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.”
More on Sourcing
The Latest
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
Weekly QuizAug 08, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
SourcingAug 13, 2025
Columbia Gem House Launches Winza Sapphires, RubiesThe new inventory, all untreated, features vibrant hues and unique bicolor combinations.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50MAcquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado JewelerPeter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience ShowThe Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.
EditorsAug 11, 2025
The Colors Expected to Be On-Trend in a Couple YearsAssociate Editor Lauren McLemore recently attended a fabrics trade show where a trend forecaster shared her predictions for summer 2027.
FinancialsAug 08, 2025
Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales RiseThe company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of FundraisingThe organization has raised more than $1.3 million for charity since its inception.
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel BangleThe brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony BennettThe first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown GemstonesThe catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird CharmsThe company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says An additional 25 percent tariff has been added to the previously announced 25 percent.
MajorsAug 06, 2025
Claire’s Files for Chapter 11 Bankruptcy AgainThe jewelry and accessories retailer plans to close 18 stores as part of the proceedings.
IndependentsAug 06, 2025
Smith & Son Jewelers to Close 107-Year-Old Location Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.
CollectionsAug 06, 2025
Zahn-Z Swims With Whales in ‘Beluga’ CollectionDesigner Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.
TrendsAug 06, 2025
Paola De Luca to Release Trendbook 2027+She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.
