Shannon diamonds growth signals wider global upturn

Element Six, a unit of the De Beers Group of diamond companies, said it will add a further 100 jobs at its Shannon factory as part of a €7m investment this year as it eyes a wider recovery in the oil and gas industries.

The company said the environment for high-end jobs in Shannon has greatly improved in recent years.

It will bring its workforce at the airport’s industrial free zone to 550 through a €40m investment over the past four years.

The company makes synthetic diamonds for industry, and the new jobs are in the areas of supply chain, engineering and manufacturing. With recruitment already under way, all posts will be filled in the first half of this year.

The company has invested heavily at the plant over the past three years, including the installation of large-scale diamond synthesis presses to produce diamond materials for industrial use.

The synthetic diamond materials made at the Shannon plant are used principally in the oil and gas industry.

“Oil and gas is a volatile industry but the improvements and investment here at Shannon ensures we are as future-proofed as possible going forward,” said global chief executive Walter Hühn, who said the plant employs “high-value jobs”.

As recently as 2009, there had been a big question mark about the future of the factory, which had been a major employer in Shannon ever since the new town was established.

The investment may also be a key sign of a revival in the worldwide oil and gas exploration industries.

Members of Opec and non-Opec nations early last month struck an agreement to restrict the supply of oil after the price of crude had more than halved to below $50 a barrel in the previous two years.

Many oil, gas and mining operations which use large quantities of industrial diamonds have been idle in recent times, but the price of Brent crude was trading at over $55 a barrel this week.

“Element Six has a 60-year history at Shannon and today’s announcement very much signals that we have entered a new era in terms of our operations here,” said Ken Sullivan, executive director of operations at Element Six.

“A strong spirit of partnership has sustained us through a very challenging period and, in no small part thanks to the commitment of staff to this partnership approach, we have emerged as one of the biggest and best employers in the Shannon region,” he said.

IDA chief executive Martin Shanahan said the Mid-West region had benefitted from a large amount of foreign direct investment in the last two years.