Chief Minister Howard Quayle says he is sad that 33 jobs are to be lost at Element Six - but insists this is no reflection on the island’s performance.

And he say he hopes to give some major job creation announcements in the next couple of months.

Element Six, which makes synthetic diamond supermaterials, announced last week that, subject to consultation, it intends to move all production from its Freeport site at Ronaldsway to production sites in Shannon, Ireland, and Springs, South Africa.

That would see the closure of its Isle of Man operation during 2017.

The Chief Minister said: ‘It’s sad news but the company has made it clear that the proposed closure is part of a wider review and no reflection on the performance of the Isle of Man.

‘I’m hopeful that the employees in this skilled area will find other work in the island.

‘We should always be raising our game, The feedback we are getting from firms in the manufacturing sector is that they are looking to grow. This announcement came as a bolt from the blue - we were not aware of it in advance.’

And Mr Quayle added: ‘In the next few months we hope to be announcing some major job creation.’

Nigel Beaumont, Element Six operations manager, said: ‘Regrettably the proposed restructuring will have implications for the 33 staff.

‘We are committed to work closely with all involved over the coming months to ensure the consequences of this decision are managed with responsibility and consideration.’

Chief executive officer Walter Hühn said: ‘We have had a production facility on the Isle of Man since 1988 and it is with regret we have made this decision.’

Element Six, whose island operation changed its name from Diamanx in 2002, is a member of the De Beers Group of Companies. The company is a global leader in the design, development and production of synthetic diamond supermaterials, and operates worldwide with manufacturing sites in China, Germany, Ireland, South Africa, US and the UK.