Jewelry company Tiffany & Co. will no longer buy diamonds mined in Russia.

This was reported by Marketwatch with reference to the statement of the company’s representative.

Thus Tiffany & Co. will join other major jewelry makers Signet Jewelers and Brilliant Earth, which also severed ties with Russian-affiliated companies following Moscow’s invasion of Ukraine.

“Tiffany has suspended the supply of all rough diamonds from Russia, as well as serial diamonds of Russian origin, regardless of where they are cut and cut,” the statement said.

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

He clarified that the ban applies to diamonds mined in Russia since March 21.

Signet Jewelers (SIG) announced a similar ban earlier this month. The company said it had “suspended business with Russian structures since the invasion.” She also asked all her suppliers to suspend work with Russia and confirm that each shipment for Signet does not contain diamonds or precious metals of Russian origin purchased after February 24, according to a letter to suppliers verified by Barron’s.

Shortly after the Russian invasion of Ukraine, the Brilliant Earth Network (BRLT) announced that it had removed all Russian diamonds from its website, becoming one of the first major jewelers to do so.

Earlier, the United States reportedly announced a ban on imports of a number of Russian goods , including diamonds. It came weeks after sanctions were announced against Russia’s Alrosa mining company, which produces 90 percent of Russia’s diamonds and supplies 28 percent of its world production. Джерело: https://biz.censor.net/n3328622

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