Mining giant Rio Tinto reported that its revenue s from diamonds rose in the first six months of this year.
However, profits dropped due to weaker conditions in the Asian market and somewhat volatile movements in rough prices.
Its sales of r ough diamonds were up 3.3 percent to $342 million, but profits slumped 29 percent to $22 million, the firm said in a statement .
“The U.S. consumer market was steady, however demand from India and China continued to be slower due to local marke t factors. Rough diamond prices varied across product segments.”
Rio reported that output edged up 2.1 percent to nine million carats as a result of an ongoing drive in underground operations at its Argyle mine in western Australia.
That helped offset lower grades at the Diavik mine in Canada.
That figure is down from a previous forecast of 21 million carats.
