Tiffany & Co Refuses To Buy Any More Diamonds Mined In Russia
Tiffany & Co. will no longer purchase diamonds mined in Russia due to the armed invasion of Ukraine, the famous jewelry house officially announced.
"Tiffany has suspended the purchases of all rough diamonds from Russia, as well as serialized diamonds of Russian origin regardless of where they are cut and polished," a Tiffany & Co. spokesman said in a statement.
This move ends a very long collaboration with Alrosa, a major player in the diamond mining industry. The Russian state-controlled company Alrosa is the world's largest producer of rough diamonds.
On the other hand, Tiffany & Co. is owned by the fashion giant LVMH Moet Hennessy Louis Vuitton. And, since the beginning of March, the LVMH group, like other European luxury brands, has stopped deliveries to Russia and closed its stores indefinitely.
No More Russian Diamonds For Tiffany & Co.
Furthermore, Tiffany & Co. has instructed suppliers to stop buying Russian rough diamonds on Tiffany’s behalf and to separate Russian and non-Russian small diamonds used in the making of jewelry, which weigh less than one-fifth of a carat.
It is important to note the ban applies to diamonds mined in Russia as of March 21. Tiffany & Co. didn't say if Russian diamonds will be sold in stores, and whether it will still buy stones mined before the start of the Russian invasion in Ukraine, which are in the process of cutting or polishing.
Many big companies in all fields of work - including the fashion industry - have decided to suspend their activities in Russia, due to the war that President Vladimir Putin started against Ukraine, which has shocked the world. Millions of Ukrainians have fled the country, while others, less fortunate, have lost their lives in the brutal confrontation that is going on there for over a month.