Rio Tinto’s diamond revenue fell in the first half of 2024, pushing the division into the red amid a global market slowdown and lower production. 

Sales from the Diavik mine in Canada dropped 40% year on year to $149 million for the six months ending June 30, the mining group reported Wednesday. The diamond unit registered an underlying loss of $65 million, compared with a profit of $44 million a year earlier. 

While Rio Tinto did not give a reason for the results, the figures reflect a worldwide slump in rough demand in the first half of the year. Polished sales were sluggish during the period, and midstream inventories rose. 

The company also had fewer diamonds to sell: Rough production dropped 25% year on year to 1.4 million carats for the first half as a fatal plane crash led to a temporary pause in operations at Diavik, in which Rio Tinto owns a 100% stake. 

Image: Diamonds from the Diavik mine. (Rio Tinto)