27 Jul 2021
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Rio Tinto Confident about Diamond Industry’s Fundamentals
Rough diamond prices are expected to improve further.
By: M.D. Dewani
Jul 1 2010 4:47PM
Reference: 5091  

Rio Tinto is confident that the medium to long-term fundamentals for the diamond industry are positive with an anticipated material supply shortfall which will drive price growth. Rough diamond prices are expected to improve further.

Share in World Production :

This mining giant accounts for about six per cent of the world production of rough diamonds by value. However, diamonds accounts for a small portion of its overall business which comprises aluminium, copper, coal, iron ore, uranium, gold and some industrial materials (like borates, titanium dioxide, salt, talc and zircon) apart from rough diamonds.

Independent Marketing :

Rio Tinto has been in diamond business for nearly 25 years by now and has been marketing its rough diamonds independently since 1996. It aspires to be the preferred supplier of rough diamonds.

Operating 3 Mines :

It operates three diamond mines at different locations. It owns 100 per cent the Argyle mine in Australia and has 60 per cent stake in the Diavik (Canada) and 77.8 per cent interest in Murowa (Zimbabwe).

Impact of Economic Turmoil :

According to Rio Tinto, the unprecedented turmoil last year severely affected demand for rough diamonds which was highly reliant on the US economy. Rio Tinto acted quickly to minimize operating and capital costs and slow-down its underground mining projects at both Argyle and Diavik mines. It also took steps to curtail production.

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