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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.

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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.

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BrandBuzz

De Beers Group Rewrites the Diamond Story with ‘Intention Pendants’ for the Woman Who Chooses Herself

Where natural diamonds become expressions of intent for women shaping their own path

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De Beers Group taps into the modern ritual of intention-setting with the launch of ‘The Intention Pendant’ collection, where natural diamonds become intimate expressions of purpose and personal power. Designed for the woman who marks her milestones quietly yet deliberately, the high-glamour collection reflects a new language of self-gifting rooted in meaning, emotion, and self-belief. The launch speaks to a wider cultural shift, one where success is defined internally and luxury becomes a deeply personal signature.

For Gen Z and millennials, practices like manifestation, vision boarding, and ‘scripting dreams’ are no longer trends; they are core lifestyle rituals. Intention-setting has become a daily act of self-empowerment. De Beers Group captures this sentiment through a personal campaign narrative that features a young woman crafting a vision board and reconnecting with her inner clarity, with the pendant serving as her constant companion through quiet moments and self-discovery.

“Women today are choosing to celebrate themselves through everyday intentions. The Intention Pendants draw from the extraordinary legacy of natural diamonds while honouring this cultural shift,” said Toranj Mehta, Vice President of Marketing, De Beers Group India“Rooted in the extraordinary legacy of natural diamonds, this collection reflects a shift toward jewellery as a personal marker of growth. Each piece serves as a quiet reminder a woman wears for herself, honouring her inner resolve and the promises she makes to her future.”

The launch is supported by a comprehensive 360° campaign designed to inspire and engage across print, television, radio, cinema, outdoor, digital, and social media outreach. Leading Bollywood and sports icons including Tamannaah Bhatia, Athiya Shetty and Sania Mirza have created and shared their personal vision boards while wearing the pendants, amplifying authenticity and aspiration.

Each Intention Pendant features a natural diamond, formed over billions of years and shaped patiently by nature, carrying a sense of timeless continuity into the present. Refined through the forces of time, it stands as a lasting symbol of resilience and brilliance. Inspired by celestial forms and personal energy, the design brings this journey from nature’s heart to hers into a modern, wearable expression. Worn close to the heart, the pendant becomes a personal touchstone, subtly manifesting her best life while reflecting her intentions, inner strength, and the journey she continues to shape.

The Intention Pendant collection builds on De Beers’ global focus on self-gifting as an evolving expression of self-love. Across markets, natural diamonds are increasingly chosen to mark independent decisions, personal milestones, and moments of inner transformation, signalling a move beyond traditional gifting toward jewellery that reflects individuality and purpose.

Launching ahead of the year-end period of reflection, the collection aligns naturally with a season devoted to renewal, clarity, and intention. The Intention Pendant emerges not as a statement piece, but as a personal symbol, one that accompanies a woman quietly as she defines success on her own terms.

‘The Intention Pendant Collection’, serves as a reminder of one’s potential through the timeless beauty of a natural diamond and personal expression. De Beers invites you to connect with cosmic energy, flowing from nature’s core to your own.

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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.

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