MIUZ Diamonds - diamonds with a century of history

Moscow Jewellery Factory (MIUZ) has always been famous for its craftsmen winning prizes and obtaining the diplomas of “the best enterprise in the jewellery trade”. One of the oldest factories in Russia has two interesting news: about its recent...

21 june 2021

Lab-grown diamonds and jewellery are the future, says Liu

As the founder of the Diamond Little Star® brand, Liu Jiangjiang is actively involved in various business activities. He founded the Lab Grown Diamond Research Centre and the Lab Grown Diamond Club in China. At the same time, he is also the General Counsel...

14 june 2021

Pandora’s endorsement of lab-grown stones will not devalue natural diamonds – Zimnisky

Jewellery retailer Pandora recently announced that it will no longer purchase natural diamonds as it had switched to lab-grown diamonds. However, diamond market analyst Paul Zimnisky told Rough&Polished’s Mathew Nyaungwa in an exclusive interview that...

07 june 2021

“The volume of Forevermark diamonds that we drive through Indian partners is much higher than in other parts of the world,” says Sachin Jain

Sachin Jain has been a part of the Indian arm of De Beers that dates back to 2010 when he came on board as Head of Retail. In year 2014 he took over as President of Forevermark and today he is the Managing Director of De Beers, India. His single-minded...

31 may 2021

GSI's new Jaipur office to specialize in colored gemstones

Gemological Science International (GSI) has opened a new laboratory in Jaipur, India. Since this state is the capital of colored gemstones, the laboratory will have a dedicated division specializing in colored gemstone geographical origin and...

24 may 2021

Rio Tinto’s diamond production dips 14% in 2020

22 february 2021
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Diavik Diamond Mine                                                                                                            Image credit: Rio Tinto

Rio Tinto, in its annual results, reports that diamond production had declined 14 per cent in 2020 as compared to 2019, attributing it to lower carats recovered at Diavik in Canada, where a 10% reduction in grade was partially offset by an increase in tonnes processed, as well as the closure of Argyle in Australia.
According to the statement, in diamonds, a heavy decline in spending on jewellery impacted underlying demand, while lockdowns in India’s manufacturing centres restricted the volume of rough diamonds purchased from miners. The COVID-19 pandemic has significantly disrupted the global demand for diamonds with many countries restricting the movement of citizens and closing retail outlets. Rio Tinto’s joint venture partner at the Diavik diamond mine filed for creditor protection in April 2020 and has since defaulted on its cash calls.
Together these circumstances were identified as an impairment trigger. As the diamond trade was affected by the COVID-19 pandemic, Rio Tinto’s rough-diamond sales revenue fell 26% to $459 million in 2020 as against $375 million in the year 2019. In consumer markets like India were lockdowns restricted spending on jewellery, resulting in the decline of purchasing of rough diamonds from miners.
Despite an increase in the quantity of ore processed by the company, diamond production dropped 14% to 14.7 million carats, reflecting a 10% reduction in the grade at the Diavik mine in Canada.
The realized diamond prices slid 21%, but the net earnings for the diamond division came to $9 million, compared with a $21 million loss in 2019. 
Rio Tinto expects to take five years to decommission the Argyle mine and rehabilitate the area, followed by a further period of monitoring. The company has forecasted an output of 3 million into 3.8 million carats from its 40% share of Diavik in 2021 compared with 3.7 million in 2020.
Rio Tinto Chief Executive Jakob Stausholm said: "It has been an extraordinary year – our successful response to the COVID-19 pandemic and strong safety performance.”

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished