Producer to view Canadian diamond due to strength of Israel business.
Rio Tinto is set to showcase its Canadian Diavik mine diamonds in Israel owing to the strength of Antwerp’s loose diamond market.
This is the first time that Rio Tinto’s Canadian stones have been available to view in Israel. At present the majority of Rio Tinto’s diamond production is sold in Antwerp through supply agreements with designated select diamantaires but it also offers specific product segments for sale to a wider community of invited companies.
Rio Tinto said its decision to conduct viewings in Israel "is an endorsement of the strength of the Israel diamond market". The Diavik diamond sale will be timed to coincide with the Israel International Diamond Week in late August and provide an opportunity for buyers to see at first hand the Diavik production and Rio Tinto’s new auction platform.
Rio Tinto Diamonds general manager of diamond sales Patrick Coppens said: “This is an opportunity to engage with the Israeli diamond industry and in doing so increase the awareness and understanding of the Diavik production and Rio Tinto Diamonds’ sales processes in the Ramat-Gan market.”
Rio Tinto plans to offer regular viewings in Antwerp after the August showcase, with the auction scheduled to take place the second week of September.
The president of the Israel Diamond Exchange Yair Sahar said: “The gem diamonds produced by Diavik are well suited to Israeli manufacturers and we are delighted to partner with Rio Tinto in this unique viewing opportunity.”
Rio Tinto last week announced that it no longer planned to sell its diamond business after an in-depth review of its diamond production sector.