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
Recorded WebinarsSep 29, 2023
The Lab-Grown Diamond Market: Where Are We Now?Watch as Edahn Golan, Sherry Smith and Avi Levy join Michelle Graff to talk pricing and trends in this controversial corner of the market.
CollectionsSep 29, 2023
Piece of the Week: Sonya K’s Versatile Necklace A classic diamond tennis necklace gets a whole lot cooler with a removable pendant.
EditorsSep 28, 2023
The Gemstone World Is In Its Unique Cut EraAssociate Editor Lauren McLemore recently spoke with Columbia Gem House’s Eric Braunwart about the uptick in non-traditional gemstone cuts.
Brought to you by
Top 5 Ways to Promote Safety and Security Awareness Among Your StaffAwareness is essential to proactive protection. Learn how to promote and maintain safety and security awareness in your business.
MajorsSep 28, 2023
Signet-Owned Rocksbox Now Sells Pre-Owned Fine Jewelry“Pre-Owned Luxury by Rocksbox” offers secondhand jewelry from Kay, Zales, and Jared to members and non-members.
Weekly QuizSep 29, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
CrimeSep 28, 2023
Have You Seen Jewels Like These? The British Museum Wants to KnowThe museum is asking for the public’s help in finding thousands of pieces of ancient gold jewelry and gemstones stolen from a storeroom.
MajorsSep 28, 2023
The Kingswood Co. Names New VP, Wins AwardThe company was recognized for one of its private-label, consumer-focused jewelry care lines.
Brought to you by
A Conversation with Dialog SolutionsDo you always want the right diamonds at the right price in your store? Introducing Dialog, the world’s first diamond subscription service.
AuctionsSep 27, 2023
Antique Jewels Shine at Bonhams LondonA rare Chaumet necklace and 20th-century sapphire ring sold for double their estimates.
SurveysSep 27, 2023
Consumer Confidence Falls in September Amid Rising Recession Fears Shoppers also expressed concern about rising prices, higher interest rates, and political uncertainty.
Events & AwardsSep 27, 2023
PGI to Dole Out $500K in Business Grant Program Participants from the first round of grants saw up to a 900 percent increase in their platinum sales.
WatchesSep 26, 2023
Citizen Launches the Tsuki-Yomi A-T TimepieceAccording to the watchmaker, it features the first light-powered atomic timekeeping moon phase movement.
IndependentsSep 26, 2023
Sally Nelson, Founder of Exclusively Diamonds, Dies at 86The former teacher, described as “a pioneer for women-owned businesses,” opened her own jewelry store in 1980.
Events & AwardsSep 26, 2023
2023 Spectrum Awards Entry Deadline ExtendedThe contest is now open for submissions until Oct. 10.
Events & AwardsSep 26, 2023
Instore Announces Dates for 2024 Show The annual event will return to Rosemont, Illinois next August.
SurveysSep 26, 2023
Mastercard Makes Its 2023 Holiday PredictionAccording to SpendingPulse, retail sales will increase in November and December but not necessarily for jewelers.
CrimeSep 25, 2023
Oregon Jeweler Accused of Selling Lab-Grown Diamonds as NaturalPolice say Douglas Wayne Gamble also swapped natural diamonds for synthetic stones and failed to return customers’ repairs.
CollectionsSep 25, 2023
Neil Lane’s Latest Collection Uses Lab-Grown Diamonds The designer just launched a new bridal range at Kay Jewelers.
MajorsSep 25, 2023
Hearts On Fire Taps Mejuri Exec as CCOYunjo Lee has also worked on collections for Tiffany & Co. with Paloma Picasso and Frank Gehry.
MajorsSep 25, 2023
Second Generation Takes On New Roles at Sylvie JewelrySteve Levine joins the family-owned company, while his brother Gary has a new position.
MajorsSep 22, 2023
David Yurman Alleges These Two Companies Copied Its DesignsThe company has filed complaints against Royal Chain and Samuel B.
TrendsSep 22, 2023
Piece of the Week: Yun Yun Sun’s ‘Puzzle’ Ring The two-stone style benefits from two-toned metal.
Events & AwardsSep 22, 2023
HardRock Summit To Relocate In 2024The event is moving just outside of Denver.
WatchesSep 21, 2023
Timex Wants Your Old WatchThe company just rolled out “Timex Rewound,” a new takeback and resale program.
GradingSep 21, 2023
Retailers Warned About Fraudulent Email Purportedly From GIA The lab confirmed it did not send the message.
AuctionsSep 21, 2023
Hindman Appoints New SVP, Director of Jewelry and WatchesReginald Brack has worked at StockX and Christie’s.
SourcingSep 21, 2023
Natural Diamond Council’s Latest Campaign With Lily James Is Here The second installment of “To Treasure Now and Forever” is intended to emphasize diamonds’ versatility.
