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 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said last week that it expects to spend approximately $1 billion a year on closure activities at mining sites that are no longer active, including Argyle.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.
The Latest

The company announced the change alongside its Q1 results, which showed that the jewelry brand’s year is off to a shaky start.

The retailer will cut 16 percent of its corporate workforce as part of its plan to exit bankruptcy.

Of the many examples used in the filming of “Le Mans,” this one is believed to have spent the most time on Steve McQueen’s wrist.

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

Megan Piccione dressed Lauren Wasser in layers of diamond jewelry, making her stand out in a crowd that included celebrities like Beyoncé.


The museum’s new exhibition will feature one of Jesse Owen’s Olympic medals, Yogi Berra’s crown, Super Bowl rings, and more.

The new program provides access to media exposure and editorial opportunities for exhibitors and retailers.

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

The “Eclipse” jewelry collection captures the fleeting moment where light and shadow align though onyx, diamonds, and freshwater pearls.

Buying discipline at trade shows starts with clarity about your inventory levels, Smith writes.

Lazaro Rodriguez Vega was murdered inside Cash Out Gold and Silver in Fort Pierce. A 20-year-old man has been charged in the case.

A portion of every engagement ring sold in its Austin showroom will support the care and preservation of Austin’s wildflowers and green spaces.

Their partnership combines Gemist’s customization technology with Saban Onyx’s U.S.-based manufacturing capabilities.

Respondents were concerned about the Middle East conflict and how it will impact their finances.

Our Piece of the Week, the “Butterfly” necklace, showcases a 7.02-carat oval diamond set between diamond, platinum, and 18-karat gold wings.

Smith uses a comment he overheard in the grocery store to remind retailers that their job is to inspire buying behavior, not just sell.

“A Girl SMR at Claire’s” celebrates girlhood through the five senses with stacked jewelry, slime toys, scented accessories, and ASMR.

Believed to be one of three made in 1987, the Cartier London Crash was hot at the “Shapes of Cartier” sale at Sotheby’s Hong Kong.

Officials are looking for a group that robbed Marc Robinson Jewelers at an outlet mall in Round Rock, Texas, in broad daylight on April 21.

Sponsored by OROAREZZO International Jewelry Exhibition

Some retailers are taking a nuanced approach to marketing what can be a difficult holiday for many.

The Edge has announced its new CEO, as well as a new partnership with an investment firm focused on founder-led software businesses.

De Beers’ diamond production was up 17 percent in Q1, boosted by increased output at its mines in South Africa and Canada.

A signet ring belonging to the Western film star of Hollywood’s Golden Age will be up for auction at Elmwood’s next month.

Importers can submit claims now to receive money back for the IEEPA tariffs they’ve paid, with refunds expected to take up to 90 days.

The owners of Gregory Jewelers in Morganton, North Carolina, are heading into retirement.

The colored gemstone industry leader is heading into retirement after four years as the association’s CEO.























