Rio Tinto's diamond division recorded a $21 million loss for FT 2019 as its revenues fell 11% to $619 million from $695 million a year earlier, according to the company's Annual Results released on Wednesday. Earnings before interest, tax, depreciation and amortization (EBITDA) tumbled by 50% to $151 million from $301 million in 2018.
Rio Tinto’s Argyle Pink Diamond tenders, the 35th since the mine started producing the rare pink, red and violet diamonds, received a lot of interest, the company says. As the Argyle mine is due to close next year, the 2019 tender is most likely one of the last tenders, explaining the double-digit growth in bids made on the lots of polished pinks, reds and purples. The most valuable diamond in the selection, the Argyle Enigma, was bought by Australia-based Star & Kiven Diamonds (Aurostar group), who also won the winning bid for the Argyle Verity.
Rio Tinto saw its diamond output fall in the third quarter of 2019 (three months ended September 30, 2019), citing lower carat grades from its Argyle mine in Australia and lower ore availability at the Diavik mine in Canada. The multinational mining group reported a 7% decline in diamonds produced during the quarter and a 9% drop over the first nine months of the year.
Rio Tinto has launched a new collection of rare pink diamonds from its Argyle diamond mine in the east Kimberley region of Western Australia. Known as the “Argyle Pink Everlastings Collection”, this offering has been curated to showcase the full color palette of Argyle pink diamonds, weighing 0.14 carats and below. The Collection comprises 64 lots and weighing a total of 211.21carats. It is expected that less than 100 carats of the equivalent profile will be produced by the mine prior to closure in 2020, emphasizing "the finite raity of these beautiful gems.”
Rio Tinto's rough diamond production fell by 10% during the first half of the year despite improved output in the second quarter compared to the first three months of 2019. Production at its Argyle mine in Australia actually increased by 18% compared to Q1, but the nearly 3.3 million carats recovered in Q2 was 5% fewer than during the same period in 2018 due to lower recovered grade, partially offset by stronger mining rates. Output at the Argyle mine reached 6.1 million carats in H1 2019, a 13% decline compared to the same period last year.
Rio Tinto has unveiled the collection of diamonds on sale at what may be one of its last tenders of the world's rarest pink and red diamonds, as the life of the Argyle mine in Western Australia is winding down. The mine produces more than 90 percent of Australia's diamonds, and is one of the only known sources of pink diamonds in the world.
"Meet Argyle Octavia" writes Rio Tinto on its Twitter account, referring to a rare 28.84-carat diamond discovered at the Argyle mine in east Kimberley, Western Australia. Named for her octahedral shape, the Argyle Octavia is one of the largest gem quality white diamonds ever found at Argyle, and may be one of the final significant finds from the famous diamond mine, which is scheduled to close in 2020. The 28.84-carat stone was discovered in March and will be sold by tender in Antwerp later this year.
Rio Tinto's diamond production in Q1 2019 declined by a total of 18% on an annual basis from its two mining operations in Australia and Canada due to lower recovered grade. The lower grade particularly affected diamond output at its 100% owned Argyle mine in Australia, where production fell by 22% year-over-year and 13% from the final quarter of 2018 to just under 2.8 million carats.
Rio Tinto's 2018 diamond profits increased by 28% to $118 million from $92 million a year earlier despite a slight downtick in revenues from diamond sales, which fell 1.6% to $695 million from $706 million in 2017. The miner's earnings before interest, tax, depreciation and amortization (EBITDA) increased 4.9% to $301 million from $287 million in 2017, while capital expenditures declined 25% to $64 million..
Rio Tinto's diamond production for the year fell by 15% to 18.4 million carats from 21.6 million carats in 2017, as production at the Argyle mine in 2018 fell by 18% compared to 2017, when production was enhanced by the processing of higher grade alluvial tailings. The fourth quarter in particular put a drag on the annual figures, as the 3.2 million carats unearthed represented a 48% decline from Q4 2017 - albeit against a high base of 7.21 million carats - and a 16% decline from last quarter.
Rio Tinto's carat production in Q3 2018 at the Argyle as well as Diavik mines fell on a year-over-year basis, though production for the year thus far has kept pace with the first nine months of 2017. Production during the three months ending September 30 fell by over 17% to 4.9 million carats from 5.9 million carats, driven by a 19% decline at its 100-percent owned Argyle mine in Australia. Total output from the two mines is down by 2% to 14.1 million carats for the year to date.
