The Diavik Diamond Mine, a joint venture between the Harry Winston Diamond Corporation and mining giant Rio Tinto, is North America’s most profitable diamond mine.
In 1992, Harry Winston and Rio Tinto formed a partnership and began exploring for diamonds. In 1994, kimberlites were discovered at Diavik. Construction on the mine – which sits on a 20-square kilometer island in Canada’s Northwest Territories situated only 220 kilometers south of the Arctic Circle – began in 2001.
Production of rough diamonds began in January 2003, and in March of that year Harry Winston sold the first diamonds from the Diavik mine. (The terms of the partnership stipulate that Harry Winston pays 40% of the mine’s operating and capital costs and receives 40% of the diamonds produced.)
The Diavik diamond mine has one of the world’s highest ore grades, and the global diamond industry regards the stones as high quality in terms of color and clarity.
In 2008, diamond production at the Diavik mine surpassed 50 million carats. At the end of 2010, the mine still had 21.7 million carats of proven diamond reserves and 31.2 million carats of probable reserves, with three the A154 South, A154 North, and A418 kimberlites being mined.
Construction of an underground mine began in 2010. Harry Winston expects the mine’s current operating plan to take it through the year 2022 at least.
