In the past few weeks, Greenland Ruby has garnered media attention following the release of our 2022 annual report. However, some of the information presented in the media was incomplete and we feel compelled to address it. Nonetheless, we successfully forged partnerships with esteemed jewelers and designers across the globe, witnessing a growing clientele. However, sales volumes and profitability have not yet met our expectations.
“As a response, we implemented a series of measures aimed at enhancing organizational agility and efficiency. One of these measures involved the temporary suspension of mining operations, which was executed December 31, 2022. The mine is now in a state of care and maintenance.”, elaborated CEO Arnt-Eirik Rørnes.
The current inventory levels support the suspension of mining operations, ensuring that sales will continue without interruption throughout 2025. The company anticipates resuming exploration and campaign mining operations and rehiring staff in Greenland at that time.
In addition to these initiatives, Greenland Ruby has made the strategic decision to streamline its global presence by reducing the number of offices worldwide and downsizing its staff to form a more agile team. The company is consolidating most of its operations to Denmark, including the inventory fulfillment center. The company will maintain a presence in the US and Thailand to ensure no limitations in trade channels.
Greenlandic Rubies and Sapphires are exceptionally rare, sourced exclusively from the only colored gemstone site certified by the Responsible Jewelry Council (RJC). Greenland Ruby has achieved positive 2023 sales success, driven by substantial off-take agreements amounting to several million dollars. These numbers are a testament to the company’s diligent efforts paying off.
Greenland Ruby takes great pride in witnessing our exquisite gemstones in the collections of valued customers, featuring stunning and award-winning designs. The importance of gemstone provenance and authenticity remains a top priority for many in the industry and we continue to pave the way in the colored gemstone industry.