A picture taken on March 18, 2020 shows the logo of Swarovski crystal group at its headquarters in Wattens, Austria. - The group announced it was "switching to emergency operation for at least two weeks" due to the novel coronavirus crisis. (Photo by Johann GRODER / various sources / AFP) / Austria OUT (Photo by JOHANN GRODER/EXPA/AFP via Getty Images)

Jewellery group Swarovski intends to reduce headcount at its Austrian headquarters by a third, the company has confirmed.

Some 1,600 posts will be cut as part of a major restructuring programme. Around 4,600 people are currently employed at the Wattens facility, near Innsbruck.

Reuters said the cuts were in response to tough competition and coronavirus-related losses.

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Swarovski chairman, Robert Buchbauer told local news agency APA that the decision was “painful but unavoidable”.

Revenues are expected to drop around 35% to €2 billion (£1.8 billion) this year, he said.

APA reported that around 1,000 jobs will be lost this autumn, followed by a further 600 before 2022.

The news agency said the restructuring programme would also involve the merging of all its businesses under one roof, including jewellery, home accessories and the Swarovski Kristallwelten experience attractions.