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Rio Tinto shuts Diavik mine operations after 23 years

Diavik has been an inspired collaboration between a mining company and Indigenous partners

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After 23 years of operations and more than 150 million carats of rough diamonds produced before exhausting its economic reserves, Rio Tinto’s Diavik diamond mine in the Northwest Territories of Canada has celebrated its final day of production.

Rio Tinto Iron & Titanium and Diamonds MD Sophie Bergeron said: “Forty years ago there were very few people who believed there were diamonds in Canada – even fewer could have foreseen how the Diavik story would unfold. To arrive at this milestone has required vision, courage and determination to overcome significant challenges to mine diamonds beneath a frozen lake in one of the world’s most remote and pristine ecosystems.”

“Today, Diavik’s influence stretches into many spheres and over many continents and I am very proud to acknowledge all those people who have contributed to the discovery and development of the mine and the production and marketing of some of the finest diamonds the world has ever seen.”

Diavik mine, comprising four pipes, was discovered in 1991, beneath Lac de Gras, 220 kilometres south of the Arctic Circle. Mining began in 2003 and utilising both open pit and underground mining methods, has produced predominantly white gem quality diamonds and a small proportion of rare yellow diamonds.

Indigenous Government Organisations, government representatives and other stakeholders attended a celebration at the mine, signalling the formal completion of production at Diavik.

Diavik has been an inspired collaboration between a modern mining company and Indigenous partners with an enduring legacy of socioeconomic benefits for the North. RT looks forward to continuing to respectfully reclaim the land in line with our commitments to, and in partnership with, the Government of the Northwest Territories and Indigenous partners.

Planning for Diavik’s closure has been ongoing, commencing before the mine even began production, with closure goals covering safety, land use, landforms, water, biodiversity, community capacity and resource development. Closure activities will extend to 2029, followed by a period of post-closure monitoring.

The final production of Diavik rough diamonds will be polished and sold through 2026 and beyond by Rio Tinto’s international network of customers, including its long-standing Select Diamantaires.

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DiamondBuzz

Alrosa Sees First Glimmers Of A Turnaround Driven By Growing Scarcity

Supply Crunch In Larger Stones Lifts Rough Diamond Prices

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Russian diamond giant Alrosa is detecting the first glimmers of a turnaround in both rough and polished diamond markets after several tough years, driven by growing scarcity as global production heads toward its lowest level in two decades.

The miner reported that prices for its rough diamonds have climbed 6% to 9% since the start of 2026, with the most pronounced gains in the high-value 2- to 10-carat segment. That category accounts for about 80% of Alrosa’s production by value. Prices in these sizes rose across all three of the company’s trading sessions this year, with modest improvement in January followed by stronger advances in February and March. Overall, Alrosa lifted selling prices to varying degrees on nearly half of its regular assortment in the first quarter.

Alrosa forecasts that worldwide diamond output will drop below 100 million carats in 2026—the lowest in 20 years—with risks of even steeper declines as older deposits are exhausted and unprofitable mines are idled.

The company itself has already suspended operations at several smaller sites, including alluvial projects in the Anabar River Valley and the Verkhne Munskoye deposit’s Zapolyarny and Magnitny open pits. Rio Tinto’s Diavik mine in Canada, a long-time supplier of high-quality stones, reached the end of its commercial production this week after more than 23 years and over 150 million carats extracted. Other Canadian deposits are also slated for permanent closure this year.

The tightening supply comes as major producers, including Alrosa, have deliberately curtailed output in recent years to help balance inventories. Alrosa itself plans to mine 25–26 million carats in 2026, down from higher levels, while continuing to sell into key markets such as India and China despite Western sanctions.

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