Rio Tinto reports rough diamond output at its Argyle Mine in Australia nearly hit 3.5 million carats for the second straight quarter in 2018 (3.48 million carats in Q2, 3.5 million carats in Q1), marking an 8% increase over output in the second quarter of 2017 and continuing the gains recorded in the first quarter. The mining giant has now topped 7 million carats produced at Argyle in the first half of 2018, a 13% increase over the first half of 2017. Rio Tinto attributes the increase over Q2 2017 to an increase in tons processed following improved plant availability.
Rio Tinto's Arglye mine in Australia - the world's main if not only source of pink diamonds - may be heading for closure in 2020, but not before going out with a bang. The miner will headline one of its last ever pink diamond tenders with the Argyle Alpha vivid pink diamond, weighing 3.14 carats, which was actually uncovered in 2015. It the largest stone of its color in the history of the annual sales event.
Rio Tinto reports rough diamond output at its Argyle Mine in Australia topped 3.5 million carats in Q1 2018, representing an 18% increase over output in the first quarter of last year, but a massive 42% decline compared to the 6.1 million carats recovered in Q4 2017. The mining giant attributes the increase over Q1 2017 to relatively fewer weather disruptions and the additional processing of higher grade alluvial tailings.
Featuring genuine examples some of the world’s rarest diamonds - pink gems from Rio Tinto’s Argyle mine in Australia - The Perth Mint has launched a limited edition collection of Pink Diamond Ingots celebrating the Pink Panther. Struck from 91.67% pure pink gold and 99.95% pure platinum, each ingot is handset with two stunning pink diamonds from the Argyle Diamond Mine, each weighing 0.08 carats, of Fancy Intense to Vivid Purplish Pink color.
Rio Tinto's 2017 annual report includes significant changes in estimates of Ore Reserves and Mineral Resources at Rio Tinto's Argyle Diamond mine in the East Kimberley, Western Australia, the company announced in a press release accompanying their annual report.
Rio Tinto rode the wave of higher commodity prices and saw results from its cost cutting drive to record a 90% increase in net profit to $8.8 billion in 2017, and their diamond operations got in on the party, with profits climbing 96% to $92 million. Revenue jumped 15% to $706 million from $613 million, as demand for rough diamonds heated up following the normalization of the Indian market post-demonitization - the currency shift the government initiated in November 2016. Earnings before interest, tax, depreciation and amortization (EBITDA) grew 20% to $287 million.
On the back of a fourth-quarter push in diamond production that increased 58% year-on-year and 21% compared to Q3 2017, Rio Tinto ended the year 2017 with a 20% rise in rough diamond production to 21.63 million carats from 17.95 million carats in 2016. In Q4 alone, Rio Tinto unearthed 7.21 million of those 21.63 million carats, a tremendous increase over the 4.57 million carats extracted in the same period a year earlier. Rio Tinto is forecasting 2018 diamond production at 17 to 20 million carats.
Rio Tinto created a signature piece of jewelry featuring champagne and cognac diamonds from its Argyle diamond mine, which they havee showcased in New York in celebration of their unique Australian provenance and the diamond ties that bind Australia and the US. The Origins of Argyle statement necklace features more than 45 carats of cascading champagne and cognac diamonds and a 3.55 carat white diamond from the Argyle diamond mine.
Rio Tinto has unveiled the largest Fancy Red diamond in the history of its Argyle Pink Diamonds Tender at a world exclusive preview in New York. The 2.11 carat gem, named ‘The Argyle Everglow’, is the centrepiece of the 2017 Argyle Pink Diamonds Tender – an annual showcase of the rarest diamonds from Rio’s Argyle mine in Western Australia. The GIA classified the gem as a notable diamond with a grade of Fancy Red VS2. Argyle Pink Diamonds manager Josephine Johnson said The Argyle Everglow “represents rarity within rarity” of diamonds, and will drive the global demand from collectors.
Rio Tinto reports rough diamond output at its Argyle Mine in Australia reached 3.2 million carats in Q2 2017, representing a 7% increase over output in the first quarter of the year, but an 8% decline compared to the 3.5 million carats recovered in Q2 2017. For the first half of 2017, production fell 9% to 6.2 million carats from 6.9 million carats in the first half last year. The company attributes the decline to lower ore volumes processed following wet weather and additional maintenance required in the second quarter of this year.
