Tiffany & Co. is the first global luxury jeweler to take a stance against Russian-mined diamonds. The LVMH Moët Hennessy Louis Vuitton-owned jeweler revealed Friday that it has stopped sourcing diamonds mined in Russia, effective March 21.
“Tiffany & Co. has been a leader in championing ethical sourcing practices for over 20 years. These bold changes reflect our continued effort to ensure that we set the bar high not only for ourselves, but for the entire industry,” said chief executive officer Anthony Ledru. “We are deeply concerned about the ongoing crisis in Ukraine,” he added.
An executive order signed on March 11 by President Joseph R. Biden banned, along with other high-end products, the import of Russian-mined diamonds into the U.S. But if the stones are cut and polished elsewhere, it makes it difficult to impose such restrictions — particularly due to the diamond industry’s sometimes murky supply chain traceability.
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But this is an easier proposition for Tiffany, which since 2020 has offered its clients a full supply chain dossier on all stones weighing in excess of 0.18 carats. The jeweler’s new ban on Russian diamonds, however, extends to all diamond sizes. Tiffany says it has fully stopped the purchase of rough diamonds from Russia, as well as stones that were mined in Russia and cut and polished elsewhere.
Tiffany’s new standard also includes melee, which are traditionally parcels of tiny diamonds that look like precious sand particles. This mandate may be more difficult to pull off, but a Tiffany spokesperson said it has asked its suppliers to separate Russian-sourced melee from parcels sourced elsewhere.
According to a spokesperson, about one-third of the world’s diamond supply comes from Russia and Tiffany’s own supply chain was on par with these numbers. The jeweler does not expect any supply chain constrictions, it said, and has taken measures to ensure a smooth transition.
Russian-mined diamonds that are already in Tiffany’s stock or retail network will remain in circulation, but a spokesperson said customers will be able to choose whether or not to buy these stones due to the jeweler’s supply chain transparency.
Tiffany said it has taken similar such measures in the past, by halting purchases of lapis sourced in Afghanistan and rubies mined in Myanmar (often referred to as Burmese rubies).
Earlier this month, Tiffany’s parent company LVMH said it would halt all retail operations in Russia. Until then, Tiffany operated two shops-in-shop in Moscow that are now listed on its website as “temporarily closed.”