source: with the permission of the brand
Tiffany is the second great jeweler based in the USA who has decided to avoid buying gems from Russia. He was equally challenged by Signet Jewelers Ltd., which owns Zales and Kay Jewelers.
The restrictions apply to newly mined gems from Russia, which means that already processed diamonds from the same country will still be available in their individual jewelry stores for at least a few more months. These are jewelry that began to be sold before the start of the war in Ukraine.
Although Tiffany and Signet’s announcements mean that they will not buy the currently mined Russian diamonds, in practice jewelers buy cut, polished and machined diamonds that came on the market weeks or months ago. The whole process from mining, processing to final sale in other countries usually takes at least three months.
Diamonds are usually sorted by size and quality, with larger diamonds being assigned tracking numbers that are traceable throughout the supply chain and which will cause traders to face some issues for another month.
Tiffany & Co. she said in a statement that her ban applied to diamonds that had been mined in Russia since March 21. However, she did not explain the specific date. The company also added that it has suspended the acquisition of diamonds from Russia, which are individually registered and have 0.18 carats or more. For smaller stones, which are less watchable, the brand asked its suppliers to stop buying Russian rough stones on their behalf.
Russia supplies almost one third of all diamonds to the world market. In addition, in 2022, jewelers in the United States expect huge interest in diamonds, especially due to the postponed weddings of the previous two years of the pandemic. Specifically, 2.5 million weddings are scheduled to take place in the United States this year, the largest number of wedding ceremonies in four decades.
Both companies set a great example for other jewelers who will certainly not have to wait long for their announcements.
Source: Moda
Camila Luna is a writer at Gossipify, where she covers the latest movies and television series. With a passion for all things entertainment, Camila brings her unique perspective to her writing and offers readers an inside look at the industry. Camila is a graduate from the University of California, Los Angeles (UCLA) with a degree in English and is also a avid movie watcher.