The Argyle diamond coin trilogy sold within a month, according to a press release from Rio Tinto. "The Australian Trilogy", is an US$1.4 million (AUD$1.8 million) one-of-a-kind coin collection featuring a pink, purple pink and violet diamond from Rio Tinto’s Argyle Diamond Mine in the east Kimberley region of Western Australia. Released by The Perth Mint, The Australian Trilogy was sold to an anonymous collector from Asia within a month of its unveiling.
Rio Tinto and The Perth Mint have showcased a A$1.8 million (US$1.36 million) one-of-a-kind coin collection featuring three coloured diamonds from the Argyle Diamond Mine. Known as The Australian Trilogy, the beautiful collectable comprises three precious metal coins each hand crafted with a pink, purple pink and violet diamond unearthed from Rio Tinto’s Argyle Diamond Mine in the east Kimberley region of Western Australia.
Against the background of a bear market for iron ore in full tilt, a 43-day strike at the world's largest copper mine causing its output to fall 37% and the Group edging closer to an exit from thermal coal after winning approval from Australia’s foreign investment regulator to sell the bulk of its mines for $2.45 billion, the Rio Tinto Group's Q1 diamond output dropped 8% year on year to 4.152 million carats.
‘Chocolate’ diamonds have gained in popularity in recent years, to the chagrin of many purists. For years some diamond jewelry companies have been accused of generating a hype about diamonds traditionally seen as bottom-the-barrel stones, effectively deceiving end consumers by rebranding brown diamonds as ‘chocolate’. Jezebel and the Daily Mail have gone so far as to call these jewelers “liars” who are “fooling women”, claiming the name and marketing of the chocolate diamond is insulting: “Women won’t be able to resist, because it’s chocolate!
Rio Tinto has lowered by 66% its estimate of the mineral resources available at its Argyle diamond mine in Australia: the estimate now reflects solely the current mine plan, whereas the previous estimate included resources calculated with an extension of the mine taken into account. This extension is now under review. In a statement released last week, Rio Tinto writes, "During 2016, estimated Argyle Mineral Resources exclusive of ore reserves decreased by 29 million tons (Mt), from 44Mt to 15Mt" as a result of this recalculation.
Last year Rio Tinto’s diamond revenue slid 12%, leading them to review their plans to extend the life of the Argyle diamond mine, considering the global demand for rough had otherwise strengthened, writes The West Australian. Rio Tinto spent $US2.5 billion expanding the Argyle mine below ground with an expected lifespan reaching 2021. Should they decide not to continue with the planned underground extension, the mine’s closure could come considerably sooner. They are yet to announce whether they will continue with the second stage of the underground block cave at the East Kimberley mine.
Rio Tinto posted strong fourth quarter production in its diamond division, with increases at its Argyle Mine in Australia as well as the Diavik Mine in NWT Canada, in which Rio Tinto owns a 60 percent interest (Dominion Diamond 40%). At Argyle, Rio Tinto produced 3.6 million carats in Q4, a 6% increase over Q4 production in 2015. For the year 2016, carat production was four per cent higher than 2015 following the ramp-up of the underground mine, with higher ore throughput partially offset by a lower recovered grade. Total 2016 production at Argyle was just under 14 million carats.
Rio Tinto has appointed luxury Dubai-based jeweler Dhamani to become one of its Select Ateliers, an exclusive list of jewelers given direct access to Australia’s rare Argyle pink diamonds. The launch of this new appointment correlated with the brand’s new line of pink-diamond jewelry, the DPINK collection, showcasing more than US$25 million of Argyle pink diamond jewelry. “Dhamani are an exciting Middle East luxury jeweler with over four decades of heritage and superb craftsmanship,” said Josephine Johnson, manager of Argyle Pink Diamonds.
According to a company press release, Rio Tinto’s 2016 Pink Diamonds Tender collection of 63 rare pink, red and violet diamonds from its Argyle mine has delivered a record result, reflecting strong global demand for these increasingly rare diamonds. Known as The Chroma Collection, the 2016 Argyle Pink Diamonds Tender comprised the highest quality, size and colour composition in the Tender’s 32 year history and was highly sought after, with winners from 10 countries including a strong representation from the sophisticated US collector market.
