Chopard Stops Sourcing Russian Diamonds

RAPAPORT... Chopard has become the latest retailer to boycott diamonds originating from sanctioned Russian companies, citing its policy on responsible sourcing."As part of its 'Journey to Sustainable Luxury,' Chopard continually reviews its supply chains to ensure the procurement of responsibly sourced stones," the jeweler said Thursday in a statement to Rapaport News. "Towards this end, and in light of the current international context, Chopard has ceased the purchase of newly mined...diamonds from Russian sanctioned entities with immediate effect."The luxury brand's decision comes after the US, the European Union and the UK placed restrictions on Russian businesses. However, the US, while banning certain transactions with miner Alrosa, has not outlawed imports of Russian diamonds that underwent cutting and polishing in other countries such as India. The EU has prohibited jewelry sales to Russia, but sourcing rough from the country remains legal.Still, several retailers have gone beyond the law, including Signet Jewelers and Tiffany & Co., both of which announced they would stop sourcing any Russian diamonds, regardless of where the stones were polished.Chopard, which is headquartered in Geneva, Switzerland, added that it was committed to the "highest standards of ethical sourcing" and would continue to monitor the situation in Russia.Image: A Chopard store in Cologne, Germany. (Shutterstock)