DiamondBuzz
Rio Tinto Diamond Output More Than Doubles
Diamond production at Rio Tinto rose in the third quarter amid a strong comparison with the previous year, when the company temporarily closed its Diavik mine in Canada.
Output from the mine surged 110% year on year to 1.1 million carats for the three months that ended September 30, Rio Tinto said Tuesday. A favorable comparison with the same period of 2024 contributed to the growth. Last year, the miner temporarily shut one of its main pits due to unstable ground on the road leading to the area, which can cause caving or sinking.
However, the total was 8% lower than the 1.2 million carats Rio Tinto recovered in the second quarter. In the first nine months of 2025, production soared 67% year on year to 3.3 million carats from the processing of 1.4 million tonnes of ore. That is relative to 937,000 tonnes in the first nine months of last year.
Diavik is currently Rio Tinto’s only diamond asset. The mine was originally due to close this year. However, the miner invested $40 million to extend the project’s life into 2026, adding more than 2 million carats of rough production. The company is currently exploring for diamonds in Angola.
DiamondBuzz
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
The Mine’s Operator, Storm Mountain, Cited A Severe Financial Crisis Driven By A Prolonged Drop In Global Rough-diamond Prices, Rising Middle East Conflict
Lesotho’s largest diamond mine, Kao, will cease operations on June 30 and transition to care and maintenance. The mine’s operator, Storm Mountain, cited a severe financial crisis driven by a prolonged drop in global rough-diamond prices, rising Middle East conflict-related fuel costs, and stiff competition from lab-grown diamonds.
Despite a warning last October that the mine required $13 million in fresh capital to survive, the necessary investment did not materialise. According to CEO Neo Hoala, the steep market decline made continued operations unsustainable. The shutdown will impact roughly 750 workers.
The mine’s financial downturn is stark: in 2024, Storm Mountain sold 250,000 carats for $50 million—a massive drop from its $105 million revenue in 2022. Kao’s suspension reflects a broader crisis in the diamond sector, following recent insolvencies and closures at Canada’s Ekati mine and South Africa’s Ekapa and Finsch mines.
WGC Gold Market Commentary: Hiking Up A Volcano
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
MCX Gold Higher On Ceasefire Hopes, Crude Oil Price Dip
Harit Zaveri Jewellers Celebrates A Bride’s Royal Spirit In An Indian Wedding With Its New Polki Collection
Ekta Kapoor Turns Investor, Targets India’s $70 Billion Jewellery Opportunity With Ekatra Jewels
WGC Gold Market Commentary: Hiking Up A Volcano
-
National News1 day agoHarit Zaveri Jewellers Celebrates A Bride’s Royal Spirit In An Indian Wedding With Its New Polki Collection
-
GlamBuzz1 day agoEkta Kapoor Turns Investor, Targets India’s $70 Billion Jewellery Opportunity With Ekatra Jewels
-
International News6 hours agoWGC Gold Market Commentary: Hiking Up A Volcano
-
National News1 day agoTreasures By Tiara Unveils Mumbai Flagship and Café Concept At Cumballa Hill
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.