The company said the ban will apply to all Russian diamonds mined since March 21. The ban does not apply to Russian stones that are already in the store or those who have already started a nearly three-month journey from Russia to Tiffany suppliers that cut, polish and manufacture gemstones.
Tiffany & Co. Suppliers asked to stop purchases of uncut Russian gemstones On behalf of the company, as well as separate Russian diamonds from others. As Bloomberg notes, it can be difficult for Tiffany to determine the origin of the smaller gems.
Last week, Signet Jewelers, the world’s largest retailer of diamond jewelry, imposed a similar ban on stones mined from February 24, the date of the Russian invasion of Ukraine.
US President Joe Biden banned the import of rough diamonds from Russia earlier this month. Russian diamonds account for about 30 percent. Global supplies of raw materials, and most of the gemstones are mined by the Russian state-backed company Alrosa.
Bloomberg notes that retail jewelers can easily circumvent these penalties because they only apply to rough cut diamonds, which are typically shipped to other countries, particularly India, where the gems are cut and polished before they reach jewelers in the United States. This Russian diamond was not affected by the Biden decree. Tiffany ceased to get all rough diamonds from Russia, no matter where they were cut and polished.
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