In a decree last Friday, he announced a ban on the import of Russian diamonds, and although that initially caught the industry off guard, the small print showed the ban impacted only rough diamonds. Very few rough diamonds are shipped to the U. Most end up in India — through trading hubs in Belgium and Dubai — where they are cut, polished and set in jewelry before being shipped around the world.
In a memo — seen by Bloomberg News — Signet told suppliers it will stop buying diamonds and precious metals that originate in Russia. The company hasn't seen a significant impact on the price of diamonds originating in those countries since Russia's invasion of Ukraine, she said.
The ban threatens to upend supply chains, but Signet has added caveats to stop an immediate crunch. In the memo, the company said its block applies to goods purchased after Feb. The diamond industry has a long supply chain, with many months between buying rough stones to finally handing over finished goods to retailers.
Most are cut, polished, manufactured and then set in jewelry by different companies and often traded in between each step. Diamonds are routinely mixed into parcels of similar sizes and qualities throughout this process, making origin tracking almost impossible in many cases. Some in the diamond midstream — which is dominated by private family-run businesses — are already planning on separating supply chains, according to people familiar with their thinking.
Russian diamonds, which can still be bought using euros, will be channeled toward Chinese or Indian markets rather than the West. Skip to content. Thanks for contacting us. We've received your submission. The owner of Zales and Kay Jewelers will no longer buy diamonds and other precious gems originating in Russia — a surprise reversal that comes as companies around the world cut ties in response to the invasion of Ukraine. Signet Jewelers cited the mounting sanctions targeting Russia and its business entities in a memo to suppliers explaining the decision.
The block on Russian gems will complicate matters for suppliers, since diamonds sourced from other countries are often mixed together during production in hubs such as Antwerp and Dubai, Bloomberg reported. That means it could be several months before the diamond industry experiences a supply crunch.
In other words, the order does not impact diamonds that are cut or shaped in other countries and then shipped to the US. Contact The Author Name required.
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