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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

Ashth Prive Unveils Udaya – A Limited-Edition Jewellery Collection Inspired by the Timeless Geometry of Rani ki Vav

A 24-piece IGI-certified lab-grown diamond collection translating Rani ki Vav’s sacred geometry into architectural high jewellery

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Ashth Jewellery, the luxury designer lab-grown diamond brand known for its design innovation and conscious philosophy, announces the launch of its newest high-jewellery collection, Udaya – a tribute to India’s architectural heritage and enduring craftsmanship.

Udaya is inspired by the architectural brilliance of the 11th-century UNESCO World Heritage site Rani ki Vav, a rare monument commissioned by Queen Udayamati in memory of her King in Patan, Gujarat. Unlike monuments that rise towards the sky, this stepwell descends into the earth, revealing intricate stone lattices, sacred geometry, and rhythmic symmetry. The monument embodies quiet strength and timeless grace – a lasting feminine legacy that anchors the spirit of the collection.

The collection reinterprets these architectural motifs through a distinctive craft innovation. Each piece features 7 to 13 carat rose-cut and portrait-cut diamonds. Their flat, transparent surface allows light to pass through the stone, revealing hand-engraved architectural motifs in gold beneath. As light passes through the stone, the engraved motifs beneath are revealed, bringing the architecture to life

The design language is shaped by the rhythmic symmetry of Patola weaving, where repetition and proportion create harmony. This textile discipline is translated into finely structured engravings, measured intervals, and balanced proportions, lending each piece a sense of order and quiet refinement.

A limited edition of 24 unique designs, each jewel is individually numbered in Gujarati, reinforcing its rarity and collectible nature. The gold is finished using a specialised polishing technique that creates a subtle textured surface reminiscent of aged stone echoing the character of the monument that inspired it.

Every piece is IGI-certified and BIS hallmarked, reflecting Ashth’s commitment to quality alongside its philosophy of responsible luxury.

“Design has always been at the heart of Ashth. With Udaya, we explored the idea of depth, inspired by the layered architecture of Rani ki Vav. By combining portrait and rose-cut diamonds with hand-engraved gold surfaces beneath, we’ve created jewellery where light becomes a medium to reveal craftsmanship. The collection reflects our approach to luxury – thoughtful, architectural, and deeply rooted in storytelling.” shares Kaivan Shah, Co-founder of Ashth

With its signature philosophy ‘Mine. Not Mined.’, Ashth continues to redefine luxury by combining design excellence, cultural storytelling, and environmentally responsible diamonds.

Store Locations: Mumbai, Kolkata, Goa, Raipur and Surat

source:Ashth

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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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