Policies & IssuesMar 25, 2022
UK Sanctions Russian Diamond Miner Alrosa Policies & IssuesMar 28, 2022
Tiffany Suspends Use of Russian Diamonds
The retailer joins Signet Jewelers and Brilliant Earth in refusing to purchase Russian diamonds.
Tiffany & Co. announced Friday that it would no longer buy diamonds mined in Russia, a policy effective as of March 21. (Image courtesy of Tiffany & Co.)
New York—Tiffany & Co. will no longer buy diamonds mined in Russia following the country’s late February invasion of Ukraine, the retailer announced in a statement Friday.
“As of March 21, Tiffany has paused the sourcing of all rough diamonds from Russia, as well as serialized diamonds of Russian origin regardless of where they are cut and polished,” said Tiffany in a statement shared via Twitter.
The U.S. banned the import of non-industrial diamonds mined in Russia earlier this month, but, as of press time, a loophole exists that allows for the import of Russian diamonds that are cut and polished in another country.
Tiffany’s ban only applies to diamonds mined in Russia as of March 21, so Russian diamonds are expected to still be in stores for at least several months as Tiffany sells through existing inventory, according to a Bloomberg report.
The LVMH-owned company also said it has directed its suppliers to stop buying rough diamonds from Russia on its behalf, according to a Barron’s report.
Melee diamonds are also being separated based on their country of origin, said the report.
Related stories will be right here …
“As of March 21, Tiffany has paused the sourcing of all rough diamonds from Russia, as well as serialized diamonds of Russian origin regardless of where they are cut and polished,” said Tiffany in a statement shared via Twitter.
The U.S. banned the import of non-industrial diamonds mined in Russia earlier this month, but, as of press time, a loophole exists that allows for the import of Russian diamonds that are cut and polished in another country.
Tiffany’s ban only applies to diamonds mined in Russia as of March 21, so Russian diamonds are expected to still be in stores for at least several months as Tiffany sells through existing inventory, according to a Bloomberg report.
The LVMH-owned company also said it has directed its suppliers to stop buying rough diamonds from Russia on its behalf, according to a Barron’s report.
Melee diamonds are also being separated based on their country of origin, said the report.
LVMH owns several watch and jewelry brands, including Bulgari, Chaumet, TAG Heuer and Zenith. The company did not respond when asked if any of these brands have taken a similar stance.
Tiffany joins Signet Jewelers and Brilliant Earth, which have set similar sourcing restrictions.
“Russian diamonds, which we have suspended, were really a small impact for us, but we’re taking a bigger stand on this issue because we think that it’s so important,” Signet CEO Virginia C. Drosos said on an earnings call earlier this month.
She noted that Signet is a founder of the Responsible Jewellery Council and a member of the World Diamond Council, and has its own in-house sourcing protocol, which allows it to take greater control of the process.
“This helps us dig back into the supply chain, not only to know that our vendors are operating ethically but that everyone on the supply chain from mine to market is operating on the standards that we require,” she said.
Brilliant Earth was one of the first jewelers to make a statement on the issue, announcing it had removed all Russian diamonds from its website.
More on Policies & Issues
The Latest
MajorsNov 29, 2022
LVMH Acquires Jewelry Manufacturer Pedemonte GroupThe strategic acquisition will bolster the luxury titan’s production capacity in its watch and jewelry division.
CollectionsNov 29, 2022
Alex and Ani Founder Carolyn Rafaelian Has Launched a Fine Jewelry LineThe new brand, Metal Alchemist, focuses on unisex, classic jewelry designs.
IndependentsNov 29, 2022
Reinhold Jewelers’ Holiday Book Is an Ode to an Important Beverage The 2022 edition of the retailer’s annual publication pays homage to the coffee farms and shops of Puerto Rico.
Brought to you by
Knowledge and Skills for Today’s Hot TopicsFrom laboratory-grown diamonds to design to country-of-origin, GIA's Alumni Collective™ has a seminar to suite your needs.
CollectionsNov 29, 2022
Gabriel & Co.’s ‘Fashion Book’ Is OutNot a catalog, the magazine is a tool for Gabriel & Co. retailers to connect with their customers.
Weekly QuizNov 18, 2022
This Week’s QuizTest your knowledge of the latest jewelry news with this quick test.
