Rio Tinto to hold viewing for auction of Diavik mine roughat IDE

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Diavik Diamond Mine

Rio Tinto Diamonds, one of the world’s leading rough diamond producers, announced the firm will for the first time in its history, hold a viewing for one of its rough diamond auctions in Israel. The viewing will be held during the summer edition of the US & International Diamond Week in Israel, August 26-29, 2013.

“This is good news,” YairSahar, President of the Israel Diamond Exchange (IDE), who worked relentlessly to bring Rio Tinto’s rough tenders to Israel. “It comes on the heels of Rio Tinto’s announcement that it will retain its diamond mining business. We certainly hope this will be a first out of many future cooperative initiatives between Rio Tinto Diamonds and the Israeli diamond industry and trade.”

In a media release the Rio Tinto company wrote that its “decision to conduct viewings in Israel is an endorsement of the strength of the Israel diamond market. Timed to coincide with the [US &] International Diamond Week in Israel, the viewings will provide an opportunity to see at first hand the Diavik production and Rio Tinto’s new auction platform.”

“Rough diamond buying and trading is a huge and ever growing segment of the diamond manufacturing and trading business in the Ramat Gan diamond exchange complex and on the IDE trading floor,” Sahar continued. “Seeking to created value adding services for its members, the IDE board and management is making tremendous efforts to help find and secure new, alternative sources for rough diamonds. 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.”

Sahar added that the rough diamond viewing was but one of a variety of rough and polished diamond tenders and auctions that would take place during the August edition of the US & International Diamond Week in Israel. “Stay tuned, we will announce these additional events very soon,” the IDE President promised.

Patrick Coppens, General Manager of Sales for Rio Tinto Diamonds, said: “This is a unique opportunity to engage with the Israeli diamond industry and in doing so increase the understanding, awareness and visibility of the unique Diavik production and Rio Tinto Diamonds’ sales processes in the Ramat Gan market.”

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