DiamondBuzz
Prices stable for large diamonds, softness continues in the sub-1-carat categories:Rapaport
The report stated that large stones stable; small stones weakest. Market softness continued in the sub-1-carat categories.India saw steeper declines than the US, largely due to the impact of America’s 50% tariff on Indian diamond imports.
US: Steady pre-holiday demand, especially for 2–4 ct, F–J, VS–SI, in rounds and long fancies. Online spending hit record highs over Thanksgiving/Black Friday, yet major retailers continued emphasising lab-grown for fashion segments.India: Domestic demand remained healthy.China: Diamond demand subdued, though jewellery retail showed early stabilisation (Chow Tai Fook revenue –1.1%; Luk Fook +20–30%).
India’s rough imports –45% YoY in October amid Diwali closures and inventory control.De Beers held prices steady and allowed full refusals; its rough remains priced above secondary-market levels.Namibia signalled interest in acquiring a minority stake in De Beers.
Sentiment mixed. Independents report strong interest in large rounds and fancies; marquise and old-mine cuts are outperforming.
DiamondBuzz
Rio Tinto’s Diamond Division Posts $79 Million EBITDA Loss in 2025
Higher output from Canada’s Diavik Diamond Mine offsets revenue decline, but end-of-life pressures continue to weigh on performance.
Rio Tinto reported a challenging year for its diamond business in 2025, posting an underlying EBITDA loss of $79 million despite improved revenues. While the loss narrowed compared to the $115 million deficit recorded in 2024, the division remained under pressure amid a global diamond market slowdown and the nearing closure of its last active mine.
Annual revenue rose 19% to $332 million, supported by stronger production at the Diavik mine in Canada, Rio Tinto’s only remaining diamond operation. Output climbed 61% to 4.4 million carats, driven by the ramp-up of mining activities in the underground section of the A21 deposit, which began scaling up in late 2024.
However, the A21 underground ore body is expected to be depleted by the end of the first quarter of 2026, marking the end of Diavik’s operational life. The company plans to spend approximately $1 billion this year on closure activities related to Diavik, as well as rehabilitation work at the former Argyle Diamond Mine, which ceased production in 2020, and other non-diamond projects.
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