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.
More on Sourcing
The Latest
CollectionsApr 08, 2026
Hearts On Fire Celebrates 30 Years By Asking a QuestionThe “What’s Your Signature?” campaign invites women to think about how they see themselves.
Events & AwardsApr 08, 2026
AGS Confluence Returns with AI, Sustainability SessionsRob Bates of The Jewelry Wire will also moderate a panel on the state of the jewelry industry during the virtual event.
Events & AwardsApr 08, 2026
TJS to Honor 2 Longtime Former Stuller EmployeesThe Jewelry Symposium will honor two industry veterans with lifetime achievement awards at its upcoming May event.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
TrendsApr 08, 2026
Amanda’s Style File: April’s Brilliant Birthstone With their durability, brilliance, and beauty, diamonds are the perfect stone for everyday birthstone jewelry.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsApr 07, 2026
QVC Group’s Latest Filing Calls Its Future Into QuestionThe retailer failed to file its annual report on time and said it may issue a going concern warning.
ColumnistsApr 07, 2026
Peter Smith: A Tip to the Post Office on Workplace CultureSmith recounts a recent trip to the post office that included an uncomfortable, embarrassing, and public exchange between two employees.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
GradingApr 07, 2026
GIA CFO David Tearle to Retire in June John Cowley, who has more than 30 years of experience, is succeeding Tearle as the lab’s chief financial officer.
CollectionsApr 07, 2026
Nerd Out Over Gemology Geek’s First Jewelry CollectionFounder Erica Silverglide has designed 35 colorful pieces set with fluorescing gemstones for the brand's first finished jewelry offering.
CollectionsApr 07, 2026
Ukrainian Jewelers Highlighted In New Book“Ukrainian Jewelry | Contemporary Jewelry and Art Jewelry from Ukraine” features 33 contemporary Ukrainian designers and studios.
CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
