Editor’s Note
This article highlights the significant impact of synthetic diamond competition and shifting global demand on traditional diamond companies, as seen in Laurelton Diamonds’ decision to cut over half its workforce in Antwerp.
An American diamond company plans to lay off more than half of its staff at its site in Antwerp, according to Gazet van Antwerpen. Laurelton Diamonds cites the crisis in the sector caused by competition from much cheaper synthetic diamonds and lower demand from the US and China.
Two meetings between unions and management have been held, with a third scheduled for Thursday.
Laurelton is a wholly owned subsidiary of jewellery brand Tiffany and Co. It sorts diamonds and determines which stones are suitable for a particular piece of jewellery.
The company was established in 2002 and carried out a previous restructuring in Antwerp in 2018. The polishing factory was closed and more than 20 people were made redundant. It also has operations in the US, Botswana, Vietnam, Cambodia and Mauritius.
The layoffs come amid ongoing turmoil in Antwerp’s diamond sector. In recent months, leading industry figures have warned of a “historic crisis”, while the National Bank of Belgium described trading figures as “catastrophic”.
In January and February this year, the export of rough diamonds from Antwerp fell by 55 per cent in dollar terms compared to the same period in 2024. The export of polished diamonds fell by 28 per cent.
Dubai has now overtaken Antwerp as the world’s leading diamond hub. The EU and G7 countries have banned the processing of Russian diamonds, with competing markets including India and some African countries poised to claim a share of Antwerp’s shrinking dominance.