Rio Tinto's diamond revenue fell in the first half of 2024, posting a loss amid a slowing global market and lower production.
The diamond unit registered an underlying loss of $65 million for the H1, compared with a profit of $44 million a year earlier.
Sales at its Diavik diamond mine in Canada fell 40% year-on-year to $149 million for the six months, the mining group said. While Rio Tinto did not give a reason for the lower performance, the figures reflect a global slowdown in demand for rough diamonds in the first half of the year. Polished diamond sales were weak during the period amid rising inventories.
The company also reported a decline in the volume of rough diamonds it sells, with diamond production falling 25% year-on-year to 1.4 million carats in the first half of the year. The company suspended operations at the project, in which Rio Tinto owns 100%, following a January plane crash that killed a number of miners on the way to the Diavik mine.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
