DiamondBuzz
Rio Tinto’s Final Beyond Rare Tender Marks the End of a Diamond Era
Rio Tinto’s third and final Beyond Rare™ Tender, titled The Art Series: Into the Light, has concluded with strong global demand, securing the company’s place in the history of rare diamonds. The tender comes 40 years after the commissioning of the Argyle diamond mine in Western Australia and 22 years after the start of operations at the Diavik mine in Canada.
The 2025 tender featured 52 lots totalling 45.44 carats, including six Masterpieces — carefully curated sets highlighting the pinnacle of production from Argyle and Diavik — alongside 39 single stones and seven matched sets. The Argyle pink, red, and violet diamonds came from the final legacy inventory, making them among the last of their kind.
Singapore-based Argyle Pink Diamonds Icon Partner™ Glajz THG, in collaboration with Scandinavian jeweller Hartmann’s, won the coveted Lot 1 consisting of two Fancy Vivid Purplish Pink pear shapes and a 5.11-carat Flawless D-colour Diavik emerald-cut diamond. “We are delighted to win these extraordinary masterpieces of nature and look forward to honouring the powerful provenance of the Argyle and Diavik mines,” said John Glajz, Managing Director of Glajz THG.
Patrick Coppens, General Manager of Sales and Marketing, Rio Tinto Diamonds, described the tender as a fitting finale: “Presenting this final collection is a wonderful epilogue to Rio Tinto’s inspiring story of mining and marketing diamonds. The world is still captivated by their beauty, exceptional rarity, and pure provenance.”
Since 1985, Rio Tinto has sold approximately 2,500 carats of rare pink, red, and blue polished Argyle diamonds — less than 0.0003% of the mine’s total production — through its annual tenders. With Argyle closed in 2020 and Diavik scheduled to close in 2026, the Beyond Rare™ legacy now enters the annals of diamond history.
DiamondBuzz
Rio Tinto’s Diamond Division Posts $79 Million EBITDA Loss in 2025
Higher output from Canada’s Diavik Diamond Mine offsets revenue decline, but end-of-life pressures continue to weigh on performance.
Rio Tinto reported a challenging year for its diamond business in 2025, posting an underlying EBITDA loss of $79 million despite improved revenues. While the loss narrowed compared to the $115 million deficit recorded in 2024, the division remained under pressure amid a global diamond market slowdown and the nearing closure of its last active mine.
Annual revenue rose 19% to $332 million, supported by stronger production at the Diavik mine in Canada, Rio Tinto’s only remaining diamond operation. Output climbed 61% to 4.4 million carats, driven by the ramp-up of mining activities in the underground section of the A21 deposit, which began scaling up in late 2024.
However, the A21 underground ore body is expected to be depleted by the end of the first quarter of 2026, marking the end of Diavik’s operational life. The company plans to spend approximately $1 billion this year on closure activities related to Diavik, as well as rehabilitation work at the former Argyle Diamond Mine, which ceased production in 2020, and other non-diamond projects.
-
National News2 hours agoGJEPC addresses issue of Termination of IEEPA-Based Reciprocal Tariffs
-
National News3 hours agoWGC India gold market update: Price strength fuels demand Looking ahead
-
International News2 hours agoUS Supreme Court ruling reshapes trade landscape for Indian GJ exports
-
DiamondBuzz51 minutes agoRio Tinto’s Diamond Division Posts $79 Million EBITDA Loss in 2025
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.