Sourcing

Greenland Ruby Is Up For Sale

SourcingAug 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 mine
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 … 

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.”   

The Latest

Jemma Wynne Forme Toggle Necklace
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ Necklace

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”

September Hong Kong jewelry show
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong Show

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Bulgari Celestial Mosaic spinel necklace
FinancialsJul 25, 2025
LVMH Sales Slip in H1 Amid ‘Prevailing Uncertainties’

Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Mark and Candy Udell
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime Achievement

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.

Weekly QuizJul 25, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Francesca Villa Fantasia Collection The Crab Pendant, The Mermaid Pendant, Keep Dancing Seahorse Pendant, Keep Dancing Ladybug Pendant, Secret Dreams Pendant, The Puffer Fish Takes Flight Pendant
CollectionsJul 24, 2025
Francesca Villa Adds Dimension to Her Intaglio Characters

The “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.

Breitling’s special Eagles Super Bowl watch on gold bracelet
WatchesJul 24, 2025
Breitling Drops Super Bowl Watch Honoring the Philadelphia Eagles

The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Stock image of crime scene tape
CrimeJul 23, 2025
JSA Warns of Violent String of Smash-and-Grabs in California

JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.

Silvia Furmanovich Kasmir Collection Carnelian Bracelet and Sketch
CollectionsJul 23, 2025
Silvia Furmanovich’s ‘Kashmir’ Collection Is a Tribute to Northern India

The “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.

Bench jeweler holding a bracelet and a tool
IndependentsJul 23, 2025
Montreal’s Ecksand Eyes Move to SoHo

Creative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.

LAFD Fire Station 44 and Fire Station 16
IndependentsJul 23, 2025
IJO Raises Nearly $37K for LA Fire Relief

Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.

A Vanitas by Hannah Martin and Guy Berryman Sothebys
CollectionsJul 22, 2025
Jewelry With a Rock ‘n’ Roll Aesthetic Heads to Sotheby’s London

Next week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.

Emmanuel Raheb
ColumnistsJul 22, 2025
The Gifting Gap: How to Market Jewelry Beyond the Holidays

Emmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.

NY Now
Events & AwardsJul 22, 2025
NY Now’s Summer Market Returns in August

The wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.

Jeweler setting a diamond into a ring
MajorsJul 21, 2025
Rio Grande Expands Personalization Offerings

As demand for custom jewelry grows, the company is expanding its services to support retailers.

National Associate of Jewelry Appraisers Logo
Events & AwardsJul 21, 2025
NAJA’s 2025 ‘Ace It’ Conference To Go Virtual

The mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.

Jacquie Aiche graduated turquoise beaded necklace
TrendsJul 21, 2025
Amanda’s Style File: Graduated With Honors

Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.

24th Gem Awards Show Logo
Events & AwardsJul 21, 2025
Gem Awards Now Accepting Nominations for 2026

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

Lewis Heyman
MajorsJul 18, 2025
Lewis Heyman on Sourcing Gemstones, Post-Retirement Plans

He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.

CCWW Designs Multiple Shell Charm Necklace
TrendsJul 18, 2025
Piece of the Week: CCWW Designs’ Shell Charm Necklace

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The Plumb Club board members
MajorsJul 18, 2025
Plumb Club Elects New Board Members

The organization elected its youngest vice president as it looks to draw in fresh talent.

Jewelry industry veterans Brad Campbell and John Liebler
TechnologyJul 18, 2025
Brad Campbell, John Liebler Join Clientbook’s Executive Team

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.

Silver, Gold, and Bronze Medals for Italy Olympic Winter Games
CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes Unity

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

vimeo screenshot.png
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up!

Sponsored by The INSTORE Jewelry Show 2025

Guinness
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGov

Globally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.

Gina Ferranti
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59

The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy