Tiffany & Co. refuses to buy new Russian-mined diamonds

Jewelry brand Tiffany & Co. will stop buying new diamonds mined in Russia. (Image credit: Getty)

Western countries condemned Russia’s aggression, many multinational companies launched boycotts one following another, and the boutique industry also joined the sanctions. The well-known French boutique brands Hermès and LVMH closed all their stores in Russia, and the jewelry brand “Tiffany & Co.” also announced , will stop buying new diamonds mined from Russia.

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according to”Bloomberg News“(bloomberg News) reported that Tiffany & Co. mentioned in a statement on the 25th that it has stopped buying new diamonds mined in Russia since March 21, becoming the largest jewelry retailer in the United States following Signet Jewelers (Signet Jewelers). After that, the second U.S. jewelry brand unwilling to cooperate with the world’s largest supplier of diamonds. However, the purchase ban by Tiffany & Co. and Signet Jewelers only applies to “newly mined” diamonds, and diamonds purchased before the start of the Russian-Ukrainian war will continue to circulate.

Tiffany & Co. has announced it is rejecting the purchase of newly mined diamonds from Russia. (Image credit: Getty)

The report also pointed out that following Tiffany & Co. and Signet Jewelers jointly boycotted Russia, it is expected that more international jewelry brands will follow suit, especially Bulgari and TAG Heuer, both of which belong to the LVMH group. At present, the LVMH spokesperson has not responded.

In addition to LVMH Group, French boutique brand Hermes, Swiss luxury goods company Richemont, Burberry Group, fast fashion brands ZARA, H&M, etc. have all announced the closure of their stores in Russia.

References:
https://www.bloomberg.com/news/articles/2022-03-25/tiffany-joins-signet-in-banning-new-diamonds-mined-in-russia

Responsible editor: Chen Hanxuan

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