SourcingJul 31, 2024
Lucapa Sells 6 Diamonds, Including 14-Carat PinkSourcingAug 15, 2024
Greenland Ruby Is Up For Sale
Unable to pay its debts, the ruby and sapphire miner is looking to restructure and become a “competitive and attractive” company.
Greenland Ruby, which mines rubies and pink sapphires in Aappaluttoq, Greenland, suspended operations in late 2022 and is now looking to restructure and possibly find new ownership.
New York—After suspending operations about a year and a half ago, Greenland Ruby has filed for an in-court restructuring of the company.
The company, which mines rubies and pink sapphires at the Aappaluttoq (Greenlandic for red) mine, has not generated sufficient income to pay its debts and is running out of money.
Greenland newspaper Sermitsiaq reported in August 2023 the mine had a debt of 509 million Danish kroner, which is about $73 million at current exchange rates.
In a statement released last week announcing the restructuring, Greenland Ruby said the current owners’ investment of 1.5 billion Norwegian kroners (just under $140 million at current exchange rates) is nearly depleted.
After consulting with its largest creditor, Nebari Natural Resources Credit Fund I, the company’s board decided to pursue a restructuring.
The process involves appointing administrators to work with Greenland Ruby management to identify the best solution for the company’s creditors and its future.
Payments to creditors will be postponed during the process.
A typical outcome, the company said, includes selling the business and using the proceeds to pay the costs of the restructuring process, and then the company’s creditors.
Greenland Ruby said its goal is to avoid liquidation and re-establish itself as a “competitive and attractive” company.
“Greenland Ruby has made considerable investments in both facilities and infrastructure related to the mining facility in Aappaluttoq as well as in the Greenlandic community,” CEO Arnt Eirik Rørnes said in the company’s statement.
Rørnes was appointed CEO of Greenland Ruby in early 2023.
“Furthermore, the company has developed new, modern channels for the sales and distribution of the gemstones.”
In addition to its operations in Greenland, the restructuring will include its subsidiaries in the United States and France, but not its service company in Thailand.
Greenland Ruby said it will submit petitions for restructuring proceedings to the Maritime and Commercial High Court in Copenhagen, Denmark, and the bankruptcy court in Nuuk, Greenland.
Greenland Ruby and its administrators are working with Naalakkersuisut, the Greenlandic self-government, to ensure they follow current rules and conditions throughout the process, the company said.
New York-based consulting firm Alvarez & Marsal will act as lead advisor for the sale of the Greenland Ruby and/or its assets, including the Aappaluttoq mine, its gemstone inventory and other assets.
The marketing and sales of any existing rubies and pink sapphires will continue, with some limitations during the restructuring proceedings.
Related stories will be right here …
The company, which mines rubies and pink sapphires at the Aappaluttoq (Greenlandic for red) mine, has not generated sufficient income to pay its debts and is running out of money.
Greenland newspaper Sermitsiaq reported in August 2023 the mine had a debt of 509 million Danish kroner, which is about $73 million at current exchange rates.
In a statement released last week announcing the restructuring, Greenland Ruby said the current owners’ investment of 1.5 billion Norwegian kroners (just under $140 million at current exchange rates) is nearly depleted.
After consulting with its largest creditor, Nebari Natural Resources Credit Fund I, the company’s board decided to pursue a restructuring.
The process involves appointing administrators to work with Greenland Ruby management to identify the best solution for the company’s creditors and its future.
Payments to creditors will be postponed during the process.
A typical outcome, the company said, includes selling the business and using the proceeds to pay the costs of the restructuring process, and then the company’s creditors.
Greenland Ruby said its goal is to avoid liquidation and re-establish itself as a “competitive and attractive” company.
“Greenland Ruby has made considerable investments in both facilities and infrastructure related to the mining facility in Aappaluttoq as well as in the Greenlandic community,” CEO Arnt Eirik Rørnes said in the company’s statement.
Rørnes was appointed CEO of Greenland Ruby in early 2023.
“Furthermore, the company has developed new, modern channels for the sales and distribution of the gemstones.”
In addition to its operations in Greenland, the restructuring will include its subsidiaries in the United States and France, but not its service company in Thailand.
Greenland Ruby said it will submit petitions for restructuring proceedings to the Maritime and Commercial High Court in Copenhagen, Denmark, and the bankruptcy court in Nuuk, Greenland.
Greenland Ruby and its administrators are working with Naalakkersuisut, the Greenlandic self-government, to ensure they follow current rules and conditions throughout the process, the company said.
New York-based consulting firm Alvarez & Marsal will act as lead advisor for the sale of the Greenland Ruby and/or its assets, including the Aappaluttoq mine, its gemstone inventory and other assets.
The marketing and sales of any existing rubies and pink sapphires will continue, with some limitations during the restructuring proceedings.
Following reports that Greenland Ruby had not been meeting production expectations, the miner temporarily closed its facilities at the end of 2022 to reduce overhead.
“Despite successful extraction and substantial investments in facilities and in the Greenlandic community, increased interest rates and inflation have made the gemstones market significantly more challenging in recent years,” Rørnes said in the recent statement.
Prior to joining Greenland Ruby, Rørnes worked for Leonhard Nislen & Sonner AS (LNS), Greenland Ruby’s parent company.
LNS Greenland, an investor in the project, was awarded the mining license for the Aappaluttoq Ruby Mine after the site’s previous miner, True North Gems, filed for bankruptcy in September 2016.
Greenland Ruby A/S was established in October 2016 to take over the exploration license and handle promotion and sales of the mine’s output.
In a 2017 interview with National Jeweler, Hayley Henning, Greenland Ruby’s former chief commercial officer, she said life of mine for Aappaluttoq was expected to be about nine years.
