High-End Slump Forces Layoffs at De Grisogono

RAPAPORT... Swiss-based luxury jeweler De Grisogonoplans to cut up to 41 positions after a challenging high-end market resulted inpoor sales."Despite considerable investments and allthe efforts of employees, [salesof high jewelry] have not reached anticipated levels,due in part to challenging conditions in some key markets," the company said ina statement Monday. "As a consequence, the company's internal productioncapacity is excessive, while, as an indirect result, its support functions are also partially oversized."The jeweler, which recently cut the high-profile 163-carat,D-flawless Art of de Grisogono, Creation 1 (pictured), plans to scrap 31 of 104 positions in Switzerland, and up to 10 more globally.Under Swiss law, employees have the right to a consultation period, during whichthey can submit proposals andqueries. That process may have an impact on the number ofpositions axed.The company - which is also working on the813-carat Constellation rough diamond - will make its finaldecision on April 23.De Grisogono intends to focus on itsmore affordable fine jewelry and watch brands, in which the market "continuesto show strong interest," it added. The jeweler plans to introduce a widerrange of daywear pieces, which sold well at the Baselworld trade fair in March, it said.Image: De Grisogono