Tiffany halts purchasing diamonds of Russian origin

Tiffany & Co. will no longer purchase new Russian-mined diamonds, the company said, Report informs referring to Barron’s.

“Tiffany has paused the sourcing of all rough diamonds from Russia, as well as serialized diamonds of Russian origin regardless of where they are cut and polished,” a Tiffany spokesperson said in a statement.

The company, owned by LVMH Moet Hennessy Louis Vuitton, also has instructed suppliers to stop buying Russian rough stones on Tiffany’s behalf and to separate Russian and non-Russian melee, or small diamonds weighing less than one-fifth of a carat, the spokesperson added.

Tiffany’s ban applies to diamonds mined in Russia as of March 21. The company didn’t specify whether Russian diamonds would still be sold at stores, or whether the company could still purchase diamonds mined before the war that were in the process of being cut or polished.

Signet Jewelers announced a similar ban earlier this month. Shortly after the start of Russia’s military actions in Ukraine, online native Brilliant Earth said it had removed all Russian diamonds from its website, becoming one of the first major jewelers to do so.

Both Brilliant Earth and Signet have said that suspending Russian diamonds had a small or immaterial impact on their balance sheets.