Rio Tinto Diamond Output Falls 68% after Diavik Closure
October 26, 26
(IDEX Online) - Rio Tinto's diamond production fell 68% in the first nine months of 2026 after its Diavik mine in Canada's Northwest Territories exhausted its economically recoverable reserves and ceased mining in March.
The mining group recovered 1.074 million carats in the nine months to September 30, down from 3.317 million carats in the same period of 2025. It recovered no diamonds in the third quarter, compared with 1.137 million carats a year earlier.
The figures mark the final stage of Rio Tinto's exit from diamond mining. Diavik was the company's last operating diamond mine, following the closure of its Argyle mine in Australia in November 2020.
In its third-quarter production report, Rio Tinto recorded zero diamond recovery for the July-to-September period. The report's production table shows Diavik's output falling from 33,000 carats in the second quarter to zero in the third, following the end of mining operations.
The the mine produced more than 150 million carats over its 23-year lifetime. Mining ended on March 26, after the mine's economically recoverable reserves were exhausted.
The end of mining does not mean that all Diavik diamonds have disappeared from the market. Rio Tinto said the remaining rough production would be polished and sold through its international customer network during 2026 and beyond, including through its long-standing Select Diamantaires.
Diamonds were discovered at Diavik in 1991, and open-pit and underground mining began in 2003.
The operation, located on an island in Lac de Gras about 140 miles south of the Arctic Circle, became one of Canada's most important diamond mines. Rio Tinto acquired full ownership in 2021.
The mine's development was a major undertaking in one of the world's most remote environments. In a 2023 announcement about a $40 million investment to extend its life, Rio Tinto said underground work at the A21 pipe was expected to add 1.4 million carats and extend operations into the first quarter of 2026.
The mine ultimately continued until March 2026, but the extension could not offset the depletion of its remaining economically recoverable ore.
File pic of the Diavik mine.