It will concentrate on more affordable pieces.

Job cuts are imminent at De Grisogono, a Switzerland-based maker of jewelry and watches, Reuters reports.

Citing "challenging conditions" in certain markets, the company said it would eliminate 31 jobs in Switzerland. And it said it would cut as many as 10 elsewhere, according to the news agency.

In all, De Grisogono currently employs 104 people.

Reuters reports that the firm plans to concentrate on more affordable jewelry.

De Grisogono was launched in 1993 by Fawaz Gruosi, a pioneer in black diamonds. In December 2017, IDEX Online reported that Sodiam, a state-owned diamond company in Angola, was divesting its interest in the company.

Read more at Reuters

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