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Rio Tinto has always been known as an iron ore giant, but few have noticed that the company also holds the world's largest producer of natural colored diamonds.
The relevant data shows that the import volume of China's diamond consumer market has ranked second in the world, and the next decade is called the “Golden Decade†of China's diamond industry development.
As early as 2001, Rio Tinto began supplying diamonds to Chow Tai Fook. The two sides reached a strategic cooperation and became Chow Tai Fook's first Chinese special diamond dealer in Greater China. It is also regarded as a symbol of Rio Tinto's deep involvement in the Chinese diamond market.
In fact, the surge in spending power in the diamond market has already made Rio Tinto taste the sweetness. In 2010, Rio Tinto's interim financial report showed that the diamond business contributed $75 million in interest before interest, tax, depreciation and amortization contributed by Rio Tinto. In the same period last year, the data still lost $6 million.
This cross-border "marriage" is not easy for Chow Tai Fook. According to Huang Shaoji, managing director of Chow Tai Fook Jewellery, the company has negotiated with Rio Tinto for five years. Huang Shaoji said that to meet the demand for diamonds in the Chinese market, it is vital to strive for quality diamond resources. Cooperation with Rio Tinto means that Chow Tai Fook will have a more complete diamond industry chain.
It is understood that in the past 15 years, no new large diamond primary mines have been found in the world, and the demand of the international diamond market is rising at an average annual rate of 10%, and the price of diamonds is rising accordingly. The increase is between 3% and 5%. If the current average annual mining of approximately 100 million carats of diamonds is estimated, the global proven diamond reserves will be exhausted after 25 years. The scarcity of resources has led to a fierce competition for jewellery brands for mines.
Liu Jianhua, an expert from the China Diamond Jewelry Industry Association Diamond Branch, said: "The global diamond supply is mainly monopolized by several giants such as De Beers. Chinese companies have no bargaining power when purchasing raw stones. Although the diamond price has declined after the financial crisis, It has risen again since the middle of last year. The cooperation between Chow Tai Fook and Rio Tinto can make the diamond procurement channel more abundant, which is a beneficial attempt to break through the monopoly of several giants."
According to Huang Shaoji, the cooperation between Rio Tinto and Chow Tai Fook will be based on expensive pink diamonds.
Mining giant Rio Tinto marries Zhou Dafu into the Chinese diamond market
On December 3, Rio Tinto, one of the world's three major ore giants, announced that it has established a strategic partnership with Chinese jewelry retailer Chow Tai Fook to try to share the growth of China's diamond products market.