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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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DiamondBuzz

De Beers brings Diamonds and Glamour to London

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Insiders suggest a star-studded journey to London might be on the cards. But why London? Beyond its glittering reputation as a global hub for jewellery and fashion, whispers point to something far more dazzling — De Beers is set to host a major showcase in the city.

This year, De Beers Group makes its grand debut at Frieze London, marking a landmark moment where the world of natural diamonds meets the world of art. In collaboration with Frieze Masters, the brand will unveil Voyage Through the Diamond Realm — an immersive experience said to capture the mystery, beauty, and brilliance of natural diamonds like never before.

To bring this vision to life, De Beers has invited India’s leading style and art connoisseurs, including Twinkle Khanna, Ananya Panday, Sara Tendulkar, Karan Johar and many more. Known for their refined taste and appreciation of art and design, these tastemakers are the perfect ambassadors to experience natural diamonds in a whole new light — where every facet tells a story of time, pressure, and perfection.

While details remain under wraps, those close to the brand hint that the experience will be nothing short of transformative — a moment where science, storytelling, and rarity converge to celebrate nature’s most extraordinary creations.

One thing’s certain: when De Beers Group meets Frieze London, the city is bound to shine a little brighter — and perhaps, so will those boarding that flight.

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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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