Tiffany Suspends Use of Russian Diamonds
The retailer joins Signet Jewelers and Brilliant Earth in refusing to purchase Russian diamonds.
“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.
The strategic acquisition will bolster the luxury titan’s production capacity in its watch and jewelry division.
The new brand, Metal Alchemist, focuses on unisex, classic jewelry designs.
The 2022 edition of the retailer’s annual publication pays homage to the coffee farms and shops of Puerto Rico.
From laboratory-grown diamonds to design to country-of-origin, GIA's Alumni Collective™ has a seminar to suite your needs.
The partnership brings Claire’s jewelry and accessories to 20 Macy’s locations in time for the holiday season.
Starring CEO Sabina Belli and other celebrities, the videos emphasize the importance of supporting women who have experienced abuse.
Give your customers the best diamond buying experience this holiday season.
Kalisher started out manufacturing watch bands and later got into publishing, authoring two books and serving as publisher of Chronos.
Scheduled for Feb. 1, the event will feature six gemological education presentations and three hands-on sessions.
The jewelry cleaner manufacturer jumped up to No. 3066 on the Inc. 5000 list.
The Dec. 1 jewelry sale at Bonhams-owned Bruun Rasmussen will have several other pieces of royal jewelry on the block.
Its Q3 sales dipped as inflation took its toll on shoppers in the U.S. and Europe.
The S.S. Central America sank in 1857 off the coast of South Carolina, carrying tons of gold from the California Gold Rush.
Plus, see this year’s list of nominees for the Jewelry Design, Media Excellence, and Retail Excellence awards.
Debuting today, it is open to Provenance Proof blockchain users.
Assure is the program the Natural Diamond Council launched in 2019 to test lab-grown diamond screening devices.
Intercept Silver & Jewelry Care distributes anti-corrosion and anti-tarnish products.
Senior Editor Brecken Branstrator’s highlights include a chrome tourmaline ring, a giant opal necklace, and an American mined stone.
Police in Calumet City, Illinois are looking for several suspects involved in the robbery of a jewelry store in the River Oaks Mall.