SourcingJun 26, 2023
Gemfields Reports Strong Results in June Ruby AuctionSourcingSep 18, 2023
Greenland Ruby Update Confirms Operational Suspension, Layoffs
The company anticipates resuming exploration and mining operations and rehiring staff in 2025.
Mining company Greenland Ruby, which suspended mining operations late last year, announced several operational changes in a recent statement.
New York—Following news that it has suspended mining operations, Greenland Ruby gave a formal update on its future last week, including its plans to resume operations in 2025.
The company detailed office closures, operational consolidations, layoffs and more in a statement it released Thursday to address “incomplete” information in recent media coverage.
Late last year, the miner shut down its Aappaluttoq mine, where it had been producing rubies and pink sapphires since 2017, because sales and profitability fell short of the company’s expectations.
“As a response, we implemented a series of measures aimed at enhancing organizational agility and efficiency. One of these measures involved the temporary suspension of mining operations, which was executed Dec. 31, 2022,” said Greenland Ruby CEO Arnt-Eirik Rørnes.
“The mine is now in a state of care and maintenance.”
Related stories will be right here …
The company detailed office closures, operational consolidations, layoffs and more in a statement it released Thursday to address “incomplete” information in recent media coverage.
Late last year, the miner shut down its Aappaluttoq mine, where it had been producing rubies and pink sapphires since 2017, because sales and profitability fell short of the company’s expectations.
“As a response, we implemented a series of measures aimed at enhancing organizational agility and efficiency. One of these measures involved the temporary suspension of mining operations, which was executed Dec. 31, 2022,” said Greenland Ruby CEO Arnt-Eirik Rørnes.
“The mine is now in a state of care and maintenance.”
In addition to temporarily closing the mine, Greenland Ruby said it has consolidated most operations, including its inventory fulfillment center, to Denmark but will still have a presence in the United States and in Thailand.
Its current inventory level is enough to continue sales through 2025, it said, also noting that it had “achieved positive 2023 sales success, driven by substantial off-take agreements amounting to several million dollars.”
Greenland Ruby also has reduced the number of offices it has globally and downsized its staff.
Last month, Greenland newspaper Sermitsiaq reported the mine company had laid off 30 mine workers at the beginning of the year and later let go of the remaining seven.
Greenland Ruby has not responded to direct inquiries from National Jeweler about the layoffs.
Sermitsiaq also reported the mine had a debt of 509 million Danish kroner, which is about $73 million at current exchange rates. No reports of debt were addressed in the company’s recent statement.
Greenland Ruby said it anticipates resuming exploration and mining operations, as well as rehiring staff, in 2025.
More on Sourcing
The Latest
IndependentsJul 14, 2026
Foundrae Opens First Standalone Store Outside USThe New York-based jewelry brand has expanded overseas, opening a store in London’s Mayfair district.
ColumnistsJul 14, 2026
Sherry Smith: What Today’s Jewelry Consumer Is Telling Us Rising revenue does not automatically mean a healthy business, particularly in the current economic landscape, Smith writes.
TrendsJul 14, 2026
Amanda’s Style File: Shoulder Dusters These long, fluid drop earrings are sure to catch the eye.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
CrimeJul 14, 2026
Man Charged in $1M Jewelry Store Heist Lands on FBI Most Wanted ListAlberto Perez-Elias is one of four men charged with robbing a Cape Coral, Florida, jewelry store and is the only one still at large.
Weekly QuizJul 09, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 14, 2026
Conference on Mining, Sustainability Kicks Off in NYCInitiatives in Art and Culture is hosting its 16th annual Gold and Diamond Conference, with the theme of “Resilience.”
Lab-GrownJul 13, 2026
Stephanie Gottlieb Changes Her Mind on Lab-Grown DiamondsThe designer, who once said she’d never sell lab-grown diamonds, debuted two capsule collections designed to be fun and easy to wear.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
Events & AwardsJul 13, 2026
Registration Opens for JIS Fall 2026 ShowThe annual trade-only buying event is slated for Oct. 16-19 in Miami Beach, Florida.
Events & AwardsJul 13, 2026
AGTA Accepting Entries for Spectrum 2026AGTA also has announced the lineup of judges for the colored gemstone cutting and jewelry design contest’s various categories.
TechnologyJul 10, 2026
There’s a New Blind Box for Luxury Watches Collectibles platform Arena Club’s new Time Boxes could contain a Rolex or Patek Philippe watch.
TrendsJul 10, 2026
Jade Trau Creates a Constellation of DiamondsThe “Constellation Plié” collar, our Piece of the Week, features diamonds arranged in a constellation of shining stars.
WatchesJul 10, 2026
Brilliant Earth Expands Into WatchesIn honor of its 20th anniversary, the jewelry brand has released a limited-edition collection of Swiss-made timepieces.
CollectionsJul 09, 2026
Boucheron’s New High Jewelry Collection Is an Ode to the Human Touch“Human Being” highlights the similarities and differences between us through five sets of jewelry that celebrate fine craftsmanship.
WatchesJul 09, 2026
Damiani Group Finalizes Acquisition of Baume & MercierRichemont will continue to provide operational services for the watch brand for a period while the group prepares to integrate it.
AuctionsJul 09, 2026
Pharrell Williams’ Joopiter Hires Former Bonhams Exec to Head New Watch DivisionNate Borgelt will lead the digital auction house and content platform’s new division as head of watches.
Events & AwardsJul 09, 2026
Halstead Names 2026 Grant WinnerEnoch Platero, founder and designer behind Enoch Michael, is the first Native American jeweler to win the award.
Events & AwardsJul 09, 2026
AGS, GIA Name 2026 Beatrice Shipley Scholarship WinnerAGS also announced the recipient of its “Women in Leadership” scholarship.
MajorsJul 08, 2026
Kendra Scott Joins ‘Shark Tank’ As Permanent Investor The founder of the billion-dollar jewelry and lifestyle brand will debut as a full-time “Shark” on the upcoming season of the show.
SurveysJul 08, 2026
Signet Jewelers Falls 5 Spots on NRF’s ‘Top 100’ Retailers ListPlus, why retailers should be ready to adjust as the U.S. population may decline this year for the first time since the Great Depression.
CrimeJul 08, 2026
Here’s What Thieves Stole From the Lalique Museum René Lalique’s “Woman Dragonfly With Open Wings” pendant, the first piece the museum acquired, was one of the jewels taken.
MajorsJul 08, 2026
Richline Group Promotes 2 ExecsArien Gessner and Moss Makhoulian have been elevated into newly created roles.
ColumnistsJul 07, 2026
Peter Smith: Diamond Branding and the Origin ParadoxA podcast prompted Smith to share his views on where origin fits into the natural diamond story and the viability of branded diamonds.
Events & AwardsJul 07, 2026
JA Announces 2026 Impact Initiative RecipientsThe association selected eight recipients for the funding program, which is in its second year.
TrendsJul 07, 2026
Amanda’s Style File: Ruby, White and Blue Whether celebrating America’s 250th birthday or the USA’s World Cup run, July birthstone jewelry can double as a patriotic accessory.
CrimeJul 07, 2026
Thieves Steal Millions in Jewels From France’s Musée LaliqueAround 20 pieces of jewelry were stolen from the museum dedicated to French jeweler and glassmaker René Lalique.
CollectionsJul 07, 2026
Robinson Pelham Is Partying Like It’s 1996The “Summer of ’96” campaign and collection celebrate the year the brand was founded for its 30th anniversary.