Although the mine closed short of that prediction, Rørnes said in the statement that the board still believes in Greenland Ruby and its operation in Greenland, and that’s why it is pursuing a restructuring.
He said, “The company holds an extraction license to one of the world’s richest ruby deposits and has developed an innovative business model by offering certified and traceable gemstones of the highest quality on a global marketplace.
“The board also considers Greenland Ruby to have an unrealized potential to create jobs and value in Greenland.”
Editors' Picks
Sponsored by
More on Sourcing
The Latest
TrendsFeb 10, 2026
Bad Bunny Wears Football-Shaped ‘Desert Diamond’ for Halftime PerformanceLady Gaga, Cardi B, and Karol G also went with diamond jewelry for Bad Bunny’s Super Bowl halftime show honoring Puerto Rico.
SurveysFeb 10, 2026
Shoppers to Spend Big on Jewelry This Valentine’s Day, Says NRFJewelry is expected to be the No. 1 gift this year in terms of dollars spent.
FinancialsFeb 10, 2026
Kering Plans Transformation as 2025 Sales Sink 13%As star brand Gucci continues to struggle, the luxury titan plans to announce a new roadmap to return to growth.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
Policies & IssuesFeb 09, 2026
U.S., India Trade Deal One Step Closer to Being FinalizedThe White House issued an official statement on the deal, which will eliminate tariffs on loose natural diamonds and gemstones from India.
Weekly QuizFeb 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsFeb 09, 2026
JA Now Accepting Entries for 2026 CASE AwardsEntries for the jewelry design competition will be accepted through March 20.
IndependentsFeb 09, 2026
James Free Jewelers Unveils Revamped FlagshipThe Ohio jeweler’s new layout features a curated collection of brand boutiques to promote storytelling and host in-store events.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
TrendsFeb 09, 2026
These 14 Jewels Will Melt Your Heart This Valentine’s DayFrom heart motifs to pink pearls, Valentine’s Day is filled with jewelry imbued with love.
CrimeFeb 06, 2026
Florida Man Sentenced After Selling Fake Native American Jewelry for a Decade Prosecutors say the man attended arts and craft fairs claiming he was a third-generation jeweler who was a member of the Pueblo tribe.
FinancialsFeb 06, 2026
Pandora’s North America GM Departs Amid Executive ChangesNew CEO Berta de Pablos-Barbier shared her priorities for the Danish jewelry company this year as part of its fourth-quarter results.
TrendsFeb 06, 2026
Margot Robbie, Jacob Elordi Wear Matching Cece Jewellery Signet RingsOur Piece of the Week picks are these bespoke rings the “Wuthering Heights” stars have been spotted wearing during the film’s press tour.
MajorsFeb 05, 2026
Pandora to Begin Selling Platinum-Plated JewelryThe introduction of platinum plating will reduce its reliance on silver amid volatile price swings, said Pandora.
SourcingFeb 05, 2026
De Beers Lowers Production Guidance for 2026, Anglo Mulls Another WritedownIt would be the third impairment charge in three years on De Beers Group, which continues to grapple with a “challenging” diamond market.
IndependentsFeb 05, 2026
Borsheims to Undergo Massive Renovation in the Spring The Omaha jewelry store’s multi-million-dollar renovation is scheduled to begin in mid-May and take about six months.
CollectionsFeb 05, 2026
Marco Bicego’s Amethyst Collection Travels to a Purple ParadiseThe “Paradise Amethyst” collection focuses on amethyst, pink tourmaline, garnet, and 18-karat yellow gold beads.
FinancialsFeb 05, 2026
Watches of Switzerland Reports Strong Holiday Results in Q3The retailer credited its Roberto Coin campaign, in part, for boosting its North America sales.
ColumnistsFeb 04, 2026
January Jewelry Sales: More Dollars Spent, Fewer Units Sold Sherry Smith unpacks independent retailers’ January performance and gives tips for navigating the slow-growth year ahead.
MajorsFeb 04, 2026
What Designers Should Know About Saks Global’s BankruptcyFrom how to get an invoice paid to getting merchandise returned, JVC’s Sara Yood answers some complex questions.
TrendsFeb 04, 2026
Amanda’s Style File: February Birthstone BlissAmethyst, the birthstone for February, is a gemstone to watch this year with its rich purple hue and affordable price point.
MajorsFeb 04, 2026
Marco Bicego Names New Global Marketing DirectorThe Italian jewelry company appointed Matteo Cuelli to the newly created role.
MajorsFeb 04, 2026
Frederick Goldman Updates Leadership TeamThe manufacturer said the changes are designed to improve speed, reliability, innovation, and service.
Policies & IssuesFeb 03, 2026
Tariff Relief on Horizon for India as Trump, Modi Make DealPresident Trump said he has reached a trade deal with India, which, when made official, will bring relief to the country’s diamond industry.
CollectionsFeb 03, 2026
Jade Trau Releases New Charms, Introduces RondellesThe designer’s latest collection takes inspiration from her classic designs, reimagining the motifs in new forms.
WatchesFeb 03, 2026
Casio America Calls Jersey City HomeThe watchmaker moved its U.S. headquarters to a space it said fosters creativity and forward-thinking solutions in Jersey City, New Jersey.
SourcingFeb 03, 2026
Nivoda Reveals Upgraded Gemstone MarketplaceThe company also announced a new partnership with GemGuide and the pending launch of an education-focused membership program.
GradingFeb 02, 2026
IGI to Acquire American Gemological Laboratories IGI is buying the colored gemstone grading laboratory through IGI USA, and AGL will continue to operate as its own brand.
