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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.
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“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.
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