DiamondBuzz
Rio Tinto Reports 37% Drop in Diamond Revenue for 2024
Challenges at Diavik mine and broader market conditions lead to significant financial loss in Rio Tinto’s diamond segment.
Rio Tinto’s diamond revenue for 2024 fell by 37% to $279 million, largely driven by difficulties at its Diavik mine in Canada and the broader downturn in the diamond market. The company reported a loss of $127 million for the diamond segment, a sharp contrast to the previous year’s underlying earnings of $26 million. Despite the tough market conditions, Rio Tinto reaffirmed its focus on responsible sourcing and operational efficiency as key priorities moving forward.
The year was further marked by a tragic incident at the Diavik mine, where several team members were among the victims of a plane crash in January. This added to the operational challenges faced by the company during an already difficult period. Despite these setbacks, Rio Tinto has emphasized its commitment to managing the operation responsibly and efficiently, as it navigates the ongoing industry challenges.
With a challenging market outlook and operational difficulties, Rio Tinto continues to focus on adapting to market conditions while upholding its dedication to sustainable and ethical practices in diamond mining.
DiamondBuzz
Diamond Slump forces Debswana to diversify into copper, platinum and solar
Diamond-centric mining models is giving way to broader resource portfolios
Debswana Diamond Company, the 50–50 joint venture between the Botswana government and De Beers, is moving to diversify into copper, platinum and renewable energy as the prolonged downturn in natural diamond demand pressures earnings and forces the industry to rethink its growth strategy.
The company’s board has approved plans to invest in a portfolio of non-diamond projects after revenue fell 46% in 2024, the latest available financial year, highlighting the scale of the downturn in the global diamond market.
The move signals a strategic shift toward commodities with stronger long-term demand fundamentals, particularly copper, which is central to global electrification and energy-transition infrastructure.
Debswana’s diversification reflects a broader industry pivot as diamond producers confront weak consumer demand, rising competition from lab-grown stones and elevated inventories across the supply chain.
The shift is also visible among smaller exploration companies. Botswana Diamonds recently rebranded as Botswana Minerals, signalling its own strategic focus on copper exploration rather than diamonds.
Together, these moves underscore a growing consensus across the sector: the era of diamond-centric mining models is giving way to broader resource portfolios anchored in energy-transition metals.
-
BrandBuzz10 hours agoThe Pearl Edit: Thoughtful Women’s Day Gifting by GIVA
-
BrandBuzz10 hours agoAugmont Launches SPOT 2.0: One Platform. Every Product. Efficient Business
-
BrandBuzz14 hours agoSenco Gold & Diamonds Launches “SHAPE OF YOU”- AI Application for Women’s Day Celebration
-
National News14 hours agoKushals Fashion Jewellery Curates Special Women’s Day Edit Celebrating Strength, Style and Self-Expression
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.