Sourcing

De Grisogono to Cut Jobs Amid Disappointing Sales

SourcingApr 17, 2018

De Grisogono to Cut Jobs Amid Disappointing Sales

The Swiss jewelry brand could eliminate up to 41 positions as its high jewelry faces “challenging conditions” in key markets.

20171002_DeGrisogono-header.jpg
De Grisogono said the disappointing sales of high jewelry has led it to cut staff. Pictured here is the brand’s “The Art of de Grisogono, Creation I,” a necklace that was auctioned at Christie’s Geneva last fall.

Zurich, Switzerland--Swiss jewelry brand De Grisogono plans to cut as many as 41 jobs as sales of its high-end pieces have disappointed.

According to a recent report from Reuters, the company will eliminate 31 positions in Switzerland—out of 104 total, about 30 percent of its staff—as well as up to 10 others globally amid “challenging conditions in some key markets,” Reuters said.

The news story also noted the brand will scale back production capacity to reflect the atmosphere and focus on more affordable fine jewelry.

De Grisogono did not respond to a request for confirmation on the Reuters report by press time.

Founded by Fawaz Gruosi in 1993, De Grisogono reportedly is majority-controlled by Sindika Dokolo, the husband of Isabel Dos Santos, the daughter of former Angolan President Jose Eduardo Dos Santos and the richest woman in Africa, according to Forbes.

The former Angolan president came under fire during his tenure for naming family and allies to top business and government posts, and his family’s wealth was often constrasted with the dire poverty of the majority of the country’s citizens.

The reported connection between the Dos Santos family and De Grisogono had gem explorer and dealer Yianni Melas calling for a boycott of the brand across social media and going on a hunger strike in Geneva, Switzerland just as Christie’s was set to auction a De Grisogono necklace featuring a 163.41-carat flawless, D color diamond sourced in Angola.

The necklace sold, though the final buying price—$33.7 million—had some calling the result disappointing and speculating that the high end of the diamond market was struggling.

In late 2017, Angolan state-owned diamond company Sodiam, a subsidiary of national mining company Endiama, divested its stake in the brand as part of new President Joao Lourenco’s goal to distance the country from the business interests of his predecessor’s family.

Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

Jacquie Aiche Lizzie Bracelet
CollectionsNov 05, 2024
Jacquie Aiche is Hosting an Online Treasure Hunt

One lucky winner will receive a “Lizzie” diamond bracelet.

Samantha Larson
IndependentsNov 05, 2024
Long's Jewelers Names New Director of Buying

Samantha Larson has joined the Boston-based retailer.

Emerging Jewelers Accelerator Program logo
Events & AwardsNov 05, 2024
JA, BIJC Now Accepting EJAP Applications for 2025

The Emerging Jewelers Accelerator Program will guide retail jewelry entrepreneurs through an eight-month educational curriculum.

Jewelers Mutual Group Cybersecurity
Brought to you by
Navigating Cybersecurity: Essential Guidance for Jewelers

From protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.

Tiffany & Co. x CFDA Jewelry Designer Award
Events & AwardsNov 05, 2024
Tiffany & Co., CDFA Announce Design Award Finalists

Ten chosen designers will receive mentorship and participate in a design contest for the Tiffany & Co. x CFDA Jewelry Designer Award.

Weekly QuizOct 31, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Dana J. Lorberg
MajorsNov 04, 2024
Jewelers Mutual Appoints Mastercard Exec to Its Board

Dana J. Lorberg brings 35 years of experience in finance, technology, and strategy to the role.

FBI robbery surveillance photo
CrimeNov 04, 2024
FBI Offering $15K Reward for Info on Halloween Mask-Wearing Robbers

The suspects are said to have been involved in the armed robberies of four jewelry stores across three Midwest states.

Article-Top-Image.jpg
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYC

This fall, sharpen your skills in jewelry grading, quality control and diamond assessment.

Models wearing Black Sand Pebble ring and Surf bracelet
CollectionsNov 04, 2024
John Hardy’s New Jewels Turn the Black Sands of Bali into Diamonds

The new designs blend Creative Director Reed Krakoff’s aesthetic with the brand’s Balinese roots.

Jaeger-LeCoultre Reverso Tribute watch
IndependentsNov 04, 2024
Eiseman Jewels is Celebrating Watches All Month-Long

The Dallas-based jeweler will showcase timepieces from Cartier, IWC Schaffhausen, Jaeger-LeCoultre, Parmigiani Fleurier, and more.

