Rio Tinto has approved a $40-million investment that will extend the productive life of Diavik — Canada’s largest diamond mine — until the first quarter of 2026.

The new funding will pave the way for the underground expansion of the prolific open-pit mine, which has yielded more than 100 million carats since the site first opened in 2003.
The first phase of the project will explore new diamond resources directly below Diavik’s existing A21 open pit. Phase 1 is expected to deliver an additional 1.4 million carats of rough diamonds.
Diavik expects to seek approval for Phase 2 of the A21 underground project in the first half of 2024. That phase is expected to deliver an additional 800,000 carats.

“Rio Tinto’s decision to support the underground development of the A21 pipe was prefaced on compelling industry fundamentals, our proven capacity to safely develop diamond mines in extreme conditions and a track record in competing successfully in the global diamond industry,” said Sinead Kaufman, Chief Executive of Rio Tinto Minerals. “This is good news for our employees, partners, suppliers and local communities in the Northwest Territories.”

Located in Canada’s frigid Northwest Territories, about 300 km (190 mi) northeast of Yellowknife, the Diavik Diamond Mine is most famous for producing the “552,” the largest rough diamond ever unearthed in North America. The 552-carat gem was discovered in October 2018 and made a public appearance at Phillips auction house in New York City in February of 2019.
The Diavik mine, which has consistently produced about 6 to 7 million carats of rough diamonds per year, is 100 percent owned and operated by Rio Tinto. According to mining.com, Diavik employs more than 1,100, of which 17% are Northern Indigenous people.
Credits: Rough diamonds and mine images courtesy of Rio Tinto. “552” photo by The Jeweler Blog.
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Love is in full bloom this spring. At Elliott’s Jewelers, we’re here to help you design a custom engagement ring that captures your story and celebrates your forever.
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The beauty of a custom engagement ring is in the details—and in the experience of working with a personal jeweler who learns about you, your lifestyle and what is important to you.
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Special moments deserve a ring as meaningful as the love they represent. At Elliott’s, we’re here for every “yes,” every happy tear, and every milestone to come. Let’s create a ring that carries your love and memories for a lifetime.
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Love grows, and so can your diamond. Whether you’re upgrading your ring or designing something new, Elliott ensures every diamond is natural, hand-selected, and chosen just for you.
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The beauty of a custom engagement ring is in the details—and in the experience of working with a personal jeweler who learns about you, your lifestyle and what is important to you. At Elliott’s Jewelers, we take the time to understand your vision, crafting a ring that it is meant just for you.
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