Fenix and Dholakia Lab-Grown Diamonds have jointly acquired the Israel-based company, which grows diamonds using solar power.
New Greenland Ruby Mine Owner Begins Production
The mining license for Aappaluttoq was transferred after True North Gems entered into voluntary bankruptcy last fall.
New York--Greenland Ruby A/S officially has started its production at the Aappaluttoq ruby mining site in the southwest region of Greenland.
Aappaluttoq is Greenland’s first corundum mine, located about 155 miles south of Greenland’s capital, Nuuk. According to the company, the deposit is “primary” type, meaning that the rubies are extracted from hard rock, mainly mica and amphibole.
At this time, it’s too early to know how much ruby and pink sapphire the mine might produce, a spokesperson for the company said.
The area originally was being mined by True North Gems, but the company entered into voluntary bankruptcy in September.
The mining license for the Aappaluttoq Ruby Mine then was awarded to LNS Greenland, an investor in the project, after it made a bid. Terms of the deal were not disclosed.
Greenland Ruby A/S, its sister company, was established in October to take over the exploitation license and handle the promotion and sales of the mine’s rubies and pink sapphires.
Concurrent with the news that Greenland Ruby has started production at the site, True North provided an update on its bankruptcy proceedings regarding its operating subsidiary in Greenland, True North Gems Greenland A/S.
The company’s management says it believes the “bankruptcy process managed by court-appointed Trustees and supported by the Greenland government was biased, unnecessarily expedited and potentially negligent.”
In response, it formed a special committee to investigate the process and actions of the trustees and the Greenland government to determine if legal action should be taken.
The company’s specific concerns in regards to the proceedings include a conflict of interest of trustees who have business relationships with LNSG, LNS and the Greenland government and a lack of transparency in the bidding process and the criteria on which the decision of which to accept was made, among other factors.
These concerns have been presented to the trustees, True North said, but no response has yet been given. (The court could not be reached for comment or update by press time.)
They also hired Danish counsel Skau Reipurth & Partners to address the bankruptcy trustees and to formally solicit responses to unanswered questions posed by the company’s board of directors.
The Latest
The Danish brand has opened an appointment-only location on Madison Avenue in New York City.
The actor and watch enthusiast will be part of the show’s education lineup.
From protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
Step inside the nearly 21,000-square-foot suburban Chicago jewelry store with Editor-in-Chief Michelle Graff.
These punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.
Sponsored by Tasha R
This fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
Three Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
A federal court found that the jewelry store chain violated terms of the settlement reached after it was accused of defrauding customers.
Cynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
The new space was designed to evoke a warm, inviting vibe.
Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
The auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
The four finalists will present their pieces at the 2025 JCK Las Vegas show.
The “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
The money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
The event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
Local reports identified the woman as the wife of the jewelry store owner.
A collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
The Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
Hampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
The group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
The collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
This year’s theme asks designers to take inspiration from classic fairy tales.
Senior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.