Element6, an Irish industrial diamond manufacturer held by diamond giant De Beers lost $40.5 million in 2008, the Irish Independent reported,

The diamond company attributed the loss to payment of nearly $18m in redundancy and restructuring costs and administrative expenses rose to $151 million from $131 million.

Element6's turnover fell from $358.3 million in 2007 to $351 million in 2008.

Element6, had previously announced it would lay off 370 people in its Shannon facility, following a decision to close the manufacturing and distribution site.

The diamond company later unveiled what it described as a "bold plan" to secure the long-term sustainability of the Shannon operations and to retain 240 jobs there.