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
Botswana At 60: Diamond Leadership Takes Its Place On The World Stage
Diamond Embedded World Athletics Relays Medals Connect Botswana’s Natural Diamond Provenance, Local Enterprise, Creative Industry and Sport Diplomacy.
The Government of Botswana, in collaboration with the Diamond Sector, today launched the 60 Years of Diamond Leadership Initiative and unveiled the diamond-embedded medals for the Debswana World Athletics Relays Gaborone 26 at the Botswana National Museum.
This moment marks a defining shift in Botswana’s diamond journey: from resource extraction to global reputation; from mineral value to public value; and from provenance to purposeful international engagement through sport, culture, tourism, and local enterprise.
The initiative brings together key players across the diamond value chain, including Okavango Diamond Company, De Beers Group, Debswana Diamond Company, Diamond Trading Company Botswana, Lucara Botswana, and KGK Diamonds, working through the House of Botswana. Within this collective effort, ODC’s partnership with Ankit Gems and SRK, who covered the cost of polishing the Botswana natural diamonds, alongside Nungu Diamonds, demonstrates how collaborative investment can connect diamond polishing, jewellery-making capability, creative industry development, and sport-for-development impact.
“Today, Botswana stands as a benchmark for ethical luxury, where diamonds are valued for their integrity, their traceability, and their contribution to national development.” — Hon. Bogolo Kenewendo, Minister of Minerals and Energy
Speaking at the launch, Hon. Bogolo Kenewendo, Minister of Minerals and Energy, said:

Botswana’s next chapter is anchored on advancing provenance, deepening socio-economic impact, expanding citizen participation across the value chain, and accelerating downstream development.
In remarks delivered at the event, Advocate Duma Gideon Boko, President of the Republic of Botswana, reflected on the broader national significance of diamonds, noting their contribution to infrastructure, healthcare, education, and Botswana’s global standing. The President positioned the World Athletics Relays Gaborone 26 as a platform of resilience, growth, and excellence, and as a moment through which Botswana can host the world with confidence.
The unveiling of medals featuring Botswana’s natural diamonds, sponsored and produced through ODC, provides a powerful symbol of this ambition. The medals connect the excellence of athletes with the discipline, resilience, and value of natural diamonds, allowing Botswana’s story to travel globally through sport. The sponsorship reinforces ODC’s commitment to ensuring that diamonds do more than shine: they must create visibility, build enterprise, support national development, and open new pathways for economic impact.

The launch also foregrounded Botswana’s creative economy. The Main Gallery featured artworks by local artists, giving the event a distinctly Botswana visual language and affirming that diamond leadership must also create space for culture, creativity, and local talent to be seen on national and international platforms.
One of the initiative’s enterprise-development highlights is the Tokafala-supported Leteise Tote Bag project. Through the programme, Debswana has supported the training of 34 textile operators across Botswana, the majority of whom are women, including participants from mining communities such as Boteti. Curated by AfroFusion, the tote bags will represent Botswana’s heritage at international trade fairs and global engagement platforms.
Delivering the Vote of Thanks, Hon. Jacob Kelebeng, Minister of Sport and Arts, acknowledged the collective effort behind the moment and the significance of bringing the world to Botswana. He thanked Batswana, the diamond sector, sponsors, organisers, and partners whose support continues to strengthen sport as a platform for national pride, unity, and international visibility.
The diamond sector’s contribution to the Debswana World Athletics Relays Gaborone 26 reinforces a broader national principle: mineral value, when managed with intention, can be transformed into public value, supporting sport development, local enterprise, tourism linkages, creative industry growth, and Botswana’s global positioning.
As Botswana marks 60 years of independence and diamond leadership, this initiative signals a more confident and coordinated approach to telling the country’s story: one that links origin to impact, natural wealth to shared progress, and Botswana’s diamonds to the world’s imagination.
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