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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

Global Diamond  Markets and Overall Prices Remain Steady

Steady Prices Mask A Polarizing Market Where Specific Large Shapes Win and Poorly Cut Diamonds Stagnate.

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The natural diamond and high-end jewelry sectors are experiencing a period of selective resilience. While macro-market prices remain steady, structural shifts in consumer preference, inventory drawdowns, and geographic demand variations are creating distinct “winners and losers” across diamond cuts, sizes, and geographies.

  • Macro Overview: Global markets and overall prices remain steady. Dossier prices continue to recover—particularly in the 0.30 ct. round collection goods—following a significant inventory drop.
  • B2B Buyer Behavior: Demand remains patchy. Wholesale buyers are strictly purchasing to fulfill specific, pre-existing orders rather than buying for inventory.
  • Category Winners: Sales are heavily concentrated in 2-carat and larger diamonds. While rounds are stable, long fancy shapes (Ovals, Marquises, Emeralds) are outperforming rounds in the 2 ct.+ category. High-quality Marquises, long Radiants, and long Cushions are in short supply.
  • Shape Premiums & Trends: > * Marquise is currently the most expensive fancy shape.
    • Long Cushions are highly liquid, trading at a 20% to 25% premium over square cushions.
    • Antique cuts/styles and well-proportioned, elongated Ovals (D–I color, VS–SI clarity) see robust demand, especially in the US.
    • Illiquidity Risk: Poorly proportioned fancy shapes remain entirely illiquid.
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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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