Rio Tinto shakes up diamond division

Rio Tinto's (NYSE:RIO) diamond division has a new face: Jean-Marc Lieberherr has taken over as the new managing director of one of the largest diamond companies in the world.

Just a few months ago Rio was trying to rid itself of its diamond assets, but after a series of disappointing bids the miner decided to give the division a make over instead.

Lieberherr joined the company in 2005 and has been working as Rio Tinto Diamonds' chief commercial officer. He will take over his new position in early September.

The diamond miner has also been cutting costs Рfiring 78 workers at its Australian Argyle project in July.

The company operates diamond projects in Australia, Canada, Zimbabwe and India. In the first half of 2013 these operations outperformed other divisions, increasing revenue from $350 million to $405 million.

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