signet Jewelers Selects Mattel Exec to Lead Zales, BanterJamie Cygielman will take on the role on Aug. 24.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
MajorsAug 10, 2026
QVC Exits Chapter 11 Bankruptcy, Names New Interim CEOQVC Group President and CEO David Rawlinson is temporarily being replaced by a familiar face, former QVC CEO Mike George.
CollectionsAug 10, 2026
State Property Puts a Ripple in the ‘The Voyager’ CollectionThe brand also added two one-of-a-kind brown diamond pieces to the “Sanssouci” series of its “Gardens” collection.
MajorsAug 10, 2026
And IJO’s 2026 Vendor of the Year Is … Ostbye took home top vendor honors at the Independent Jewelers Organization’s show, held last month in Kentucky.
Supplier BulletinAug 07, 2026
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsSponsored by Stratus Estate Buyers
MajorsAug 07, 2026
Retail Veteran Pam Cloud Appointed President of Blue NileCloud, who will officially join Blue Nile on Monday, spent 26 years at Tiffany & Co. and founded jewelry brand Roseate.
MajorsAug 07, 2026
Pandora Appoints Paulo Garcia as New CFO Garcia will take over from the company’s current CFO, Anders Boyer, who is retiring at the end of November.
MajorsAug 07, 2026
Etsy to Lay Off 12% of WorkforceEtsy CEO Kruti Patel Goyal explained why the company is letting go more than 200 employees as its performance improves.
TrendsAug 07, 2026
Look Ahead with Syna’s Binoculars PendantThe “Star Gazer” pendant, our Piece of the Week, is Syna’s tribute to curiosity and the discovery of something new.
CrimeAug 06, 2026
Lalique Museum to Remain Closed Following $5M HeistMuseum officials are looking to the public to help cover the “exceptional” costs involved in recovering from the July 5 smash-and-grab.
MajorsAug 06, 2026
Claire’s Revamps Piercing Services for Second Time in Three Years The overhaul includes enhanced employee safety training and trendy earring styles, including lab-grown diamond studs.
