Skip to primary navigationSkip to main contentSkip to footer
Lester Martin logo
  • Engagement
    • Shop Complete Rings
    • Find Your Diamond
    • Start With the Ring Setting
    • Diamond Education
  • Collections
    • 302
    • Alisa
    • Ashi
    • Dugout Mugs
    • Barbela Design
    • Bassali
    • Chisel
    • Citizen
    • Cosi Bella Coins
    • Dilamani
    • Elysium
    • Ever & Ever
    • Fingerprint Jewelry
    • Hidalgo
    • La Vie
    • Lafonn
    • Leslie's
    • Lester Martin Collection
    • Meira T.
    • Lightning Ridge Opal
    • Mova Globes
    • Reflection Beads
    • Religious Collection
    • Rembrandt Charms
    • Roger Dery Gem Design
    • Romance Diamond
    • Royal Chain
    • Shardz
    • Stuller
  • Jewelry
    • LMJ Deals and Steals
    • Engagement
        Complete Diamond Engagement RingsSemi-mount Diamond Engagement RingsAnniversary Bands
    • Wedding Bands
        Diamond Wedding BandsGemstone Wedding BandsGold Wedding BandsAlternative Metal Rings
    • Pendants
        Diamond PendantsGemstone PendantsGold PendantsSilver PendantsReligious Pendants
    • Charms and Charm Bracelets
        CharmsCharm Bracelets
    • Earrings
        Diamond EarringsGemstone EarringsPearl EarringsGold EarringsSilver EarringsPiercing Earrings
    • Necklaces
        Diamond NecklacesGemstone NecklacesPearl NecklacesGold NecklacesSilver NecklacesFamily NecklacesReligious Necklaces
    • Chains
    • Rings
        Diamond Fashion RingsGemstone Fashion RingsPearl RingsGold Fashion RingsSilver Fashion RingsFamily Rings
    • Bracelets
        Diamond BraceletsGemstone BraceletsPearl BraceletsGold BraceletsSilver BraceletsAnkletsFamily BraceletsReligious BraceletsBangle BraceletsChain Bracelets
    • Estate Jewelry
    • Giftware
        CrystalGold Dipped Roses
    • Men's Section
        Men's NecklacesMen's ShavingMen's BraceletsMen's AccessoriesClasps
    • Watches
        Women's WatchesMen's WatchesUnisex WatchesWatch Bands
    • Accessories
        Cleaning SuppliesWomen's Accessories
    • Eternity Bands
  • Education
    • Jewelry Education
    • Diamond Education
      • The Four Cs of Diamonds
      • Diamond Buying Tips
    • Choosing The Right Setting
    • Learn About Gemstones
      • Birthstone Guide
      • Gemstone Guide
    • Precious Metals
    • Jewelry Care
      • Caring for Fine Jewelry
      • Diamond Cleaning
      • Gemstone Cleaning
    • Anniversary Guide
    • Gold Buying Guide
  • About
    • About Us
    • Events
    • Our Blog
    • Diamonds Do Good
    • Services
    • Testimonials
    • Jewelry Insurance
  • Contact
  • AccountToggle My Account Menu
    Forgot Password?

    Don't have an account? Sign up now

  • SearchToggle Search Menu
  • Wish ListToggle My Wishlist
  • Bag (0)Toggle Shopping Cart Menu
  1. Home
  2. Blog
  3. $40MM Investment Will Extend Life of Canada's Diavik Diamond Mine Until 2026

$40MM Investment Will Extend Life of Canada's Diavik Diamond Mine Until 2026

Published: Mar 1, 2023
$40MM Investment Will Extend Life of Canada's Diavik Diamond Mine Until 2026
Author: 
LMJ Blog Team

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.

Categories
  • Previous Article
  • Next Article
Lester Martin Address
Lester Martin Jewelers
1650 Limekiln Pike B27
Dreshertown Plaza
Dresher, PA 19025
(267) 470-4771
ValentinesW
CLOSED: Sat 5/24 Fri & Sat 5/30 & 5
Store Information
Store Hours

Tuesday - By Appointment Only

Wednesday:10:00am - 5:00pm
Thursday:10:00am - 5:00pm
Friday:10:00am - 5:00pm
Saturday:Closed Memorial Day Weekend Closed Closure
Sunday:Closed
Monday:Closed
Tuesday:Closed
Jewelry
  • LMJ Deals and Steals
  • Engagement
  • Wedding Bands
  • Pendants
  • Charms and Charm Bracelets
  • Earrings
  • Necklaces
  • Chains
  • Rings
  • Bracelets
  • Estate Jewelry
  • Giftware
  • Men's Section
  • Watches
  • Accessories
  • Eternity Bands
Collections
  • 302
  • Alisa
  • Stocking Stuffers. Most Items Below $75
  • Ashi
  • Dugout Mugs
  • Barbela Design
  • Bassali
  • Chisel
  • Citizen
  • Cosi Bella Coins
  • Dilamani
  • Elysium
  • Ever & Ever
  • Fingerprint Jewelry
  • Hidalgo
  • La Vie
  • Lafonn
  • Leslie's
  • Lester Martin Collection
  • Meira T.
  • Lightning Ridge Opal
  • Men's Shaving
  • Mova Globes
  • Reflection Beads
  • Religious Collection
  • Rembrandt Charms
  • Roger Dery Gem Design
  • Romance Diamond
  • Royal Chain
  • Shardz
  • Stuller
  • Valentine's Day Gifts
Our Store
  • About Us
  • Events
  • Services
  • Privacy Policy
  • Return Policy
Mailing List

Sign up for special offers and discounts

© 2025 Lester Martin. All Rights Reserved. Website designed, maintained, and hosted by Punchmark. Accessibility Statement.

Learn how we use cookies in our Privacy Policy or manage cookie preferences.