Days after noting that its diamond industry revenues increases markedly, mining giant Rio Tinto has promoted an executive from within to lead its diamond business.

Jean-Marc Lieberherr will take up the position of Managing Director, Diamonds, on September 1, where he will be responsible for all aspects of the Rio Tinto Diamonds division. Lieberherr, who joined Rio Tinto Diamonds in 2005, was most recently Chief Commercial Officer of the firm.

Late last week Rio Tinto said revenues from its diamond operations in the first half of 2013 totaled $403 million compared with $350 million a year earlier. The miner posted a net profit of $5 million from its diamond business in the first six months of this year compared with a ‎loss of $24 million in the same period last year. Meanwhile, earnings before interest, tax, depreciation and amortization soared to $95 million from $35 million last year. ‎



Rio Tinto reported that capital expenditure on its diamond division dropped to $184 million during the period from $273 million a year before.

Diamond production in the first half of this year came to 7.37 million carats of rough diamonds compared with 6.17 million carats last year.