Alrosa Suspends RJC Membership
The Russian diamond miner’s membership had been a point of contention, causing major companies to leave the organization.
The RJC board has voted to accept the suspension, the organization said in a separate statement issued a few hours after Alrosa’s announcement Friday.
“Due to the current unprecedented realities, Alrosa, as a company that cares for the industry as much as it cares for its mining communities, has decided to suspend its membership in the RJC,” said Alrosa.
The company said it will continue to uphold high standards of responsible business conduct and ethics, describing itself as “one of the major contributors to the sustainable development of this industry.”
“We have always stayed upfront on the sustainability agenda in diamond mining with clear vision as to our responsibilities to the communities and the regions of our operations, as well as how we run our business with our suppliers and clients. Our industry commitments are here to stay, as our full support to the RJC’s mission.”
The Russian company, which is one-third owned by the government, remains under U.S. sanctions following Russia’s invasion of Ukraine. Its continued membership in RJC had been a point of contention among members.
Pandora, Richemont and Kering confirmed publicly they were leaving RJC last week, citing the organization’s refusal to cut ties with Russian companies.
Watches of Switzerland did the same in a statement issued Thursday, noting that RJC’s approach to handling the situation “goes against the common values we expect from our industry in response to the situation.”
And designer Stephen Webster said in a statement he had withdrawn his application to be an RJC member.
“Our brand philosophy is to build a business to be a force for good, and we only look to collaborate with those who embody these same values,” said Webster.
RJC Executive Director Iris Van der Veken has also resigned over the organization’s handling of Alrosa’s membership.
In March, Alrosa stepped down as vice chair of the RJC but retained its RJC membership.
RJC said its board of directors began an independent, third-party legal assessment on March 3 in regard to Alrosa’s membership status.
As new sanctions rolled out in the U.S. and the U.K., more time was needed to complete the review, said RJC.
“We take governance seriously and want to ensure that any action we take is fully supported by law,” said RJC Chair David Bouffard.
RJC said it needed to ensure it had the authority, as per its constitutional documents, to take action, adding that taking any action before the legal review was completed would have exposed the organization to significant legal risk.
“The board of the RJC understands and respects Alrosa’s decision to suspend its membership and thanks them for their commitment over the last five years,” said Bouffard.
The Latest
The announcement coincided with its full-year results, with growth driven by its jewelry brands.
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Despite the rising prices, consumers continue to seek out the precious metal.
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.