Perth: Rio Tinto published a list of 17 diamond manufacturers that have received long-term contracts to buy its rough diamonds this year. These clients, known as Select Diamantaires, have been listed on the company’s website, but management added that a final decision for its 2015 and 2016 supply period will be made before the end of the first half of this year.
Patrick Coppens, the general manager of sales at Rio Tinto Diamonds, explained that a minimum of 70 percent of Rio Tinto’s diamonds are made available to Select Diamantaires. The remainders are sold through company tenders, which are open to a broader range of customers, and during special invitation sales for large rough stones above 10.80 carats, high-value individual rough and its fancy color diamonds.
Last week, Rio Tinto reported that production from its three diamond mines fell 14 percent year on year to 13.872 million carats. Production dropped mainly due to a decline in production at its fully-owned Argyle mine in Australia caused by the transition from open pit to underground mining. The company also owns a 60 percent stake in the Diavik mine in Canada with Dominion Diamond Corporation holding the remaining 40 percent. The Murowa mine in Zimbabwe is 78 percent owned by Rio Tinto and 22 percent by RioZim.
Coppens explained that productions from the three mines are sold separately in its core sales to Select Diamantaires and at its tenders to preserve the country and mine of origin.
The contracts in place with Select Diamantaires for supply from Diavik are for two years, from January 1, 2015 to December 31, 2016, while contracted supply from Argyle is for three years from 2015 to 2017.
The following is the list of Rio Tinto’s Select Diamantaires, as published on the company’s website:
Crossworks Manufacturing Ltd., CTF Diamond Trading Company Ltd., Diambel N.V., Dianco B.V.B.A., Diarough N.V., Dimexon Diamonds Ltd., E. Schreiber, Inc., Gemmata N.V., Hari Krishna Exports Pvt Ltd., IDH Diamonds N.V., Interjewel Pvt. Ltd., KP Sanghvi & Sons, L&N Diamonds Ltd., Laurelton Diamonds, Sheetal Group, Signet Direct Diamond Sourcing Ltd., Venus Jewel.
Rio Tinto has 10 core sales scheduled for 2015 published as follows: January 14 to 20, February 16 to 20, March 26 to April 1, April 27 to 30, June 1 to 5, July 6 to 10, August 18 to 24, September 21 to 25, October 26 to 30, December 14 to 18.
Invitation Sales dates for 2015: February 19 to March 2, April 28 to May 11, July 9 to 17, September 24 to October 5, November 16 to 25.
Tender Sales dates for 2015: April 7 to 22 & October 12 to 28.
