Rio Tinto’s rough sales increased by 9 percent to $501 million in 2021, as prices rose as a result of a tightening supply and a surge in demand for diamond jewelry.
What makes us your trusted partner
With over 40 years of expertise, Diamond Registry’s CEO and owner, Nissan Perla, is your trusted guide in the diamond-buying world. Recognized by prestigious publications like The Washington Post and Chicago Tribune, Nissan’s extensive knowledge and experience in evaluating, buying, and selling diamonds are unparalleled. Our commitment to integrity, transparency, and delivering exceptional value ensures that you make an informed decision when acquiring your timeless treasure. Choose Diamond Registry for personalized guidance, education, and a curated selection of the finest quality diamonds, backed by decades of industry expertise and dedication to your satisfaction.
“We saw a recovery in diamond prices following a pandemic-related buildup of demand and low inventory levels,” Rio Tinto said in a statement on Wednesday.
The division’s net earnings totaled $99 million for the year, compared to a loss of $9 million in 2020, when the Covid-19 pandemic hampered sales.
As a result of the company’s Argyle mine in Australia’s planned closure in November 2020, diamond production fell by 74% to 3.8 million carats in the fourth quarter. Production from Canada’s Diavik deposit, on the other hand, increased by 3 percent over the previous year. The increase is due to an increase in Rio Tinto’s share of production starting in November 2020, when the company acquired joint-venture partner Dominion Diamond Mines’ 40 percent stake in the operation. It was determined that the additional portion of rough was needed to compensate for the mining of lower-grade ore at Diavik.
As a result of Dominion’s creditor-protection filing and failure to pay cash calls to support the joint venture, Rio Tinto had to write off $292 million in value from its Diavik joint venture, according to the miner.
Rio Tinto expects to recover between 5 million and 6 million carats in 2022, following the shutdown of Argyle and the completion of its 100 percent acquisition of Diavik.
