Carlsbadistan’s blingiest business, the Gemological Institute of America, announced today that it is cutting 11 percent of his its staff and giving its executive a wonderful Christmas bonus: a 10 percent reduction in pay.
A GIA spokeswoman confirmed the cuts to National Jeweler on Friday, saying that the job cuts were a “last resort” move for the institute, spurred by trying economic times. . . . “Obviously, we’re in a deep recession, and we’re not isolated from the rest of the gem and jewelry industry,” she said. “Anything that happens to them, happens to us …. There are fewer stones going into our laboratories for servicing.”
You know the economy is in trouble with the people who cut the diamonds are feeling the hurt.
[Link: National Jeweler Network]
RSS Feed-Posts