American jewelry retailer Tiffany & Co refused to purchase products from Russia, Marketwatch reports citing a company representative.
“Tiffany has suspended purchases of all rough diamonds from Russia, as well as polished diamonds of Russian origin, regardless of where they are cut,” a Tiffany spokesperson said in a statement.
The US ban, introduced in March, applies only to rough diamonds mined in Russia and cut in the Russian Federation, and does not affect the bulk of Russian products that are cut in India. Tiffany has instructed its suppliers to stop purchasing Russian diamonds and to separate Russian and non-Russian small diamonds used in jewelry studding.
Tiffany’s ban applies to diamonds mined in Russia as of March 21. The company did not specify whether Russian diamonds would continue to be sold in stores, or whether the company would still be able to buy pre-conflict diamonds that are in the process of being cut or polished.
Tiffany, now owned by LVMH Moet Hennessy Louis Vuitton, was a long-term client of the Russian company ALROSA.
Earlier, amid the conflict in Ukraine, another American retailer, Signet Jewelers, refused to purchase, and the online seller Brilliant Earth removed all diamonds of Russian origin from its website. Both companies said the failure did not have a significant impact on their business. Signet has also asked all of its suppliers to suspend business with Russia and confirm that each shipment to Signet does not contain Russian-origin diamonds or precious metals purchased after February 24th.