First Rio Tinto Sight of Diavik Goods Held This Week in Antwerp

The first goods from the Diavik mine offered by Rio Tinto were sold this week in Antwerp to a select group of diamantaires constituting it’s first such ‘Sight’. The goods offered are similar to the gems from the Ekati mine, and were reportedly strongly priced.

Production at what is dubbed ‘Canada’s seconded mine’ is not yet up to speed, and it is believed that at least in the near future Rio Tinto will not hold a sight every month, in order to offer a certain minimum each time.

At full capacity Diavik is expected to yield $31 million worth of diamonds per month at an average of $62/carat, while gross estimate of this sight is that it’s only around $15 million.

Assortments to customers were tailor made for each customer, generally broken down to good, poor and wide range assortments. No run-of-mine assortments were offered to customers. The list of buyers was apparently based on the Argyle list of customers with a small addition of a few new names.

Premiums on rough on the market are still high despite the added goods, out of tune with the polished market and without any clear and visible reason.