Diamond Innovations, the Dublin-based supplier of industrial diamonds, is to lay off 19 full-time and five temporary production employees at its plant in Clonshaugh Technology Park.

The company blamed a decline in revenues driven by competitive pressures for its decision.

Managing director Dr John Casey said the company had proposed keeping employment at current levels and investing in new product lines but that decision was cancelled following the decision last month by a small group of employees to reject a Labour Court recommendation.

Siptu members, who account for 49 staff out of a total workforce of 120, recently rejected a Labour Court recommendation of March 29th, 2007 that would have seen the payment of the final 2.5 per cent wage increase under Sustaining Progress Phase 2 in return for the introduction of cost offset measures, the company said.

Diamond Innovations said a reduction in costs was vital to ensure its future. Due to market pressures from China, rising raw material costs and a 30 per cent fall in production, the Irish division has been loss-making, it said.