Gunderson’s Jewelers in Omaha, Nebraska
IndependentsNov 01, 2024
Gunderson’s Jewelers Opens New Location in Nebraska

The new store features a custom design studio and a bridal salon.

Sydney Evan x Wicked “Spell Book” coin charm
CollectionsNov 01, 2024
Piece of the Week: Sydney Evan Gets ‘Wicked’

Designer Rosanne Karmes has created a collection to coincide with the release of the movie musical, which is expected to be a blockbuster.

Charles & Colvard moissanite ring
FinancialsOct 31, 2024
Charles & Colvard Faces Possible Nasdaq Delisting

The retailer said it will file the necessary paperwork to regain compliance as soon as it is able.

National Jeweler columnist Peter Smith
ColumnistsOct 31, 2024
Peter Smith: Nervous Flyers and Emotional Selling

Whether you’re calming the jittery gentleman in seat 13B or selling a diamond ring to a hesitant customer, an empathetic approach is best.

Annie E. Doresca, Grant Mobley, Alexis Padis, Terry Chandler
Events & AwardsOct 31, 2024
WJA Will Celebrate 4 Award Winners at ‘Future of Forty’ Gala

The gala includes a red carpet, music from DJ Renata, an awards program, and “mystery boxes.”

Instore show 2025
Events & AwardsOct 31, 2024
The Instore Show Returns To Chicago Area

The trade show, in its third year, will take place in late September at the Donald E. Stephens Convention Center in Rosemont, Illinois.

Constance Polamalu
Lab-GrownOct 31, 2024
Q&A: Constance Polamalu on Selling Natural and Lab-Grown Diamonds

The jeweler shared her change of heart on lab-grown diamonds and why she keeps them separate from natural diamonds in her business ventures.

Gem Awards New York City
Events & AwardsOct 30, 2024
These Designers, Journalists, and Retailers Are Up for a Gem Award

The 2025 Gem Awards are scheduled to take place March 14 at Cipriani 42nd Street in New York City.

Peggy Grosz
MajorsOct 30, 2024
Peggy Grosz Leaves Assael After Company Is Sold

Grosz had served as Assael’s senior vice president and creative director since 2017.

CD Peacock Love and Celebration Rings
CollectionsOct 30, 2024
CD Peacock Honors Its Hometown of Chicago in First Bridal Collection

“Love and Celebration” is the jeweler’s first in-house collection featuring engagement rings, wedding bands, and celebration rings.

Hands pushing a shopping cart
SurveysOct 30, 2024
Consumer Confidence Rebounds in October

A more positive view of the labor market contributed to the strongest monthly gain since March 2021.

Mejuri store
Events & AwardsOct 30, 2024
Mejuri to Award $50K in Scholarships to Jewelry Design Students

The funds will be distributed to schools in the U.S., Canada, and the U.K.

Jewelers’ Security Alliance President Jennifer Mulvihill
MajorsOct 29, 2024
Cybersecurity Expert Selected as President of Jewelers’ Security Alliance

Jennifer Mulvihill, the first woman to lead JSA in the organization’s 141-year history, takes over for the retiring John Kennedy.

20241030_NYCJW.jpg
Events & AwardsOct 29, 2024
The Can’t-Miss Events of 2024 New York City Jewelry Week

This year’s festivities include more than 100 experiences, such as designer showcases, panel discussions, and even a treasure hunt.

Edgar Mitchell’s Rolex GMT-Master Pepsi
AuctionsOct 29, 2024
Rolex Worn on Apollo 14 Mission Sells for More Than $2M

The GMT-Master “Pepsi” that belonged to astronaut Edgar Mitchell is one of two Apollo-flown Rolex watches ever sold at auction.

Pandora ambassadors Chloe Bailey, Halle Bailey, and Pamela Anderson
MajorsOct 29, 2024
Pandora’s Holiday Campaign, New Jewelry Celebrate Light and Love

The ads star brand ambassadors Chloe and Halle Bailey and Pamela Anderson.

Monica Rich Kosann
EditorsOct 28, 2024
Q&A: Monica Rich Kosann Looks Back on 20 Years

The jewelry designer discussed how she got into the jewelry industry, what she keeps in her favorite locket, and the future of her brand.

×

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