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.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
CrimeAug 18, 2026
2 California Men Arrested in Fatal Vehicle Smash RobberyOne is the driver who allegedly crashed a car into a Sacramento jewelry store in April, striking a 71-year-old employee who later died.
ColumnistsAug 18, 2026
Peter Smith: The IKEA Effect and Bridal Branding In a new column, Peter Smith posits that people actually enjoy putting together IKEA furniture, and the same is true for engagement rings.
CrimeAug 18, 2026
Thieves Snatch $1M in Jewelry From New Jersey Jeweler9lakha Jewelers in Iselin, New Jersey, was the target of a smash-and-grab robbery on Aug. 8.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Lab-GrownAug 18, 2026
Ring Concierge, Kendall Jenner Collab on Bridal Earrings GiveawayThe jeweler has partnered with Jenner’s 818 Tequila brand to gift lab-grown diamond studs to a bride-to-be and their bridal party.
Weekly QuizAug 13, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsAug 17, 2026
Exhibition on Louis Comfort Tiffany’s Studios to Open at The MetThe exhibition will feature more than 100 drawings of stained-glass lampshades, windows, and more, many created by women and émigrés.
CollectionsAug 17, 2026
Marquise Diamonds Dance in Spinelli Kilcollin’s ‘Wren’ CollectionMarquise-cut diamonds in drop charms are the center of the new collection, reflecting the movement of a dancer in modular styles.
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.
Events & AwardsAug 17, 2026
There’s a New Jewelry Show Coming to FloridaThe inaugural Fort Lauderdale Jewelry, Antique, & Object Show will be held from Jan. 28 through Feb. 1, 2027.
IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
Lab-GrownAug 13, 2026
Jean Dousset Opens Third StoreThe lab-grown diamond jewelry brand’s newest boutique is in Westfield Valley Fair in Santa Clara, California.
CrimeAug 12, 2026
Elderly NYC Woman Targeted in Jewelry Swap SchemeTwo suspects offered to trade the woman a “winning” lottery ticket for her jewelry.
SourcingAug 12, 2026
Another Diamond Mine Poised to CloseFinsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
CrimeAug 12, 2026
Jewelry Store Employee Gets 20 Years to Life in Choking Death of BossMichel Patrick DeSalles was sentenced after pleading guilty to the 2017 murder of Omid Gholian, who owned a jewelry store in Manhattan.
MajorsAug 12, 2026
Frederick Goldman Names New SVP of SalesLongtime industry executive Beth Miller has taken on the role.
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
MajorsAug 11, 2026
Signet Jewelers Selects Mattel Exec to Lead Zales, BanterJamie Cygielman will take on the role on Aug. 24.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