Rio Tinto has released its third quarter production results, reporting that diamond production increased 3.4 percent to 4.4 million carats in the three months ended September 30. The company’s share of production at the Diavik Mine in Canada jumped 22% to 927,000 carats (Rio Tinto holds 60 percent of Diavik, the remainder of which is held by Dominion Diamond Corporation). Meanwhile, production at the 100%-owned Argyle mine in Western Australia fell 0.6% to 3.5 million carats.
Mining company Rio Tinto, a leading producer of smaller rough diamonds for the Indian market, aims to focus on the affordable diamond jewelry sector in India, according to a company official. "Affordable diamond jewelry has an average ticket price of Rs. 35,000 ($520)," said Vikram Merchant, director of Rio Tinto's India representative office. "This segment roughly constitutes 50 percent of the diamond jewelry industry in India."
Rio Tinto’s 2016 Argyle Pink Diamonds Tender is being showcased in Hong Kong against the backdrop of the annual Hong Kong Gems and Jewellery Fair. The 2016 Tender collection features 63 unique diamonds. The centerpiece of the collection is The Argyle Violet, the largest violet diamond unearthed from the Argyle mine and the largest diamond in the 2016 Tender.
Rio Tinto has appointed UK luxury jeweler, Boodles, as a Select Atelier for Argyle Pink Diamonds. Josephine Johnson, manager of Argyle Pink Diamonds said, "Boodles are an exciting British fine jeweler with over two centuries of heritage, who continue to deliver contemporary and beautifully crafted designs with the finest of fancy colored diamonds. We are delighted to welcome them as an Argyle Pink Diamonds Select Atelier.” Boodles joins a group of master craftsman and luxury jewelers selected to create jewelry set with Argyle pink diamonds.
Rio Tinto has launched its Australian Diamonds™ program in China "to lend further market support to its Argyle diamonds and in response to the growing consumer and trade interest in diamond provenance". Bruno Sane, general manager of marketing for Rio Tinto Diamonds, said: “Increasingly the value of a diamond is tied to where and how the diamond was mined, how it was cut and polished and the process of bringing it to sale. This is a very reasonable expectation that is steadily reshaping the diamond industry for the better.”
Rio Tinto Diamonds is to provide an audited mine-to-polished chain of custody for stones from its Argyle mine this month, while a Canadian Diamonds program covering its 60% share of production from the Diavik mine in the North West Territories will start later this year, writes Rob Bates in JCK Online. The programs have two aims, said Bruno Sané, Rio Tinto Diamonds’ general manager of marketing. For the trade, it guarantees the diamonds are not lab grown: “The screening technology today is less reliable with small and brown diamonds. The browns are usually rejected as type IIs.
Rio Tinto reports it has sold the Perth Mint’s Kimberley Treasure, the world’s first coin to feature a rare red diamond from its Argyle Diamond Mine in the east Kimberley region of Western Australia. The million dollar coin is made from one kilogram of 99.99% fine gold and set with a radiant cut 0.54 carat Argyle red diamond and sold within 48 hours of its unveiling.
The buyer of the coin is Tiara Gems and Jewellery, a Dubai based company specializing in rare and important fancy color diamonds, unique collectibles and heirloom pieces of jewelry.
Rio Tinto reports that production at its Argyle mine in Australia was three percent higher in the second quarter compared to the corresponding period in 2015 following a continuing ramp-up of underground work which resulted in higher ore volumes processed which was partially offset by lower grades. Production rose to 3.489 million carats.
Rio Tinto has revealedl the world’s first coin to feature a rare red diamond from the Argyle Diamond Mine. Known as The Kimberley Treasure and for sale at AU$1 million (US$760,000), the incredible collectable has been crafted from one kilogram of 99.99% fine gold, and features a radiant cut 0.54 carat red diamond unearthed from Rio Tinto’s Argyle Diamond Mine in the east Kimberley region of Western Australia. The Kimberley Treasure is issued as legal tender under the Australian Currency Act 1965.
Rio Tinto has launched its 2016 Argyle Pink Diamonds Tender with a preview in Copenhagen against the backdrop of a rare Argyle pink diamond jewelry exhibition. The 2016 Argyle Pink Diamonds Tender includes 63 pink, red and violet diamonds and represents the finest of a year’s production from Rio Tinto’s Argyle diamond mine in Western Australia. The 2016 tender is called the 'Chroma Collection' because of the strength of color, and comprises 57 pink diamonds, two violet diamonds and four red diamonds with a total weight of 58.24 carats.