A subsidiary of luxury brand Tiffany & Co., Laurelton Diamonds, is set to lay off 26 employees at its Antwerp operations as the company grapples with a continued downturn in demand for diamonds.
Founded in 2002, Laurelton Diamonds operates as a De Beers sightholder, sourcing rough diamonds, cutting, polishing, and supplying them to Tiffany’s jewelry manufacturing units. The company has global operations spanning locations in Belgium, Vietnam, Canada, Botswana, South Africa, and more.
The planned layoffs are attributed to declining demand from key markets, particularly China and the United States, along with increasing competition from lab-grown diamonds. These changes have created significant challenges for traditional diamond suppliers like Laurelton.
Yves Toutenel, a representative of the Christian ACV union (Algemeen Christelijk Vakverbond), expressed that the news of the layoffs came as a “bolt out of the blue” for the workforce, as reported by Flemish public broadcaster VRT. In 2018, the company had already closed its Antwerp cutting plant, resulting in the loss of 20 jobs. This time, 18 blue-collar workers and 8 white-collar employees will be affected by the redundancies, which are expected to take place by the fall.
Toutenel also raised concerns about the speed at which the layoffs are being implemented, citing early signs of a potential recovery in the diamond industry. Despite these signs, the company has moved forward with the decision, leaving many uncertain about the future.
Laurelton Diamonds has yet to provide an official statement regarding the situation.
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