Rio Tinto Sales Benefit from Strong Prices

Amid reduced supply, Rio Tinto’s rough diamond sales rose by 9% to $501 million in 2021. Strong diamond jewelry sales and thus growing strong prices bolstered these results.

“We saw a recovery in diamond prices following a pandemic-related buildup of demand and low inventory levels”, Rio Tinto stated.

Closure of the Argyle mine in November 2020 made Rio Tinto’s production plunge 74% to 3.8 carats, but Diavik’s production, of which Rio Tinto became sole owner in November 2021, rose 3% over the previous year. With the company’s 100% acquisition of Diavik, they expect to recover between 5 and 6 million carats in 2022.

Rio Tinto sells its entire production via the Antwerp diamond market.