Rio Tinto’s diamond production declined sharply in the first nine months of 2026 as its Diavik mine in Canada moved into closure, following the exhaustion of its economically recoverable reserves.
The mining group recovered 1.074 million carats during January-September, compared with 3.317 million carats in the same period last year, according to its third-quarter production report. No diamonds were recovered in the July-September quarter.
Diavik’s final phase of mining ended in March 2026 after 23 years of operations. The mine, located in Canada’s Northwest Territories, produced more than 150 million carats of rough diamonds during its operating life. Rio Tinto is continuing to handle the remaining material and expects to sell its existing diamond inventory through the end of 2026.
The closure marks the end of Rio Tinto’s producing diamond mining operations. The company ceased production at Australia’s Argyle mine in 2020.
Diamond exploration remains part of its portfolio through the Chiri project in Angola.
Rio Tinto’s results illustrate how the depletion of a major mine can rapidly reduce a producer’s contribution to rough diamond supply. With Diavik no longer generating new production, the company’s near-term diamond activity will centre on selling its remaining inventory and progressing its exploration interests.