Rio Tinto’s diamond production fell by 68% during the first nine months of 2026. This decline follows the closure of the Diavik mine in Canada’s Northwest Territories this March after 23 years of operation due to its depletion.
In the nine months ending September 30, the Anglo-Australian group produced 1.074 million carats of diamonds, a threefold decrease compared to the same period in 2025 (3.317 million carats). No precious stones were produced in the third quarter, whereas in the same period a year earlier the output stood at 1.137 million carats.
These figures mark the final stage of Rio Tinto’s exit from the diamond mining industry. Diavik was the company’s last active diamond mine, following the closure of the Argyle mine in Australia in November 2020.
In its third-quarter production report, Rio Tinto recorded zero diamond recovery for the period from July to September; the performance table indicates that output at the Diavik site fell from 33,000 carats in the second quarter to zero in the third, following the cessation of mining operations.
According to Rio Tinto, the remaining rough diamonds will be cut, polished and sold through its international network of clients throughout 2026 and beyond, including through Select Diamantaires, one of miner’s long-standing partners.
Diamonds were discovered at the Diavik site in 1991, with open-pit and underground mining operations commencing in 2003. Over 23 years of operation, the mine has produced more than 150 million carats of diamonds.
Located on an island in Lac de Gras, approximately 225 kilometers south of the Arctic Circle, this deposit has become one of Canada’s most significant diamond mines. In 2021, Rio Tinto acquired full ownership of the site. Developing the mine was a massive undertaking in one of the most remote corners of the world.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
