Post by account_disabled on Feb 27, 2024 10:56:07 GMT
Iconic jewelry brand Tiffany bans Russian diamonds, saying it has stopped buying new stones mined in Russia, according to a statement provided to Bloomberg .
According to the information provided, this measure does not seem to affect the diamonds that are already in the store, as well as those that have already begun the journey – of about three months – to the suppliers who cut, polish and manufacture the gems. The company said the ban would come into effect for all Russian diamonds mined on or after March 21.
Another punishment: Tiffany bans Russian diamonds
Likewise, Tiffany & Co., owned by the French Chinese American Phone Number List conglomerate LVMH, has told its suppliers to stop purchasing raw Russian gems on behalf of the company and to separate them from others. However, it could be difficult for the brand to identify the origin of the smaller stones.
Tiffany has paused sourcing all rough diamonds from Russia, as well as serialized diamonds of Russian origin, regardless of where they are cut and polished.
Tiffany & Co. Spokesperson
This restriction comes shortly after Signet Jewelers, owner of Zales and Kay Jewelers, issued similar measures and discarded all diamonds that had been mined in Russia after February 24, the date of the invasion of Ukraine.
The President of the United States, Joe Biden, banned the import of rough diamonds from Russia, these represent around 30% of global production and the majority are extracted by Alrosa, a Russian company backed by the State, reported the Department of the United States Treasury.
Will the diamonds be missing?
Insider reporter Hannah Towey commented that the penalty would have little impact on jewelry retailers in the short term, although it could cause shortages and price increases later.
For his part, Bloomberg pointed out that the ban can be easily circumvented, since it only affects rough diamonds, which are normally sent to other countries, especially India, where the gems are cut and polished before they reach jewelers in the United States. Therefore, these Russian diamonds were not affected by Biden's decree.
Tiffany bans Russian diamonds
It should be noted that the statements from Tiffany and Signet come at a time when a record number of sales are expected this year. Even recently, Signet CEO Gina Drosos stated that the number of weddings in the US will reach the highest number in the last 40 years in 2022 due to pent-up demand during the pandemic.
According to the information provided, this measure does not seem to affect the diamonds that are already in the store, as well as those that have already begun the journey – of about three months – to the suppliers who cut, polish and manufacture the gems. The company said the ban would come into effect for all Russian diamonds mined on or after March 21.
Another punishment: Tiffany bans Russian diamonds
Likewise, Tiffany & Co., owned by the French Chinese American Phone Number List conglomerate LVMH, has told its suppliers to stop purchasing raw Russian gems on behalf of the company and to separate them from others. However, it could be difficult for the brand to identify the origin of the smaller stones.
Tiffany has paused sourcing all rough diamonds from Russia, as well as serialized diamonds of Russian origin, regardless of where they are cut and polished.
Tiffany & Co. Spokesperson
This restriction comes shortly after Signet Jewelers, owner of Zales and Kay Jewelers, issued similar measures and discarded all diamonds that had been mined in Russia after February 24, the date of the invasion of Ukraine.
The President of the United States, Joe Biden, banned the import of rough diamonds from Russia, these represent around 30% of global production and the majority are extracted by Alrosa, a Russian company backed by the State, reported the Department of the United States Treasury.
Will the diamonds be missing?
Insider reporter Hannah Towey commented that the penalty would have little impact on jewelry retailers in the short term, although it could cause shortages and price increases later.
For his part, Bloomberg pointed out that the ban can be easily circumvented, since it only affects rough diamonds, which are normally sent to other countries, especially India, where the gems are cut and polished before they reach jewelers in the United States. Therefore, these Russian diamonds were not affected by Biden's decree.
Tiffany bans Russian diamonds
It should be noted that the statements from Tiffany and Signet come at a time when a record number of sales are expected this year. Even recently, Signet CEO Gina Drosos stated that the number of weddings in the US will reach the highest number in the last 40 years in 2022 due to pent-up demand during the pandemic.