Gemstone miner Greenland Ruby will restart mining operations in two years’ time, following a decision to temporarily suspend exploration in Greenland due to less favourable market conditions. 

Its current inventory levels, however, can support uninterrupted sales throughout 2025, during which it expects to resume exploration and mining operations, and rehire staff in Greenland, the company said.

Amid the market’s initial hesitation to embrace a new source of rubies and pink sapphires, Greenland Ruby partnered with jewellers and designers across the globe to drum up buyer interest. Despite a growing clientele, sales volume and profitability fared below expectations.

“As a response, we implemented a series of measures aimed at enhancing organisational 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,” explained company CEO Arnt-Eirik Rørnes.

In addition, Greenland Ruby also streamlined its global presence by closing some of its 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 fulfilment centre. Meanwhile, Greenland Ruby will maintain a presence in the US and Thailand.

Greenlandic rubies and sapphires are exceptionally rare, sourced exclusively from the only coloured gemstone site certified by the Responsible Jewelry Council (RJC), the company said.