MajorsNov 29, 2022
Claire’s to Open Shop-in-Shops in Select U.S. Macy’s Stores The partnership brings Claire’s jewelry and accessories to 20 Macy’s locations in time for the holiday season.
MajorsNov 28, 2022
Pomellato’s New Videos Raise Awareness of Violence Against WomenStarring CEO Sabina Belli and other celebrities, the videos emphasize the importance of supporting women who have experienced abuse.
Brought to you by
Diamond Shoppers’ 2022 Holiday Wish ListGive your customers the best diamond buying experience this holiday season.
IndependentsNov 28, 2022
Bert Kalisher, an Industry Veteran Who Loved Making Connections, Dies at 97 Kalisher started out manufacturing watch bands and later got into publishing, authoring two books and serving as publisher of Chronos.
Events & AwardsNov 28, 2022
Registration Is Open for AGA’s Annual Tucson Conference Scheduled for Feb. 1, the event will feature six gemological education presentations and three hands-on sessions.
MajorsNov 28, 2022
The Kingswood Co. Is One of U.S.’s Fastest-Growing Companies AgainThe jewelry cleaner manufacturer jumped up to No. 3066 on the Inc. 5000 list.
AuctionsNov 23, 2022
This Sapphire Tiara Once Owned by a Danish Princess Is Going to AuctionThe Dec. 1 jewelry sale at Bonhams-owned Bruun Rasmussen will have several other pieces of royal jewelry on the block.
FinancialsNov 23, 2022
Movado Lowers Guidance Amid ‘Uncertain’ Retail EnvironmentIts Q3 sales dipped as inflation took its toll on shoppers in the U.S. and Europe.
MajorsNov 23, 2022
De Beers Jewellers Is Popping Up in ConnecticutThe temporary store is the result of a collaboration with Betteridge.
CollectionsNov 23, 2022
Piece of the Week: Rembrandt’s Turkey CharmCharm fans will gobble up this festive “Piece of the Week” pick.
AuctionsNov 22, 2022
Jewelry Recovered from Sunken ‘Ship of Gold’ Heads to Auction The S.S. Central America sank in 1857 off the coast of South Carolina, carrying tons of gold from the California Gold Rush.
IndependentsNov 22, 2022
See the Greek Jewels Going to Auction for CharitySeveral Greek jewelry designers have donated pieces to the annual Hellenic Initiative silent auction.
Events & AwardsNov 22, 2022
Hodinkee to Receive Gem Award for Watch ExcellencePlus, see this year’s list of nominees for the Jewelry Design, Media Excellence, and Retail Excellence awards.
SourcingNov 22, 2022
Head of Australian Miner Burgundy Diamond Resigns The company announced the resignation of Peter Ravenscroft late last week, effective immediately.
SourcingNov 21, 2022
Provenance Proof Launches Online Marketplace for Traceable Gems Debuting today, it is open to Provenance Proof blockchain users.
TechnologyNov 21, 2022
Version 2.0 of the NDC’s ‘Assure’ Directory Is Now LiveAssure is the program the Natural Diamond Council launched in 2019 to test lab-grown diamond screening devices.
MajorsNov 21, 2022
JK Findings Acquires Intercept Silver & Jewelry CareIntercept Silver & Jewelry Care distributes anti-corrosion and anti-tarnish products.
MajorsNov 21, 2022
David Yurman Just Opened a Palm Beach OutpostIt’s located on famed shopping street Worth Avenue.
EditorsNov 18, 2022
9 of My Favorite Pieces from the AGTA Spectrum Awards Editors’ DaySenior Editor Brecken Branstrator’s highlights include a chrome tourmaline ring, a giant opal necklace, and an American mined stone.
CrimeNov 18, 2022
Jewelry Store Security Guard Killed in Armed RobberyPolice in Calumet City, Illinois are looking for several suspects involved in the robbery of a jewelry store in the River Oaks Mall.
MajorsNov 18, 2022
AGS Adds Sumit Dangi to Board of DirectorsDangi is global chief financial officer and treasurer at Jewelers Mutual Group.
CollectionsNov 18, 2022
Piece of the Week: Tabayer’s ‘Oera’ PendantThe brand’s signature shape is rendered in an autumn-appropriate color palette.
