Rio Tinto Exits Diamond Sector to Sharpen Focus on Core Commodities

Deep News03-26

Rio Tinto PLC announced that its Diavik mine in Canada has concluded its final production run, marking the end of the group's diamond mining operations spanning over half a century. Over 23 years, the Diavik mine produced more than 150 million carats of diamonds. The company stated that mine site reclamation activities will continue until 2029, with the final batch of diamonds scheduled to be polished and sold in 2026 and beyond. The largest single diamond recovered from the mine was a 552-carat yellow diamond.

The diamond business unit of Rio Tinto recorded a loss of $79 million in 2025, attributed to structural oversupply and intensifying competition from lab-grown diamonds. Under the leadership of Chief Executive Jakob Stausholm, Rio Tinto is concentrating its investment portfolio on its iron ore, copper, aluminum, and lithium operations and has indicated plans to divest its titanium and borates businesses.

The closure of the Diavik mine comes five years after Rio Tinto shuttered its Argyle mine in Western Australia. The company first began diamond production at the Argyle mine in 1983, and the cessation of operations at Diavik signifies Rio Tinto's complete exit from the diamond industry. Shares of Rio Tinto declined by 2.26% during London trading hours.

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