Stornoway Diamonds to lay off 425 workers as operations halt at Quebec mine

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Stornoway Diamonds to lay off 425 workers as operations halt at Quebec mine
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MONTREAL — Stornoway Diamonds Inc. says it is suspending operations at its Renard mine in northern Quebec. The Montreal-based diamond company says 75 of the ...

MONTREAL — Stornoway Diamonds Inc. says it is suspending operations at its Renard mine in northern Quebec.

That leaves some 425 workers temporarily laid off from the mine, which sits about 700 kilometres north of Quebec City as the crow flies.The price of rough diamonds — unpolished, uncut stones — has plummeted over the past 18 months, falling by nearly a third since March 2022 to lows not seen in years as post-pandemic consumers steer clear of new luxury goods.

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