Rio Tinto plans to improve the quality of its portfolio and highlighted its diamond business as a focus for expansion, Bloomberg News reported Dec. 8, citing the company's CEO Jean-Sebastien Jacques.

Jacques said the diamond business was a priority area for the company and he "would love to have more diamonds."

In August, the company decided to cease the development of its Bunder diamond project in the Indian state of Madhya Pradesh due to the continued regulatory delays and opposition from tiger conservationists and tribal groups.