Rio Tinto’s diamond revenue grew in the first half of 2025, amid a slight improvement in the rough market and a sharp increase in production.
Sales from the Diavik mine in Canada rose 9% year on year to $162 million for the six months that ended June 30, the mining group reported Wednesday. Underlying earnings before interest, taxes, depreciation and amortization (EBITDA) fell to a loss of $55 million, a narrower decline than the $63 million deficit it registered a year earlier.
While Rio Tinto did not give a reason for the results, the figures reflect the beginning of a recovery in the rough-diamond market as retailers begin to purchase polished stock for the holiday season, with the intention of securing it before US tariffs go into effect.
The company also had more diamonds to sell than it did at the same time last year. Rough production surged 51% year on year to 2.2 million carats for the first half. The higher level of output reflects lower production in the first half of 2024 when Rio Tinto temporarily halted mining due to a fatal plane crash involving employees from Diavik.
Image: Rough diamonds from the Diavik mine. (Rio Tinto)