De Grisogono Confirms 28 Layoffs in Switzerland

RAPAPORT… Luxury jeweler De Grisogono will cut 28 jobs at
its Swiss operation following disappointing sales.

The final figure is lower than the 31 positions it had
previously expected to slash, the company said last week. The Geneva-headquartered firm managed to save
three jobs in its home country following a consultation period with staff.

Last month, the jeweler announced plans to cut up to 41
positions after a challenging period for the high-end jewelry sector. De Grisogono said at the time it would lay off 31 of its 104 employees in
Switzerland, as well as 10 workers in other locations.

Under Swiss law, employees have the right to a consultation
period, during which they can submit proposals and queries that may enable
their positions to be saved.

De Grisogono did not comment on whether it would still be trimming
10 positions outside Switzerland as well.

The jeweler now intends to focus primarily on its more
affordable fine-jewelry and watch brands, which it says are more popular, as
well as broaden its daywear range.

Image: Diamond cutting at De Grisogono. Credit: De Grisogono