Global mining giant Rio Tinto has reported a decline in diamond production during the third quarter of 2024. The company’s Diavik mine in Canada experienced a significant setback due to a subsidence event in July, which disrupted underground ore deliveries.
As a result, Q3 rough production at Diavik plummeted by 28% to 542,000 carats compared to the same period last year. However, there’s a glimmer of hope on the horizon. The mine has successfully completed the development and construction of Phase 1 of the A21 underground, and commercial production has commenced.
Diamond production at Diavik plummeted by 26% year-over-year, reaching 1.98 million carats in the first nine months of 2024 compared to 2.68 million carats in the same period the previous year.
Despite the challenges, Rio Tinto remains optimistic. The company expects to fully mine the A21 underground before closure in 2026. Additionally, in October, they launched the 2024 Beyond RareTM Tender, showcasing a unique collection of rare pink, red, violet, and yellow diamonds.
The decline in diamond production is a temporary setback for Rio Tinto, as the company continues to invest in its mining operations and explore new opportunities in the gemstone market.