International News
Rio Tinto Unveils Rare 158ct Yellow Diamond from Diavik Mine in Canada
One of the largest gem-quality yellow diamonds ever discovered in Canada, the 158.20-carat gem is a remarkable find as Diavik Mine nears closure.
Rio Tinto has uncovered a rare and exceptional 158.20-carat yellow diamond at its Diavik Mine in Canada, marking one of the largest gem-quality yellow diamonds ever found in the country. This stunning discovery is also among only five yellow diamonds weighing over 100 carats to be unearthed by the company at Diavik throughout its 22-year history. Notably, Diavik is primarily known for producing white diamonds, with less than 1% of its output being yellow stones.
The Diavik Mine, which is set to close next year, is also responsible for several significant yellow diamond finds, including Canada’s largest yellow diamond, a 552.74-carat gem discovered in 2018, and the 187.7-carat Diavik Foxfire found in 2015.
With the closure of the Argyle mine in Australia in 2020, Diavik is now Rio Tinto’s sole diamond asset. Patrick Coppens, General Manager of Sales and Marketing for Rio Tinto’s diamond business, expressed excitement over the unique beauty and purity of the Diavik diamonds, eagerly anticipating the future of this extraordinary find.
International News
Israel’s Diamond Industry Hits Record Lows
From January To June 2026, Israel Exported Only $2.4 Billion In Diamonds. At Its Peak In 2015, That Figure Was Around $7 Billion—More Than Three Times Higher.
Israel’s diamond exports have dropped dramatically to their lowest levels in history. Reflecting these difficult times, the head of the Israel Diamond Exchange has announced his resignation.
Key Numbers
- Massive Drop in Exports: From January to June 2026, Israel exported only $2.4 billion in diamonds. At its peak in 2015, that figure was around $7 billion—more than three times higher.
- Total Trade Shrinking: Total industry trade (combining imports and exports) fell to $4 billion, down from $12 billion during its best years.
Why Is the Industry Struggling?
- Competition from Dubai: Dubai has become a major global diamond hub, drawing traders away from Israel with lower tax rates.
- Lab-Grown Diamonds: Man-made diamonds are significantly cheaper than natural ones, taking away a large portion of the market.
- New U.S. Tariffs: A new 10% import tax on diamonds was recently introduced by U.S. President Donald Trump. Since the U.S. buys about 20% of Israel’s diamond exports, this tax hits the local industry hard.
- Shifting Consumer Habits: Younger buyers are spending more money on experiences rather than luxury jewelry. Additionally, diamond demand in China has slowed down significantly.
Global Impact & What’s Next
The downturn isn’t just affecting Israel; it is a global issue. Even De Beers—one of the world’s biggest diamond companies—has been put up for sale for the first time ever.
Despite these setbacks, Israel still holds key advantages in the market, such as strong client relationships and deep expertise in cutting large, rare, and colored diamonds. Israeli officials are currently negotiating with the U.S. to lower the new tariffs and working with their own government for tax relief to help the industry bounce back.
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