Greenland Ruby is suspending production at its mine temporarily, not shutting it down completely, the company has clarified.
The gemstone miner has seen low sales volumes and profitability recently, and it has enough inventory to support the business through 2025, it explained last week. As such, it has decided to put its mine in Aappaluttoq, in the southwest of the arctic country, on care and maintenance. Previous news reports on other sites indicated the mining operations had been suspended permanently.
“We implemented a series of measures aimed at enhancing organizational agility and efficiency,” said Greenland Ruby CEO Arnt-Eirik Rørnes. “One of these involved the temporary suspension of mining operations.”
The company plans to reopen the mine and rehire staff in 2025, it added. It will also streamline its global offices by consolidating most of its operations in Denmark, but will maintain a presence in the US and Thailand, its largest trade channels.
Image: Polished rubies. (Greenland Ruby)
Rapaport: Information that Means Business
Stay up to date with our free news and analysis of the diamond and jewelry industry.