Rio Tinto Group has closed its final diamond mine, ending more than half a century in the gemstone business. The Diavik mine in Canada's Northwest Territories delivered its last production, with stones set to be cut and polished before final auctions. This marks the complete exit of the world's second-largest miner from the diamond industry.

Rio Tinto's diamond operations began in the 1970s and included notable mines like Argyle in Australia, which was once the world's largest producer of pink diamonds. The company's decision to exit reflects broader challenges in the diamond market, including competition from lab-grown stones and shifting consumer preferences. The Diavik mine, which opened in 2003, had been one of Canada's most significant diamond operations.

The closure represents a significant shift in the mining sector, as major companies reassess their portfolios amid changing market dynamics. While Rio Tinto will continue mining for iron ore, copper, and other commodities, the diamond business joins a list of operations the company has phased out in recent years. The move underscores the volatile nature of commodity markets and the strategic pivots required for mining giants to remain competitive.