DiamondBuzz
Rio Tinto reports $127m loss for 2024 from Diavik mine
Rio Tinto reported a $127m loss for 2024 from its Diavik diamond mine, in Canada, as weak market conditions led to “fixed cost inefficiencies”. That compares with underlying earnings of $26m in 2023. Rio Tinto’s diamond sector generated $297m of revenue during the year, a 37 per cent drop on $444m the previous year. Rio Tinto reported a 17 per cent drop in production, from 3.3m carats in 2023 to 3.4m carats in 2024.
The British-Australian multinational emailed over 1,300 employees last September, offering them voluntary separations to reduce operating costs as it prepares to close the mine next year.In its Full Year Results 2024 the company noted the tragic loss of four Diavik workers and two air crew when a plane headed for the mine crashed last January.
DiamondBuzz
Alrosa Reports $130mn H1 Loss Amid Diamond Market Headwinds
The Company Cited Geopolitical and Macroeconomic Uncertainty, Western Sanctions, Shifting Jewellery Demand, Higher Gold Prices and Weaker Rough and Polished Diamond Sales As Key Challenges.
Russia’s state-controlled diamond miner Alrosa reported a 10.67 billion-ruble ($129.7 million) net loss in H1 2026, reversing a 39.03 billion-ruble profit a year earlier. Revenue plunged 36% to 74.16 billion rubles ($901.6 million), while gross profit fell to 4.62 billion rubles.
The company cited geopolitical and macroeconomic uncertainty, Western sanctions, shifting jewellery demand, higher gold prices and weaker rough and polished diamond sales as key challenges. Its operating loss widened to 5 billion rubles, while the pre-tax loss reached 14.08 billion rubles.
Adding to the pressure, Russia’s 8% export duty on unprocessed rough diamonds above 0.45 carats, postponed to March 2027, is expected to cut Alrosa’s profit by around 3.12 billion rubles ($37.9 million), further clouding the miner’s outlook.
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