Mathematically, the DFT is invertable, ie lossless, but practically there will be a bit of loss due to the finite precision of float point numbers. Even though it isn't lossless, the amount of loss should be miniscule as compared to the 16KHz->2KHz loss you are trying to overcome.
It's not precision loss, it's that when you DFT you choose an interval. If you choose a short interval you are less certain about frequencies while if you choose a long interval you are less certain about time domain changes (i.e, changes in the signal over your time period).