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The Gemological Institute of America (GIA), the world’s leading authority on research into gemmology, has cut 20 per cent of the workforce at its California headquarters.
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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