In recent weeks, Greenland Ruby has been thrust into the spotlight, thanks to the release of its 2022 annual report. However, there have been misconceptions in the media surrounding the company’s performance, necessitating a clarification. While Greenland Ruby has indeed established partnerships with esteemed jewelers and designers on a global scale, the company acknowledges that its sales volumes and profitability have not yet reached their anticipated levels.
Addressing these challenges, CEO Arnt-Eirik Rørnes stated, “In response, we have implemented a series of measures aimed at enhancing our organizational agility and efficiency. One such measure involved the temporary suspension of our mining operations, which was executed on December 31, 2022. The mine now remains in a state of care and maintenance.”
The decision to suspend mining operations was supported by current inventory levels, ensuring uninterrupted sales throughout 2025. Greenland Ruby plans to resume exploration and campaign mining operations, as well as rehire staff in Greenland at that time.
Additionally, Greenland Ruby has strategically opted to streamline its global presence by reducing the number of offices worldwide and downsizing its staff, forming a more agile team. Most operations will be consolidated in Denmark, including the inventory fulfillment center. However, the company will maintain a presence in the United States and Thailand to ensure that trade channels remain unhampered.
Greenland’s Rubies and Sapphires are exceptionally rare, sourced exclusively from the only colored gemstone site certified by the Responsible Jewelry Council (RJC). The company has achieved significant sales success in 2023, driven by substantial off-take agreements totaling several million dollars. These figures stand as a testament to Greenland Ruby’s unwavering commitment to excellence.
Greenland Ruby takes immense pride in seeing its exquisite gemstones featured in the collections of valued customers, complete with stunning and award-winning designs. The company remains steadfast in its dedication to gemstone provenance and authenticity, recognizing the importance of these values to the broader industry. Greenland Ruby continues to pave the way in the colored gemstone sector, upholding its reputation for allure and resilience.
