Rio Tinto Calls Time on Diamond Business as Last Mine Closes

March 26, 2026 - 03:04

The Rio Tinto Group has officially concluded its diamond mining operations, extracting the last precious stones from its final mine. This closure signifies the end of a significant chapter for the global mining giant, drawing the curtain on a venture that spanned more than five decades.

The decision reflects a strategic shift within the company to focus on its core commodities, such as iron ore, copper, and aluminum. The diamond division, while historically important, no longer aligns with the corporation's long-term portfolio objectives. The closure process will be managed with a focus on supporting the local workforce and ensuring responsible environmental rehabilitation of the site.

This exit underscores the evolving dynamics within the global diamond industry, where large-scale miners continually assess asset viability. Rio Tinto's departure leaves a notable void, as it was one of the world's premier producers of rare pink and red diamonds from its now-shuttered Argyle mine in Australia. The company's remaining diamond assets were sold several years prior, making this final closure the definitive endpoint of its direct involvement in the gemstone trade. The industry now watches to see how other major players will navigate the changing landscape for these coveted natural resources.