01 July 2013
Rio Tinto has announced that rough diamonds from its Diavik mine in Canada will, for the first time, be available for viewing in Israel.
Whilst the majority of Rio Tinto’s diamond production continues to be sold in Antwerp through Supply Agreements with designated Select Diamantaires, Rio Tinto Diamonds offers specific product segments for sale to a wider community of invited companies. A proprietary auction mechanism is used for these “Invitation Sales”.
The decision to conduct viewings in Israel is an endorsement of the strength of the Israel diamond market. Timed to coincide with the Israel International Diamond Week in late August, the viewings will provide an opportunity to see at first hand the Diavik production and Rio Tinto’s new auction platform.
According to Patrick Coppens, General Manager of Sales for Rio Tinto Diamonds,
“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.”
Subsequent to the Israel viewings, regular viewings will continue in Antwerp with the auction scheduled to take place the second week of September.
According to Yair Sahar, President of the Israel Diamond Exchange,
“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.”
About Rio Tinto Diamonds
Rio Tinto operates a fully integrated diamonds business from exploration through to sales and marketing. It is one of the world’s major diamond producers through its 100 per cent control of the Argyle mine in Australia, 60 per cent of the Diavik mine in Canada, 78 per cent interest in the Murowa mine in Zimbabwe and 100 per cent interest in the Bunder project in India.
Rio Tinto’s share of the production from its three operating diamond mines is sold through its sales and marketing office in Antwerp, with representative offices in Mumbai, Hong Kong and New York. It also operates a niche cutting and polishing factory in Perth for the rare pink diamonds from its Argyle mine. Rio Tinto is a leading supporter of the Kimberley Process, and the first mining company to be certified by the Responsible Jewellery Council. Website: www.riotintodiamonds.com
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and New York Stock Exchange listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.
Rio Tinto’s business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, thermal and metallurgical coal, uranium, gold, industrial minerals (borates, titanium dioxide and salt) and iron ore. Activities span the world and are strongly represented in Australia and North America with significant businesses in Asia, Europe, Africa and South America. Website: www.riotinto.com
About The Israel Diamond Exchange
The Israel Diamond Exchange (IDE) is the largest Diamond Exchange in the world, incorporating all relevant services (banks, insurance, customs, and shipping) “under one roof”. It operates two large commercial halls (one for polished and one for rough diamonds), serving its 3200 members and numerous companies engaged in all aspects of the diamond business: import and export of rough and polished diamonds, manufacturing, brokerage, with an annual turnover of $28B.
The Israel Diamond Exchange sets policy with regard to trade rules and operates a legal institution to settle disputes. It plays a leading role in the major industry organizations; the World Federation of Diamond Bourses (WFDB), The World Jewelry Confederation (CIBJO), and the World Diamond Council (WDC) since its formal inception in Israel; Israel was one of the first to comply with the Kimberley Process and as at of the end of this month Israel will hold the Chair of the WDC.
US & International Diamond Week in Israel
The US and International Diamond Week is a product of cooperation between two important diamond centers – The Israel Diamond Exchange and the Diamond Dealers Club of New York. The first such event in Israel took place in March 2013 and was a resounding success with 200 Israeli companies exhibiting, 240 buyers from abroad, a rich program of workshops, lectures, and auctions of exclusive diamonds. Among those addressing the event were Varda Shine, VP De Beers; Tom Moses of the GIA; Martin Rapaport; Chaim Even Zohar and a high level ex Israeli government minister.