In late July, the GIA laid off 151 employees, primarily in its laboratory. The decision was reportedly made due to a declining number of diamonds being submitted for grading.
“Many organisations in the global gemstone and jewellery sector are experiencing a downturn due to economic conditions affecting the global gemstone trade,” director of communications Stephen Morisseau told Rapaport News.
“Due to those economic conditions, there has been a decline in demand for GIA’s gemstone identification and grading services, which led to the difficult decision to reduce staffing.
He added: “The reductions will not affect our ability to advance our important consumer-protection mission, nor to meet the needs of our clients.”
Following the layoffs, the GIA now has approximately 600 employees in California. The GIA’s total workforce worldwide is around 3,500.
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