Rio Tinto Processes Remaining Diamond Stock from Shuttered Diavik Operation

Australia-based mining company Rio Tinto processed the remaining ore from its shuttered Diavik mine in Canada, recovering 33,000 carats of diamonds during the second quarter ended June 30.

Although the Diavik mine officially ceased operations in March after reaching the end of its productive life, Rio Tinto said it will continue processing, manufacturing, and selling its remaining diamond inventory through at least the end of 2026.

Diamond production dropped sharply following the closure. Second-quarter output fell 97% compared with both the previous quarter and the same period a year earlier. For the first half of 2026, the company produced 1.1 million carats, down 51% from the corresponding period in 2025.

Diavik was Rio Tinto's final operating diamond mine. The company exited its other major diamond assets in recent years, closing the Argyle mine in Australia in 2020 and selling its 75% interest in the Fort à la Corne diamond exploration project in Saskatchewan to joint-venture partner Star Diamond Corporation in 2023. Those moves were part of Rio Tinto's broader strategy to focus on metals and other minerals. The company, however, continues to conduct diamond exploration activities in Angola.