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And designer Stephen Webster said in a statement he had withdrawn his application to be an RJC member.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
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.
Sponsored by the Las Vegas Antique Jewelry & Watch Show
The Patek Philippe expert will serve as personal curator for the brand-focused company.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
The 553-square-foot shop is aboard the Carnival Jubilee cruise ship.
NDC filed a complaint against Skydiamond for use of phrases like “diamonds made entirely from the sky.”
John Carter received the AGS’s highest honor Tuesday afternoon at Conclave in Austin, Texas.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
LVMH said the company performed well despite an uncertain geopolitical and economic environment.
It’s ultra-feminine and filled with gold, pearls, and soft pastels.
Its updated book for mountings is also now available.
She has been with the organization since 2010, most recently serving as its chief officer of PR and industry relations.
Joyce’s Jewelry sued the bank after cybercriminals drained its accounts of nearly $1.6 million through a series of wire transfers.
He is remembered by loved ones for his loyalty, integrity, and kindness.
Hosted by Freeman’s | Hindman, the sale will take place May 7-8.
The auction house said all 24 timepieces offered in its underground sale of rare and avant-garde watches quickly found buyers.
From lab-grown diamonds and AI to the inevitable Taylor Swift mention, here are some of Conclave’s most intriguing educational offerings.
From cybersecurity liability to trade show coverage, insurance experts share tips on how to build the right policy.
The charm is a modern rendition of the evil eye amulet that has been worn for thousands of years.
Ahead of its trade show next month, TJS awarded free registration and accommodations to one jewelry professional and three students.
By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.
Members can still sell lab-grown stones, it said, but only natural gems are allowed on the show floor.
He is remembered for his charisma, passion, integrity, kindness, and wit.
The retailer also appointed two new board members, avoiding a proxy fight from a potential buyer.
The bridal collection consists of 35 engagement rings and seven wedding bands.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
The family-owned jeweler has a new education section on its website dedicated to the history of diamond cutting.