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
CollectionsApr 08, 2026
Hearts On Fire Celebrates 30 Years By Asking a QuestionThe “What’s Your Signature?” campaign invites women to think about how they see themselves.
Events & AwardsApr 08, 2026
AGS Confluence Returns with AI, Sustainability SessionsRob Bates of The Jewelry Wire will also moderate a panel on the state of the jewelry industry during the virtual event.
Events & AwardsApr 08, 2026
TJS to Honor 2 Longtime Former Stuller EmployeesThe Jewelry Symposium will honor two industry veterans with lifetime achievement awards at its upcoming May event.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
TrendsApr 08, 2026
Amanda’s Style File: April’s Brilliant Birthstone With their durability, brilliance, and beauty, diamonds are the perfect stone for everyday birthstone jewelry.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsApr 07, 2026
QVC Group’s Latest Filing Calls Its Future Into QuestionThe retailer failed to file its annual report on time and said it may issue a going concern warning.
ColumnistsApr 07, 2026
Peter Smith: A Tip to the Post Office on Workplace CultureSmith recounts a recent trip to the post office that included an uncomfortable, embarrassing, and public exchange between two employees.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
GradingApr 07, 2026
GIA CFO David Tearle to Retire in June John Cowley, who has more than 30 years of experience, is succeeding Tearle as the lab’s chief financial officer.
CollectionsApr 07, 2026
Nerd Out Over Gemology Geek’s First Jewelry CollectionFounder Erica Silverglide has designed 35 colorful pieces set with fluorescing gemstones for the brand's first finished jewelry offering.
CollectionsApr 07, 2026
Ukrainian Jewelers Highlighted In New Book“Ukrainian Jewelry | Contemporary Jewelry and Art Jewelry from Ukraine” features 33 contemporary Ukrainian designers and studios.
CollectionsApr 06, 2026
Fope’s New Jewelry Debuts Are Golden“The Golden Now” campaign celebrates the here and now with the brand’s signature styles and a selection of its new pieces.
MajorsApr 06, 2026
Kecia Caffie, Corinne Bentzen No Longer With Signet JewelersSignet confirmed that Caffie, president of Zales and Banter, and Bentzen, who headed Blue Nile, have left the company.
CollectionsApr 06, 2026
Historian Tanzy Ward Pens Book on Black Victorians’ JewelryThe antique jewelry dealer talks about the importance of including Black Americans in jewelry history and preserving their stories.
CollectionsApr 03, 2026
Taylor Swift’s ‘Elizabeth Taylor’ Video Puts Jewelry Front and CenterIconic pieces, like the Mike Todd Diamond Tiara, appear in the superstar’s new music video for her song inspired by the actress.
MajorsApr 03, 2026
Saks Global Says It Will Emerge From Bankruptcy This SummerThe luxury retailer, which went Chapter 11 in January, announced Thursday that it has secured $500 million in exit financing.
Events & AwardsApr 03, 2026
JCK Luxury, NouvelleBox Partner on New Designer BallroomThe NouvelleBox ballroom will feature independent jewelry designers, including Lene Vibe, Wyld Box Jewelry, and Kiaia Limited.
CollectionsApr 03, 2026
Buddha Mama Brings Its ‘Moon’ Locket To DallasThe one-of-a-kind locket, our Piece of the Week, opens to reveal three hidden images to keep close to your heart.
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
