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Tiffany Presses ‘Pause’ on Russian Diamonds
Mar 27, 2022 9:31 AM
By Rapaport News
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RAPAPORT... Tiffany & Co. has become the latest jeweler to nix the use of Russian-origin diamonds in any of its products following US government sanctions.
The announcement comes after a March 11 executive order by President Joe Biden preventing the import of Russian diamonds into the US, in response to Russia’s February 24 invasion of Ukraine. Although shipments of diamonds directly from the country are banned, a loophole in the law allows the import of diamonds of Russian origin that have been manufactured elsewhere, the Jewelers Vigilance Committee (JVC) clarified. However, Tiffany will not use those either, it stated.
“As of March 21, 2022, Tiffany has paused the sourcing of all rough diamonds from Russia, as well as...diamonds of Russian origin, regardless of where they are cut and polished,” the company posted on its Twitter account Friday.
Others retailers, including Signet Jewelers and Brilliant Earth, have already declared they will no longer buy diamonds originating in Russia. Signet has also asked its vendors to certify that no Russian diamonds or metals bought after February 24 are present in any of its products.
“For over 20 years, Tiffany has remained committed to ensuring that its products and every step of their journey contributes to the well-being of people and the planet,” the company added. “With this in mind, Tiffany is fully compliant with President Biden’s executive order on the sourcing of nonindustrial diamonds of Russian origin.”
Image: A Tiffany diamond ring. (Tiffany & Co.)
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Tags:
Brilliant Earth, Jewelers Vigilance Committee, JVC, Rapaport News, Russian diamonds, Signet, Signet Jewelers, Tiffany, Tiffany & CO.
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