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
FinancialsDec 02, 2025
Signet Jewelers’ Q3 Sales Up Amid Continued Focus on Lower Price PointsThe retailer offered more fashion jewelry priced under $1,000, including lab-grown diamond and men’s jewelry.
CollectionsDec 02, 2025
Briony Raymond Introduces First FragranceThe eau de parfum is held in a fluted glass bottle that mirrors the decor of the brand’s atelier, and its cap is a nod to its “Sloan” ring.
MajorsDec 02, 2025
Lee Krombholz Takes Over as Chair of MJSA Education FoundationIn addition, a slate of new officers and trustees were appointed to the board.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
IndependentsDec 02, 2025
RJO Welcomes Its 1,200th Retail MemberWitt’s Jewelry in Wayne, Nebraska, is the organization’s new milestone member.
Weekly QuizNov 20, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeDec 01, 2025
Fourth Man Charged in Louvre Jewelry HeistThe man, who has a criminal history, is suspected of being the fourth member of the four-man crew that carried out the heist.
AuctionsDec 01, 2025
Christie’s Presents ‘Splendor & Style’ CollectionThe single-owner collection includes one of the largest offerings of Verdura jewels ever to appear at auction, said Christie’s.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
IndependentsDec 01, 2025
Lustig Jewelers’ New Owner Is a Fellow Chicago JewelerMichael Helfer has taken the reins, bringing together two historic Chicago jewelry names.
MajorsDec 01, 2025
PGI Debuts Platinum-Filled Holiday Gift GuideThe guide features all-new platinum designs for the holiday season by brands like Harwell Godfrey, Ritani, and Suna.
FinancialsNov 26, 2025
Movado CEO Talks Tariffs, Growing Interest in Accessible Luxury WatchesDuring its Q3 call, CEO Efraim Grinberg discussed the deal to lower tariffs on Swiss-made watches, watch market trends, and more.
TrendsNov 26, 2025
Piece of the Week: Rosior’s Pumpkin RingRosior’s high jewelry cocktail ring with orange sapphires and green diamonds is the perfect Thanksgiving accessory.
IndependentsNov 26, 2025
Greenwich St. Jewelers Launches Colorful Holiday CampaignThe “Embrace Your True Colors” campaign features jewels with a vibrant color palette and poetry by Grammy-nominated artist Aja Monet.
MajorsNov 26, 2025
Serafino Consoli Names New VP of Sales, Brand Development for the AmericasLuxury veteran Alejandro Cuellar has stepped into the role at the Italian fine jewelry brand.
Events & AwardsNov 26, 2025
Grandview Klein Presents 4 Scholarships in NamibiaThe company gave awards to four students at the Namibia University of Science & Technology, including one who is a Grandview Klein employee.
IndependentsNov 25, 2025
Pearl Stringer Margaret Hoisik DiesShe is remembered as an artist who loved her craft and was devoted to her faith, her friends, and her family.
SourcingNov 25, 2025
Finestar Opens Diamond Manufacturing Facility in JohannesburgIt joins the company’s other manufacturing facilities globally, including in India, Botswana, and Namibia.
TrendsNov 25, 2025
Amanda’s Style File: Polka DotsThe polka dot pattern transcends time and has re-emerged as a trend in jewelry through round-shaped gemstones.
CrimeNov 25, 2025
Former Arizona AG Official Charged With Trafficking Stolen JewelryVanessa Hickman, 49, allegedly sold a diamond bracelet that was mistakenly sent to her home.
Events & AwardsNov 25, 2025
GIA Awards Susan Jacques With Its Highest HonorGIA’s former president and CEO was presented with the Richard T. Liddicoat Award for Distinguished Achievement.
Recorded WebinarsNov 24, 2025
Watch: Top Tips for Social Media EtiquetteSocial media experts spoke about protecting brand reputation through behaving mindfully online.
WatchesNov 24, 2025
Breitling Reveals Plans for Gallet, Universal GenèveIn 2026, the three will come together as “House of Brands,” with Gallet sold in Breitling stores and Universal Genève sold separately.
CollectionsNov 24, 2025
Muse Debuts a Wicked 'Have a Heart x Cynthia Erivo' SequelThe second drop, which includes more Elphaba-inspired pieces from additional designers, will continue to benefit nonprofit Dreams of Hope.
IndependentsNov 24, 2025
J.R. Dunn Jewelers Names New PresidentSecond-generation jeweler Sean Dunn has taken on the role.
MajorsNov 21, 2025
Natural Diamond Council Names New CEOAmber Pepper’s main focus will be on digital innovation and engaging younger consumers.
SourcingNov 21, 2025
De Beers’ Branded, Traceable Diamonds Roll Out to 19 Retailers Called “Origin by De Beers Group,” the loose, polished diamonds are being sold in a total of 30 stores in the United States and Canada.
CollectionsNov 21, 2025
Piece of the Week: Melissa Kaye’s ‘Rocky Infinity’ NecklaceThe lariat necklace features a 4.88-carat oval-cut Zambian emerald in 18-karat yellow gold.
