After 150 Million Carats, Diavik Mine Closes Its Final Chapter

After more than two decades of production, global mining giant Rio Tinto is drawing its diamond business to a close following the recovery of the last remaining ore from its Diavik Diamond Mine in Canada's Northwest Territories. The milestone marks the end of one of the world's most renowned diamond mines and reflects the broader transformation taking place across the global diamond industry.

Rio Tinto recovered approximately 33,000 carats of diamonds during the second quarter ended June 30, processing the remaining ore after mining operations officially ceased in March when the mine reached the end of its economic life. The company will continue manufacturing and marketing the final production from Diavik through at least the end of 2026.

Production fell sharply as the mine entered its final phase. Second-quarter output declined by 97% compared with both the previous quarter and the same period last year. During the first half of 2026, Diavik produced 1.1 million carats, down 51% from the corresponding period in 2025.

Diavik was Rio Tinto's last producing diamond asset. The company previously closed its iconic Argyle Mine in Australia in 2020, ending the world's largest source of rare pink diamonds. In 2023, Rio Tinto also sold its 75% stake in the Fort à la Corne diamond exploration project in Saskatchewan to its joint-venture partner, Star Diamond Corporation, as part of a broader strategy to concentrate on metals and minerals that support the global energy transition. Today, the company maintains only a diamond exploration program in Angola.

Diavik occupies a unique place in the history of Canada's diamond industry. Since commercial production began in 2003, the mine has produced more than 150 million carats of rough diamonds over its 23-year operating life. It was also the source of the 552-carat yellow diamond discovered in 2018, the largest diamond ever found in North America. Mine closure and environmental reclamation activities are expected to continue through 2029.

Rio Tinto's exit from diamond production comes at a time when the natural diamond industry is facing significant structural challenges. Slower consumer demand, increasing competition from laboratory-grown diamonds, and ongoing restructuring among major mining companies are reshaping the sector. These developments coincide with efforts to restructure De Beers and the financial difficulties facing Canada's Ekati Mine, underscoring a period of profound change for the global natural diamond market.

While Rio Tinto's withdrawal marks the end of a significant chapter in the company's history, it also highlights the shifting priorities of the global mining industry, where investment is increasingly directed toward critical minerals such as copper and lithium, leaving diamonds with a smaller role in the portfolios of the world's largest mining companies.