Rio Tinto’s Diamond Production Drops 68% Amid Diavik Mine Closure

Rio Tinto recorded a significant decline in diamond production during the first nine months of 2026 as its Diavik mine in Canada entered the closure phase following the depletion of its economically recoverable diamond reserves.

According to the company’s third-quarter production report, Rio Tinto recovered 1.074 million carats between January and September 2026, down from 3.317 million carats during the corresponding period in 2025. The company reported no diamond recovery in the July–September quarter.

Diavik concluded its final phase of mining in March 2026, bringing an end to 23 years of operations. Located in Canada’s Northwest Territories, the mine produced more than 150 million carats of rough diamonds throughout its operational life. Rio Tinto is now processing the remaining material and expects to sell its existing diamond inventory by the end of 2026.

The closure also signals the end of Rio Tinto’s active diamond production operations. The company previously ceased production at Australia’s Argyle mine in 2020, marking another significant change in its diamond mining portfolio.

Despite the end of production at Diavik, Rio Tinto continues to pursue diamond exploration through its Chiri project in Angola, maintaining a presence in the sector through its exploration activities.

The sharp decline in output highlights the impact of mine depletion on global rough diamond supply. With Diavik no longer producing new diamonds, Rio Tinto’s immediate focus will shift towards selling its remaining inventory while advancing its exploration initiatives.