Gem Diamonds to Cut Jobs Amid Industry Collapse - The Northern Miner

Gem Diamonds to cut jobs amid industry collapse - The Northern Miner

Gem Diamonds (LSE: GEMD) has become the latest casualty in a deepening crisis engulfing the global diamond industry, announcing sweeping cost-cutting measures as the market buckles under falling prices and... The post Gem Diamonds to cut jobs amid industry collapse appeared first on The Northern Miner.

Gem Diamonds to Cut 20% of Workforce, Reduce Salaries

Gem Diamonds plans to lay off approximately 250 employees at its Letšeng mine in Lesotho and lower salaries for upper-level management to combat financial constraints stemming from the weak rough market.  The company needs to make cuts to the staff, which comprise 20% of the company’s total workforce, as it intends to scale back its mining operations, it said Wednesday. The miner will also temporarily reduce salaries for board members, executive…

Gem Diamond execs take pay cut as firm unveils restructure

GEM Diamonds is the latest diamond miner to announce restructuring plans owing to a prolonged trough in prices for the luxury product. The UK-listed miner said in a trading update for the first six months of its financial year on Wednesday that it would reduce costs by $1.4m to $1.6m per month. “Considering the prolonged weakness in global diamond prices, compounded by a weak US dollar and ongoing US tariff uncertainties, Gem Diamonds has implem…