Diamonds

Save E-mail Print Most Popular RSS Reprints

Diamond industry players cut jobs amid slowdown

December 10, 2008

Similar Stories | Topics

London--Mining company Rio Tinto and the Antwerp World Diamond Centre (AWDC) both are cutting jobs in an effort to save money amid the worldwide financial crisis.

On Wednesday, Rio Tinto announced a plan to reduce its net debt by $10 billion by the end of 2009, a plan that includes slashing 14,000 jobs and cutting $5 billion in spending, according to a media release.

The job cuts account for 12.5 percent of the company's 112,000-employee workforce.

According to the release, Rio Tinto "maintains its belief" that developing economies with large populations will support minerals and metals demand in future years. Reducing spending now, according to Rio Tinto, will position the company to exploit this demand when the economy recovers.

"Given the difficult and uncertain economic conditions, and the unprecedented rate of deterioration of our markets, our imperative is to maximize cash generation and pay down debt," Rio Tinto Chief Executive Tom Albanese said in a statement. "We have undertaken a thorough review of all of our operations and are executing a range of actions."

In Antwerp, Belgium, one of the world hubs for diamond trading, AWDC spokesman Philip Claes confirmed to National Jeweler that the AWDC, together with HRD Antwerp, are cutting 24 jobs, or 7.5 percent of their 320-person workforce.

In addition, he said the International Gemological Institute, a diamond and colored-gemstone grading lab that got its start in Antwerp in 1975, is letting go 15 of its Antwerp-based staff, or about 22 percent of its 70-person workforce.
Save E-mail Print Most Popular RSS Reprints
Post a Comment
* Required field
* Author:
* Comment:
 

Diamonds

Industry calling for swift action on Zimbabwe

Jewelers of America is calling on the Kimberley Process to fully and quickly implement a work plan to address the serious concerns surrounding Zimbabwe's non-compliance with the Kimberley Process Certification Scheme, the system designed to keep conflict diamonds out of the international trade, and the reported human rights abuses in the Marange diamond fields. Read More

Sotheby's reports record-breaking sales in Geneva
Diamond symposium focuses on 'new normal'
More Diamonds

More Like This

Antwerp diamond conference set for October
September 04, 2007 | National Jeweler Network
Antwerp prepares for international diamond conference
September 27, 2007 | National Jeweler Network
HRD chooses new name, independent director
October 20, 2006 | National Jeweler Network
AWDC board elections underway
June 17, 2008 | National Jeweler Network
AWDC names new human resources manager
January 25, 2007 | National Jeweler Network
TOPICS
Business | Economic Indicators | Job Losses | Jobs and Labor | Labor Market | Layoffs and Downsizing

advertisement

Video

Small multi video player located on right rail of NJN site

advertisement

Retailer Toolbar

America's Best Jewelers
Join the ONLY Social Network for Jewelry Retailers. Get access to expert content, peer best practices, and more.
Start networking today.
Newsletters
Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.
Reader Connect
ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.
Jewelry Yellow Pages
Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.
Classifieds
Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.
NJN Customer Connect
CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.

advertisement