Tiffany suspends use of Russian diamonds
“As of March 21, Tiffany has suspended sourcing of all rough diamonds from Russia, as well as serialized diamonds of Russian origin, regardless of where they are cut and polished,” Tiffany said in a statement. shared via Twitter.
The United States banned the import of non-industrial diamonds mined in Russia earlier this month, but as of press time there is a loophole that allows the import of cut and polished Russian diamonds into another country.
Tiffany’s ban only applies to diamonds mined in Russia from March 21, so Russian diamonds should still be in stores for at least several more months as Tiffany sells through existing inventory, according to a Bloomberg Report.
The LVMH-owned company also said it ordered its suppliers to stop buying rough diamonds from Russia on its behalf, according to a Barron’s report.
Melee diamonds are also separated based on their country of origin, the report says.
LVMH owns several watch and jewelry brands, including Bulgari, Chaumet, TAG Heuer and Zenith. The company did not respond when asked if any of those brands had taken a similar stance.
Tiffany joins Signet Jewelers and Brilliant Earth, which have established similar supply restrictions.
“The Russian diamonds, which we suspended, really had a small impact for us, but we are taking a stronger stance on this issue because we believe it is so important,” said Virginia C. Drosos, CEO of Bookmark, during an earnings call earlier this month. month.
She noted that Signet is a founder of the Responsible Jewelery Council and a member of the World Diamond Council, and has its own internal sourcing protocol, giving it more control over the process.
“It helps us go back through the supply chain, not only to know that our suppliers are acting ethically, but that everyone in the supply chain, from mine to market, is meeting the standards we need. “, she said.
Brilliant Earth was one of the first jewelers to issue a statement on the matter, announcing that it had removed all Russian diamonds from its website.